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An Empirical Model of Subprime Mortgage Default From 2000 to 2007
Bajari, Patrick - 2008
The turmoil that started with increased defaults in the subprime mortgage market has generated instability in the financial system around the world. To better understand the root causes of this financial instability, we quantify the relative importance of various drivers behind subprime...
Persistent link: https://www.econbiz.de/10012464022
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The macroeconomic policy challenges of balance sheet recession : lessons from Japan for the European crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …
Persistent link: https://www.econbiz.de/10009743745
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Can Central Banks Target Bond Prices?
Kuttner, Kenneth - 2006
This paper addresses the possible role of bond prices as operating or intermediate targets for monetary policy. The paper begins with a brief review of the mechanisms through which a central bank could, in theory, influence long-term interest rates, and continues with a brief narrative overview...
Persistent link: https://www.econbiz.de/10012466210
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Generalizing the Taylor Principle
Davig, Troy - 2005
The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...
Persistent link: https://www.econbiz.de/10012466797
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Wall Street's First Corporate Governance Crisis : The Panic of 1826
Hilt, Eric - 2009
In July of 1826, several prominent Wall Street firms abruptly went bankrupt, amid scandalous revelations of fraudulent financial practices by their management. Although mostly forgotten today, these events represented a watershed in the early development of the corporation laws and investor...
Persistent link: https://www.econbiz.de/10012463756
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Analysis of monetary policy and financial stability : a new paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for … the economy. Due to liquidity and endogenous default, the transmission mechanism of shocks is well defined, and their …
Persistent link: https://www.econbiz.de/10003923247
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Banking panics and liquidity in a monetary economy
Matsuoka, Tarishi; Watanabe, Makoto - 2017
This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate …
Persistent link: https://www.econbiz.de/10011747458
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Fiscal Policy and Financial Depth
Caballero, Ricardo J. - 2004
Most economists and observers place the lack of fiscal discipline at the core of the recent Argentine crisis. This begs the question of how countries like Belgium or Italy (pre-Maastricht) could run large fiscal deficits and accumulate debts far beyond those of Argentina, without experiencing...
Persistent link: https://www.econbiz.de/10012468161
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The ECB's policy, the recovery fund and the importance of trust : the case of Greece
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10012650611
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626