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Credit Booms, Financial Crises and Macroprudential Policy

Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea - 2022

are usually preceded by credit booms. Second, credit booms often do not result in a crisis. That is, there are "good …

Persistent link: https://www.econbiz.de/10013307160

Asriyan, Vladimir - 2016

We propose a model of money, credit and bubbles, and use it to study the role of monetary policy in managing asset … bubbles. In this model, bubbles pop up and burst, generating fluctuations in credit, investment and output. Two key insights … away from bubbles - and the credit that they sustain - to money, reducing intermediation, investment and growth. We explore …

Persistent link: https://www.econbiz.de/10012982946

Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era

Meissner, Christopher M. - 2013

in the recent literature on financial crises: international capital movements and credit growth. Neither factor is …

Persistent link: https://www.econbiz.de/10013086667

Financial Fragility and the Great Depression

Cooper, Russell - 2010

We analyze a financial collapse, such as the one which occurred during the Great Depression, from the perspective of a monetary model with multiple equilibria. The economy we consider contains financial fragility due to increasing returns to scale in the intermediation process. Intermediaries...

Persistent link: https://www.econbiz.de/10012763576

Us Monetary Policy and the Global Financial Cycle

Miranda-Agrippino, Silvia - 2015

global financial intermediaries, a decline in the provision of domestic credit globally, strong retrenchments of … international credit flows, and tightening of foreign financial conditions. Countries with floating exchange rate regimes are …

Persistent link: https://www.econbiz.de/10013011923

Escaping the Great Recession

Bianchi, Francesco - 2014

We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...

Persistent link: https://www.econbiz.de/10013052104

Accounting for Post-Crisis Inflation and Employment : A Retro Analysis

Fratto, Chiara - 2014

What accounts for inflation after 2008? We use the prominent pre-crisis Smets-Wouters (2007) model to address this question. We find that due to price markup shocks alone inflation would have been 1% higher than observed and 0.5% higher that the long-run average. Their standard deviation is...

Persistent link: https://www.econbiz.de/10013040539

Was Expansionary Monetary Policy Feasible During the Great Contraction? an Examination of the Gold Standard Constraint

Bordo, Michael D.; Choudhri, Ehsan U.; Schwartz, Anna J. - 2021

The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2) for most countries, continued adherence to gold prevented...

Persistent link: https://www.econbiz.de/10013222903

Understanding the Great Depression : Lessons for Current Policy

Cecchetti, Stephen G. - 2021

Over the four years beginning in the summer of 1929, financial markets, labor markets and goods markets all virtually ceased to function. Throughout this, the government policymaking apparatus seemed helpless. Since the end of the Great Depression, macroeconomists have labored diligently in an...

Persistent link: https://www.econbiz.de/10013224184

How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession

Bordo, Michael D.; Duca, John V. - 2021

, acting as a lender of last resort, and pursuing credit policies …

Persistent link: https://www.econbiz.de/10013234066

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