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Output Growth and Fluctuations : The Role of Financial Openness

Popov, Alexander A. - 2021

I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative skewness of the growth process. The increase in output...

Persistent link: https://www.econbiz.de/10013315990

Fragility in Money Market Funds : Sponsor Support and Regulation

Parlatore, Cecilia - 2015

I develop a model of money market funds (MMFs) to study the ability of sponsor support to provide stability to the …

Persistent link: https://www.econbiz.de/10013025469

Fiscal policy and the Great Recession in the Euro Area

Coenen, Günter - 2012

How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...

Persistent link: https://www.econbiz.de/10013108718

Forecasting the Covid-19 Recession and Recovery : Lessons from the Financial Crisis

Foroni, Claudia - 2020

We consider simple methods to improve the growth nowcasts and forecasts obtained by mixed frequency MIDAS and UMIDAS models with a variety of indicators during the Covid-19 crisis and recovery period, such as combining forecasts across various specifications for the same model and/or across...

Persistent link: https://www.econbiz.de/10012822725

Flight to Liquidity and the Great Recession

Radde, Sören - 2014

This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their inter- mediation activity....

Persistent link: https://www.econbiz.de/10013048760

Household Heterogeneity in the Euro Area Since the Onset of the Great Recession

Ampudia, Miguel - 2014

We extend household-level data from the Household Finance and Consumption Survey using aggregate series and micro-simulations to investigate heterogeneity in the euro area. We quantify shocks to wealth, income and financial pressure faced by various categories of households since the onset of...

Persistent link: https://www.econbiz.de/10013051171

European Firm Adjustment During Times of Economic Crisis

Fabiani, Silvia - 2015

This paper exploits a unique cross-country, firm-level survey to study the responses of European firms to the sharp demand and credit contraction triggered by the global Great Recession of 2009. The analysis reveals that cost reduction — particularly labour cost reduction through the...

Persistent link: https://www.econbiz.de/10013024781

Switching-Track after the Great Recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10013210843

From Cash- to Securities-Driven Euro Area Repo Markets : The Role of Financial Stress and Safe Asset Scarcity

Brand, Claus - 2019

Focusing on repo specialness premia, using ISIN-specific transaction-by-transaction data of one-day maturity repos, we document a gradual shift from cash- to securities-driven transactions in euro area repo markets over the period 2010-2018. Compared to earlier studies focusing only on specific...

Persistent link: https://www.econbiz.de/10012893730

Leaning Against the Wind : Macroprudential Policy and the Financial Cycle

Kok, Christoffer - 2019

Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last … macroprudential policy has net marginal benefits in addressing risks to financial stability in the euro area, whereas monetary policy … has net marginal costs. This would suggest that an active use of macroprudential policies targeting financial stability …

Persistent link: https://www.econbiz.de/10012894739

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