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How Does Government Borrowing Affect Corporate Financing and Investment?

Roberts, Michael R.; Graham, John; Leary, Mark T. - National Bureau of Economic Research (NBER) - 2014

Using a novel dataset of accounting and market information that spans most publicly traded nonfinancial firms over the last century, we show that U.S. federal government debt issuance significantly affects corporate financial policies and balance sheets through its impact on investors' portfolio...

Persistent link: https://www.econbiz.de/10010951425

Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis

Howitt, Peter; Ashraf, Quamrul; Gershman, Boris - National Bureau of Economic Research (NBER) - 2011

how they are resolved. Our analysis sheds new light on the conflict between micro-prudential bank regulation and …

Persistent link: https://www.econbiz.de/10009652786

Collateral Crises

Gorton, Gary; Ordonez, Guillermo L. - National Bureau of Economic Research (NBER) - 2012

Short-term collateralized debt, such as demand deposits and money market instruments - private money, is efficient if agents are willing to lend without producing costly information about the collateral backing the debt. When the economy relies on such informationally-insensitive debt, firms...

Persistent link: https://www.econbiz.de/10009421979

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008

Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2009

The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...

Persistent link: https://www.econbiz.de/10008627145

Effects of Unconventional Monetary Policy on Financial Institutions

Chodorow-Reich, Gabriel - National Bureau of Economic Research (NBER) - 2014

Monetary policy affects the real economy in part through its effects on financial institutions. High frequency event studies show the introduction of unconventional monetary policy in the winter of 2008-09 had a strong, beneficial impact on banks and especially on life insurance companies. I...

Persistent link: https://www.econbiz.de/10010822020

Assessing Asset Pricing Models Using Revealed Preference

Berk, Jonathan B.; Binsbergen, Jules H. van - National Bureau of Economic Research (NBER) - 2014

We propose a new method of testing asset pricing models that relies on using quantities rather than prices or returns. We use the capital flows into and out of mutual funds to infer which risk model investors use. We derive a simple test statistic that allows us to infer, from a set of candidate...

Persistent link: https://www.econbiz.de/10011144243

International Liquidity and Exchange Rate Dynamics

Gabaix, Xavier; Maggiori, Matteo - National Bureau of Economic Research (NBER) - 2014

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...

Persistent link: https://www.econbiz.de/10011196774

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011207908

Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts

Portes, Richard; Delatte, Anne-Laure; Fouquau, Julien - National Bureau of Economic Research (NBER) - 2014

Is the pricing of sovereign risk linear during bearish episodes? Or can initial shocks on economic fundamentals be exacerbated by endogenous factors that create nonlinearities? We test for nonlinearities in the sovereign bond market of European peripheral countries during the debt crisis and...

Persistent link: https://www.econbiz.de/10010753943

Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks

Hau, Harald; Efing, Matthias; Kampkötter, Patrick; … - National Bureau of Economic Research (NBER) - 2014

We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …

Persistent link: https://www.econbiz.de/10010969346

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