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Assessing Targeted Macroprudential Financial Regulation : The Case of the 2006 Commercial Real Estate Guidance for Banks
Bassett, William F. - 2017
growth but faster household loan growth following issuance of the guidance. The results highlight the potentially broad …
Persistent link: https://www.econbiz.de/10012972963
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The History of Cyclical Macroprudential Policy in the United States
Elliott, Douglas - 2015
Since the financial crisis of 2007-2009, policymakers have debated the need for a new toolkit of cyclical "macroprudential" policies to constrain the build-up of risks in financial markets, for example, by dampening credit-fueled asset bubbles. These discussions tend to ignore America's long and...
Persistent link: https://www.econbiz.de/10013035558
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The impact of credit risk mispricing on mortgage lending during the subprime boom
Kahn, James A.; Kay, Benjamin S. - 2019
We provide new evidence that credit supply shifts contributed to the U.S. subprime mortgage boom and bust. We collect … original data on both government and private mortgage insurance premiums from 1999-2016, and document that prior to 2008 …
Persistent link: https://www.econbiz.de/10012181334
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Risky Mortgages, Bank Leverage and Credit Policy
Ferrante, Francesco - 2016
Two key channels that allowed the 2007-2009 mortgage crisis to severely impact the real economy were: a housing net … of these new channels by considering two different shocks linked to the supply of mortgage credit: an increase in the … interventions that are able to reduce the severity of a mortgage crisis: debt relief for borrowing households and central bank …
Persistent link: https://www.econbiz.de/10014130918
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Financial Frictions, Financial Shocks, and Aggregate Volatility
Fuentes-Albero, Cristina - 2016
I revisit the Great Inflation and the Great Moderation for nominal and real variables. I document an immoderation in corporate balance sheet variables so that the Great Moderation is best described as a period of divergent patterns in volatilities for real, nominal and financial variables. A...
Persistent link: https://www.econbiz.de/10013005700
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The Risk Channel of Monetary Policy
de Groot, Oliver - 2014
This paper examines how monetary policy affects the riskiness of the financial sector's aggregate balance sheet, a mechanism referred to as the risk channel of monetary policy. I study the risk channel in a DSGE model with nominal frictions and a banking sector that can issue both outside equity...
Persistent link: https://www.econbiz.de/10013054300
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Financial frictions, financial shocks, and aggregate volatility
Fuentes-Albero, Cristina - 2018 - This version: July 2018
The Great Moderation in the U.S. economy was accompanied by a widespread increase in the volatility of financial variables. We explore the sources of the divergent patterns in volatilities by estimating a model with time-varying financial rigidities subject to structural breaks in the size of...
Persistent link: https://www.econbiz.de/10012016100
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Income inequality, financial crises, and monetary policy
Cairó, Isabel; Sim, Jae W. - 2018
We construct a general equilibrium model in which income inequality results in insufficient aggregate demand, deflation pressure, and excessive credit growth by allocating income to agents featuring low marginal propensity to consume, and if excessive, can lead to an endogenous financial crisis....
Persistent link: https://www.econbiz.de/10011932429
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Mortgage Debt and Household Deleveraging : Accounting for the Decline in Mortgage Debt Using Consumer Credit Record Data
Bhutta, Neil - 2012
. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt … over two-year periods spanning the past decade into inflows (from individuals whose mortgage debt increases during a given …
Persistent link: https://www.econbiz.de/10013106986
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Financial Capital and the Macroeconomy : A Quantitative Framework
Kiley, Michael T. - 2011
Financial intermediation transforms short-term liquid assets into long-term capital assets. As a result, risk taking, in the form of long-term commitments despite unresolved short-term funding risk, is an essential element of intermediation. If such funding risk must be addressed by costly...
Persistent link: https://www.econbiz.de/10013124950