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Running the U.S. economy at full throttle is a stressful variant of capitalism
Komlos, John - 2022
Maximizing output without taking into consideration the negative externalities generated, including the harm to the mental and physical health of the population creates psychological stress. Focusing on the bellwether indicators of economic performance including working more, generating income,...
Persistent link: https://www.econbiz.de/10013383434
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Uncertainty across volatility regimes
Angelini, Giovanni; Bacchiocchi, Emanuele; Caggiano, … - 2017
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/10011778668
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Market depth, leverage, and speculative bubbles
Enders, Zeno; Hakenes, Hendrik - 2017
We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size … lend to traders with limited liability in a bubble is endogenous. Bubbles reduce welfare of future investors. We provide … general conditions for the possibility of bubbles depending on uncertainty about market size, traders' degree of leverage and …
Persistent link: https://www.econbiz.de/10011780495
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Sovereigns versus banks : credit, crises, and consequences
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...
Persistent link: https://www.econbiz.de/10010199757
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Heterogeneous government spending multipliers in the era surrounding the great recession
Bernardini, Marco; De Schryder, Selien; Peersman, Gert - 2017
We use a novel quarterly dataset of U.S. states to examine the dynamics and determinants of relative government spending multipliers in the decade surrounding the Great Recession. We find average multipliers that are similar to those that have been reported for the decades preceding the crisis,...
Persistent link: https://www.econbiz.de/10011654641
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Monetary policy transmission to consumer financial stress and durable consumption
Georgarakos, Dimitris; Tatsiramos, Konstantinos - 2019
We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by...
Persistent link: https://www.econbiz.de/10012024596
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Modigliani meets minsky : inequality, debt, and financial fragility in America, 1950-2016
Bartscher, Alina K.; Kuhn, Moritz; Schularick, Moritz; … - 2020
This paper studies the secular increase in U.S. household debt and its relation to growing income inequality and financial fragility. We exploit a new household-level dataset that covers the joint distributions of debt, income, and wealth in the United States over the past seven decades. The...
Persistent link: https://www.econbiz.de/10012213102
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Private debt overhang and the government spending multiplier : evidence for the United States
Bernardini, Marco; Peersman, Gert - 2015
Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...
Persistent link: https://www.econbiz.de/10010498604
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Monetary policy, vagabonding liquidity and bursting bubbles in new and emerging markets : an overinvestment view
Schnabl, Gunther (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003599390
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Financial fragility, bubbles and monetary policy
Illing, Gerhard - 2001
The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank's concern about the cost of financial disruption generates an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly...
Persistent link: https://www.econbiz.de/10011398119