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Contagion in financial networks: A threat index
Demange, Gabrielle - C.E.P.R. Discussion Papers - 2012
defaults and bankruptcy. Building on a simple model for the joint determination of the repayments of interbank claims, this …
Persistent link: https://www.econbiz.de/10011084240
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The Monetary Transmission Mechanism
Benhabib, Jess; Farmer, Roger E A - C.E.P.R. Discussion Papers - 1996
In this paper we take as given that market economies are characterized by a set of stylized responses to increases in the stock of money. Innovations to the stock of money lead to increased output and reductions in short-term interest rates in the short run and only in the long run do nominal...
Persistent link: https://www.econbiz.de/10005124385
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Comparisons of Business Cycles in Greece and the EC: Idiosyncracies and Regularities
Christodoulakis, Nikos; Dimelis, Sophia; Kollintzas, Tryphon - C.E.P.R. Discussion Papers - 1993
The paper compares the cyclical behaviour of the Greek economy to that of the other EC economies, using quarterly and annual data since 1960 and the Real Business Cycle model as a theoretical framework. The evidence suggests that there are remarkable similarities in these features despite...
Persistent link: https://www.econbiz.de/10005498026
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Indeterminacy and Sector-specific Externalities
Benhabib, Jess; Farmer, Roger E A - C.E.P.R. Discussion Papers - 1996
We introduce mild increasing returns to scale into a version of the Real Business Cycle model. These increasing returns to scale occur as a consequence of sector-specific externalities, that is, externalities where the output of the consumption and investment sectors have external effects on the...
Persistent link: https://www.econbiz.de/10005662407
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Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises
Eijffinger, Sylvester C W; Goderis, Benedikt - C.E.P.R. Discussion Papers - 2002
In this Paper we present a model that combines the second-generation trade-off between costs of maintenance and abandonment with possible balance-sheet problems in the corporate sector. We show how debt levels can move a small economy from a fixed exchange rate to a floating exchange rate...
Persistent link: https://www.econbiz.de/10005504385
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Deleverage and Financial Fragility
Maffezzoli, Marco; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2015
Empirical evidence suggests that severe economic downturns, characterized by deleverage, are preceded by phenomena of debt overhang. Hence large recessions may not result from large shocks, but, rather, from typical shocks interacting with the state of the economy. We study a stochastic economy...
Persistent link: https://www.econbiz.de/10011249374
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Looking for Contagion: the Evidence from the ERM
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2000
This paper applies a full-information technique to test for the presence of contagion across the money markets of ERM … members. We show that whenever it is possible to estimate a model for interdependence, a test for contagion based o a full … information technique is more powerful. We test for the presence of contagion after having identified episodes of country …
Persistent link: https://www.econbiz.de/10005123753
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Currency Crises: A Perspective on Recent Theoretical Developments
Jeanne, Olivier - C.E.P.R. Discussion Papers - 1999
This paper puts recent theoretical developments in the literature on currency crises in perspective by comparing two theoretical approaches, one based on the speculative attack model of Krugman-Flood-Garber and the other approach, which evolved following the 1992-93 crisis of the European...
Persistent link: https://www.econbiz.de/10005123792
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Coordination, Cooperation, Contagion and Currency Crises
Loisel, Olivier; Martin, Philippe - C.E.P.R. Discussion Papers - 1999
improving, makes countries more dependent on other countries' fundamentals so that it may induce more contagion: a negative …
Persistent link: https://www.econbiz.de/10005124321
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Measuring Co-Movements Between US and European Stock Markets
Bonfiglioli, Alessandra; Favero, Carlo A. - C.E.P.R. Discussion Papers - 2000
stock market. We conduct our analysis by explicitly considering the distinction between interdependence and contagion. By … equilibrium for US shares? Is there short-term interdependence and contagion between US and European stock markets, i.e. do short …
Persistent link: https://www.econbiz.de/10005067572