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Analysis of Monetary Policy and Financial Stability : A New Paradigm
Goodhart, Charles - 2013
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...
Persistent link: https://www.econbiz.de/10013095226
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A Theory of Repurchase Agreements, Collateral Re-Use, and Repo Intermediation
Gottardi, Piero - 2017
counterparty risk and asset risk. In equilibrium, lenders choose to re-use collateral. This increases the circulation of the asset … limited commitment. The repo contract traded in equilibrium provides insurance against fluctuations in the asset price in … states where collateral value is high and maximizes borrowing capacity when it is low. Haircuts increase both with …
Persistent link: https://www.econbiz.de/10012949372
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Leveraged Bubbles
Jorda, Oscar - 2015
What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes...
Persistent link: https://www.econbiz.de/10013014986
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Political Booms, Financial Crises
Herrera, Helios - 2014
We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10013047326
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Uncertainty Across Volatility Regimes
Angelini, Giovanni - 2018
We propose a new non-recursive identification scheme for uncertainty shocks, which exploits breaks in the unconditional volatility of macroeconomic variables. Such identification approach allows us to simultaneously address two major questions in the empirical literature on uncertainty: (i) Does...
Persistent link: https://www.econbiz.de/10012927574
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The Great Mortgaging : Housing Finance, Crises, and Business Cycles
Jordà, Òscar - 2015
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10013032225
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Political Booms, Financial Crises
Herrera, Helios; Ordonez, Guillermo; Trebesch, Christoph - CESifo - 2014
We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010888458
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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10010948836
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External Sovereign Debt in a Monetary Union : Bailouts and the Role of Corruption
Achury, Carolina - 2011
We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...
Persistent link: https://www.econbiz.de/10013121867
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Market Depth, Leverage, and Speculative Bubbles
Enders, Zeno - 2019
the risk-free rate. This allows us to discuss several policy measures. Capital requirements and a correctly implemented …
Persistent link: https://www.econbiz.de/10012899999