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Why White, Not Keynes? : Inventing the Post-War International Monetary System
Boughton, James M. - 2002
The international monetary system is largely the product of negotiations during World War II between U.S. and U.K. officials, led respectively by Harry Dexter White and John Maynard Keynes. The design of the system, especially the International Monetary Fund, reflects the U.S. plan much more...
Persistent link: https://www.econbiz.de/10014399659
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Liquidity Trap and Excessive Leverage
Korinek, Anton - 2014
We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand....
Persistent link: https://www.econbiz.de/10014411478
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The COVID-19 impact on corporate leverage and financial fragility
Haque, Sharjil Muktafi; Varghese, Richard - 2021
increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose …
Persistent link: https://www.econbiz.de/10012796218
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Uncertainty premia, sovereign default risk, and state-contingent debt
Roch, Francisco; Roldán, Francisco - 2021
We analyze how concerns for model misspecification on the part of international lenders affect the desirability of issuing state-contingent debt instruments in a standard sovereign default model a la Eaton and Gersovitz (1981). We show that for the commonly used threshold state-contingent bond...
Persistent link: https://www.econbiz.de/10012518920
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The aggregate-demand doom loop : precautionary motives and the welfare costs of sovereign risk
Roldán, Francisco - 2020
Persistent link: https://www.econbiz.de/10012487171
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Capital gaps, risk dynamics, and the macroeconomy
Lipinsky, Fabian T.; Miescu, Mirela S. - 2020
develop a macro-financial structural model with two novel features. First, we include idiosyncratic and aggregate risk in a …
Persistent link: https://www.econbiz.de/10012391995
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Managing macrofinancial risk
Adrian, Tobias; Vitek, Francis - 2020
We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism … their conditional distributions. In particular, the model matches the key stylized facts of growth at risk. Accounting for …
Persistent link: https://www.econbiz.de/10012300643
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Model-based globally-consistent risk assessment
Andrle, Michal; Hunt, Benjamin F. - 2020
This paper outlines an approach to assess uncertainty around a forecast baseline as well as the impact of alternative policy rules on macro variability. The approach allows for non-Gaussian shock distributions and non-linear underlying macroeconomic models. Consequently, the resulting...
Persistent link: https://www.econbiz.de/10012251371
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Climate disaster risks : empirics and a multi-phase dynamic model
Mittnik, Stefan; Semmler, Willi; Haider, Alexander - 2019
Recent research in financial economics has shown that rare large disasters have the potential to disrupt financial … sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback e … explore this causal nexus and the e?ects of rare large disasters resulting in capital losses and rising risk premia. Our …
Persistent link: https://www.econbiz.de/10012102117