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Did the founding of the Federal Reserve affect the vulnerability of the interbank system to systemic risk?

Carlson, Mark; Wheelock, David C. - 2016 - Draft: July 18, 2016

As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but...

Persistent link: https://www.econbiz.de/10011578151

A new approach to identifying the real effects of uncertainty shocks

Shin, Minchul; Zhong, Molin - 2016 - This version: April 25, 2016

This paper proposes a multivariate stochastic volatility-in-vector autoregression model called the conditional … data so they are associated with changes in the volatility of the shocks hitting the macroeconomy. Second, we advance a new …

Persistent link: https://www.econbiz.de/10011500382

Financial frictions, financial shocks, and aggregate volatility

Fuentes-Albero, Cristina - 2018 - This version: July 2018

The Great Moderation in the U.S. economy was accompanied by a widespread increase in the volatility of financial … volatility slowdown in real and nominal variables and in shaping the transmission mechanism of financial shocks. Our model … accounts for the increase in the volatility of financial variables through larger financial shocks, but the vulnerability of …

Persistent link: https://www.econbiz.de/10012016100

Measuring international uncertainty : the case of Korea

Shin, Minchul; Zhang, Boyuan; Zhong, Molin; Lee, Dong Jin - 2017 - This version: April 20, 2017

We leverage a data rich environment to construct and study a measure of macroeconomic uncertainty for the Korean economy. We provide several stylized facts about uncertainty in Korea from 1991M10-2016M5. We compare and contrast this measure of uncertainty with two other popular uncertainty...

Persistent link: https://www.econbiz.de/10011710042