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Financial Cycles, Credit Bubbles and Stabilization Policies
Corrado, Luisa - 2019
This paper analyzes the effects of several policy instruments to mitigate financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios and allow for interbank trading. We...
Persistent link: https://www.econbiz.de/10012892165
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Behavioural Credit Cycles
Delli Gatti, Domenico; Iannotta, Gabriele - 2022
We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC …) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and … defaults, following a positive productivity shock, our behavioural model (BCC Mark I) generates hump-shaped impulse …
Persistent link: https://www.econbiz.de/10014244347
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Macroeconomic Shocks and Racial Labour Market Differences in the U.S
De, Kuhelika - 2020
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
Persistent link: https://www.econbiz.de/10012844419
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Small Firms and Domestic Bank Dependence in Europe's Great Recession
Hoffman, Mathias - 2019
Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in …
Persistent link: https://www.econbiz.de/10012860572
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Measuring Euro Area Monetary Policy
Altavilla, Carlo - 2019
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012867012
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Financial Sector Development in Brunei Darussalam: Depth, Access, and Efficiency: A Comparative Analysis
Bhattacharyay, Biswa Nath; Bhattacharyay, Madhurima - 2022
Financial sector development plays an important role in promoting economic growth and welfare of the citizen of a country. On the other hand, financial sector instability or vulnerability, can adversely affect the economic growth and cause major disruptions in the country. This paper examines...
Persistent link: https://www.econbiz.de/10013427746
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Financial Sector Development in Brunei Darussalam : Depth, Access, and Efficiency: A Comparative Analysis
Bhattacharyay, Biswanath; Bhattacharyay, Madhurima - 2022
Financial sector development plays an important role in promoting economic growth and welfare of the citizen of a country. On the other hand, financial sector instability or vulnerability, can adversely affect the economic growth and cause major disruptions in the country. This paper examines...
Persistent link: https://www.econbiz.de/10014244342
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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
We suggest an explanation for the existence of “mission drift”, the tendency for Microfinance Institutions (MFIs) to lend money to wealthier borrowers rather than to the very poor. We focus on the relationship between MFIs and external funding institutions. We assume that both the MFIs and...
Persistent link: https://www.econbiz.de/10013245624
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Cousins from Overseas : The Labour Market Impact of a Major Forced Return Migration Shock
Bohnet, Lara; Peralta, Susana; Pereira dos Santos, João - 2022
We study the labour market impact of a major shock of return migration, following the end of the Portuguese Colonial …
Persistent link: https://www.econbiz.de/10014244323
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The Loan Puzzle. A Study of Loans to Different Groups in the USA
Cafiso, Gianluca - 2020
differences on how those respond to a shock and evaluate possible alternative explanations for such differences. The objective is …
Persistent link: https://www.econbiz.de/10012838236