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Did the founding of the Federal Reserve affect the vulnerability of the interbank system to systemic risk?
Carlson, Mark; Wheelock, David C. - 2016 - Draft: July 18, 2016
during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the …
Persistent link: https://www.econbiz.de/10011578151
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Income inequality, financial crises, and monetary policy
Cairó, Isabel; Sim, Jae W. - 2018
pressure, and excessive credit growth by allocating income to agents featuring low marginal propensity to consume, and if …
Persistent link: https://www.econbiz.de/10011932429
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Financial market shocks during the Great Depression
Chin, Alycia; Warusawitharana, Missaka - 2010
Persistent link: https://www.econbiz.de/10003989483
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Understanding bank and nonbank credit cycles : a structural exploration
Durdu, Ceyhun Bora; Zhong, Molin - 2019
We explore the structural drivers of bank and nonbank credit cycles using an estimated medium-scale macro model that … potentially drive bank and nonbank credit growth. We find that sectoral shocks affecting the balance sheets of entrepreneurs who … borrow from the financial sector are important for the business cycle frequency fluctuations in bank and nonbank credit …
Persistent link: https://www.econbiz.de/10012181042
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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 …
Persistent link: https://www.econbiz.de/10012181334
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Shock transmission through cross-border bank lending : credit and real effects
Hale, Galina; Kapan, Tümer; Minoiu, Camelia - 2019
countries experiencing systemic banking crises on profitability, credit, and the performance of borrower firms. Crisis exposures … reduce bank returns and tighten credit conditions for borrowers, constraining investment and growth. The effects are larger …
Persistent link: https://www.econbiz.de/10012181946
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The Great Recession and a missing generation of exporters
Lincoln, William F.; McCallum, Andrew H.; Siemer, Michael - 2017
The collapse of international trade surrounding the Great Recession has garnered significant attention. This paper studies firm entry and exit in foreign markets and their role in the post-recession recovery of U.S. exports using confidential microdata from the U.S. Census Bureau. We find that...
Persistent link: https://www.econbiz.de/10011803263
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What macroeconomic conditions lead financial crises?
Kiley, Michael T. - 2018 - Version 6
Research has suggested that a rapid pace of nonfinancial borrowing reliably precedes financial crises, placing the pace of debt growth at the center of frameworks for the deployment of macroprudential policies. I reconsider the role of asset-prices and current account deficits as leading...
Persistent link: https://www.econbiz.de/10011932225
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Macro risks and the term structure of interest rates
Bekaert, Geert; Engstrom, Eric; Ermolov, Andrey - 2017
We use non-Gaussian features in U.S. macroeconomic data to identify aggregate supply and demand shocks while imposing minimal economic assumptions. Recessions in the 1970s and 1980s were driven primarily by supply shocks, later recessions were driven primarily by demand shocks, and the Great...
Persistent link: https://www.econbiz.de/10011709342
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The role of U.S. monetary policy in global banking crises
Durdu, Bora; Martin, Alex; Zer, Ilknur - 2019
We examine the role of U.S. monetary policy in global financial stability by using a cross-country database spanning the period from 1870-2010 across 69 countries. U.S. monetary policy tightening increases the probability of banking crises for those countries with direct linkages to the U.S.,...
Persistent link: https://www.econbiz.de/10012181191