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International Liquidity Management : Sterilization Policy in Illiquid Financial Markets

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021

the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …

Persistent link: https://www.econbiz.de/10013245510

A Quantitative Model of Sudden Stops and External Liquidity Management

Caballero, Ricardo J.; Panageas, Stavros - 2021

liquidity and liability management more generally …

Persistent link: https://www.econbiz.de/10013228758

A Model of the Safe Asset Mechanism (Sam) : Safety Traps and Economic Policy

Caballero, Ricardo J. - 2013

. Safety traps share many common features with conventional liquidity traps, but also exhibit important differences, in …

Persistent link: https://www.econbiz.de/10013087881

Fire Sales in a Model of Complexity

Caballero, Ricardo J. - 2009

Financial assets provide return and liquidity services to their holders. However, during severe financial crises many … asset prices plummet, destroying their liquidity provision function at the worst possible time. In this paper we present a … not control or understand. The liquidity of the market quickly vanishes and a financial crisis ensues. The model exhibits …

Persistent link: https://www.econbiz.de/10013155022

A Dual Liquidity Model for Emerging Markets

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021

emerging economy, and those affecting borrowing from foreign lenders. This 'dual liquidity' model offers a parsimonious …

Persistent link: https://www.econbiz.de/10013224671

Trigger Points and Budget Cuts : Explaining the Effects of Fiscal Austerity

Bertola, Giuseppe; Drazen, Allan - 2022

We propose and solve an optimizing model which explains counterintuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process which the public believes may fall sharply when it reaches specific "target points," then optimizing...

Persistent link: https://www.econbiz.de/10014074309

On the Timing and Efficiency of Creative Destruction

Caballero, Ricardo J. - 2010

This paper analyzes the timing, pace and efficiency of the on- going job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to concentrate both job creation and destruction during cyclical downturns, when the opportunity cost of...

Persistent link: https://www.econbiz.de/10013139984

Labor Turnover Costs and Average Labor Demand

Bertola, Giuseppe - 2021

This paper studies simple partial equilibrium models of dynamic labor demand, under certainty. Labor turnover costs may or may not decrease the firm's average labor demand, depending on the form of the revenue function, on the rates of discount and of labor attrition, and on the relative size of...

Persistent link: https://www.econbiz.de/10013218325

Comparative Analysis of Labor Market Outcomes : Lessons for the Us from International Long-Run Evidence

Bertola, Giuseppe; Blau, Francine D.; Kahn, Lawrence M. - 2021

We analyze a 1960-96 panel of OECD countries to explain why the US moved from relatively high to relatively low unemployment over the last three decades. We find that while macroeconomic and demographic shocks and changing labor market institutions explain a modest portion of this change, the...

Persistent link: https://www.econbiz.de/10013232721

Labor Market Institutions and Demographic Employment Patterns

Bertola, Giuseppe; Blau, Francine D.; Kahn, Lawrence M. - 2021

Using data from 17 OECD countries over the 1960-96 period, we investigate the impact of institutions on the relative employment of youth, women, and older individuals. Theoretically, we show that labor market institutions meant to improve workers' income share imply larger disemployment effects...

Persistent link: https://www.econbiz.de/10013239343