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Consumption risk sharing over the business cycle : the role of small firms' access to credit markets
Hoffmann, Mathias; Stewen, Iryna - 2009
Consumption risk sharing among U.S. federal states increases in booms and decreases in recessions. We find that small … aggregate risk sharing are more pronounced in states in which small firms account for a large share income or employment. In … to have loosened the dependence of aggregate risk sharing on the business cycle. Not only do our result support that …
Persistent link: https://www.econbiz.de/10003807913
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International Financial Crises
Dornbusch, Rudiger; Fischer, Stanley - 2003
Our friend and colleague Rüdiger Dornbusch passed away before he was able tocomplete his book based on the Munich Lectures in Economics that he gave inNovember 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität.The lectures contain a fascinating overview of the...
Persistent link: https://www.econbiz.de/10011507825
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Leveraged bubbles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 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/10011309562
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Low inflation : high default risk AND high equity valuations
Bhamra, Harjoat Singh; Dorion, Christian; Jeanneret, … - 2018
asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal …
Persistent link: https://www.econbiz.de/10011941263
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On the exchange rate and economic policy uncertainty nexus : a panel VAR approach for emerging markets
Abid, Abir; Rault, Christophe - 2020
foreign EPU to the ERV fluctuation overcomes the local EPU’s share, (c) the ERV acts as a significant transmission channel of …
Persistent link: https://www.econbiz.de/10012195928
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International reserves before and after the global crisis : is there no end to hoarding?
Aizenman, Joshua; Cheung, Yin-Wong; Itō, Hiro - 2015
We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999-2006, gross saving...
Persistent link: https://www.econbiz.de/10010490278
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The equilibrium value of the Euro/$ US exchange rate : an evaluation of research
Stein, Jerome L. - 2001
The ultimate object of research concerning the Euro is to answer the following questions: (#1) What is the equilibrium trajectory of the nominal euro, measured as dollars/euro? (#2) To what extent has the equilibrium nominal euro been determined by relative prices (PPP), and to what extent has...
Persistent link: https://www.econbiz.de/10011399350
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Financial markets, banks' cost of funding, and firms' decisions : lessons from two crises
Balduzzi, Pierluigi; Brancati, Emanuele; Schiantarelli, … - 2015 - This draft: December 10, 2015
We test whether adverse changes to banks' market valuations during the financial and sovereign debt crises, and the associated increase in banks'cost of funding, affected firms' real decisions. Using new data linking over 3,000 non-financial Italian firms to their bank(s), we find that increases...
Persistent link: https://www.econbiz.de/10011406568
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Italy in the Eurozone
Keuschnigg, Christian; Kirschner, Linda; Kogler, Michael; … - 2020
Using a DSGE model with nominal wage rigidity, we investigate two scenarios for the Italian economy. The first considers sustained policy commitment to reform. The results indicate the possibility of 'growing out of bad initial conditions', if fiscal consolidation is combined with a program for...
Persistent link: https://www.econbiz.de/10012244451
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Central bank policies and financial markets : lessons from the Euro crisis
Mody, Ashoka; Nedeljkovic, Milan - 2018 - This version: November 20, 2018
identify financial markets' response to the ECB’s liquidity injections and its more pro-active monetary stimulus between … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in … bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity …
Persistent link: https://www.econbiz.de/10011942687