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Safety-Net Benefits Conferred on Difficult-to-Fail-And-Unwind Banks in the Us and EU Before and During the Great Recession
Carbo-Valverde, Santiago - 2011
This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...
Persistent link: https://www.econbiz.de/10013130253
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Stochastic Growth in the United States and Euro Area
Ireland, Peter N. - 2011
This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both...
Persistent link: https://www.econbiz.de/10013131508
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Eurosystem Monetary Targeting : Lessons from U.S. Data
Rudebusch, Glenn D. - 2010
Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...
Persistent link: https://www.econbiz.de/10013137167
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Automatic Stabilizers and Economic Crisis : Us vs. Europe
Dolls, Mathias - 2010
income shock in the EU, compared to 32 per cent in the US. In the case of an unemployment shock 47 percent of the shock are … absorbed in the EU, compared to 34 per cent in the US. This cushioning of disposable income leads to a demand stabilization of … up to 30 per cent in the EU and up to 20 per cent in the US. There is large heterogeneity within the EU. Automatic …
Persistent link: https://www.econbiz.de/10013139144
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Decomposing the Great Trade Collapse : Products, Prices, and Quantities in the 2008-2009 Crisis
Haddad, Mona - 2010
We identify a new set of stylized facts on the 2008-2009 trade collapse that we hope can be used to shed light on the importance of demand and supply-side factors in explaining the fall in trade. In particular, we decompose the fall in international trade into product entry and exit, price...
Persistent link: https://www.econbiz.de/10013139522
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Cross-Country Causes and Consequences of the Crisis : An Update
Rose, Andrew Kenan - 2010
We update Rose and Spiegel (2009a, b) and search for simple quantitative models of macroeconomic and financial indicators of the "Great Recession" of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis...
Persistent link: https://www.econbiz.de/10013139743
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Fiscal and Migration Competition
Razin, Assaf - 2010
voter.The paper models the host country stylistically as a member of the core of an economic union (i.e., a core EU welfare …. The source country is modeled as an accession country to an economic union (i.e., through the EU enlargement treaty), with …
Persistent link: https://www.econbiz.de/10013139888
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The Stock Market Crash of 2008 Caused the Great Recession : Theory and Evidence
Farmer, Roger E. A. - 2011
This paper argues that the stock market crash of 2008, triggered by a collapse in house prices, caused the Great Recession. The paper has three parts. First, it provides evidence of a high correlation between the value of the stock market and the unemployment rate in U.S. data since 1929....
Persistent link: https://www.econbiz.de/10013119812
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Animal Spirits, Financial Crises and Persistent Unemployment
Farmer, Roger E. A. - 2011
This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of capital may be unbounded above. I argue that this property is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the...
Persistent link: https://www.econbiz.de/10013123693
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A Fistful of Dollars : Lobbying and the Financial Crisis
Igan, Deniz - 2011
Has lobbying by financial institutions contributed to the financial crisis? This paper uses detailed information on financial institutions' lobbying and mortgage lending activities to answer this question. We find that lobbying was associated with more risk-taking during 2000-07 and with worse...
Persistent link: https://www.econbiz.de/10013124842