Showing 1 - 10 of 366
It is sometimes argued that central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. It...
Persistent link: https://www.econbiz.de/10005789026
This paper proposes to investigate whether US monetary policy changed over time by evaluating evidence from the entire yield curve. A regime-switching no-arbitrage term structure model relies on inflation, output and the short interest rate as factors. In a departure from the finance literature,...
Persistent link: https://www.econbiz.de/10005791862
This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support...
Persistent link: https://www.econbiz.de/10008554223
This paper builds a new dataset with detailed information on the universe of foreign government bonds issued in New York in the 1920s and uses these data to describe the behavior of the financial intermediaries which operated in the New York market during the period leading to the interwar debt...
Persistent link: https://www.econbiz.de/10008468539
index which measures indirectly the ability of countries to wither external bad shock. On these fronts, we show that the …
Persistent link: https://www.econbiz.de/10008854485
The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...
Persistent link: https://www.econbiz.de/10011083226
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper...
Persistent link: https://www.econbiz.de/10011084455
policy shocks. For each shock, we examine the dynamic effects on the labour market, the importance of the shock for labour … shock. We document that labour market indicators display "hump-shaped" responses to the identified shocks. Technology shocks …
Persistent link: https://www.econbiz.de/10005123759
This paper investigates the international dimension of productivity and demand shocks to US manufacturing. Identifying shocks with sign restrictions based on standard theory predictions we find that productivity gains in manufacturing - our measure of tradables - have substantial aggregate...
Persistent link: https://www.econbiz.de/10005124152
This paper uses long-run restrictions on a three-variable system containing output growth, real wage growth and the differenced unemployment rate, to isolate three 'structural' shocks which drove business cycle fluctuations in Spain during 1970-94. These shocks are interpreted as aggregate...
Persistent link: https://www.econbiz.de/10005124406