Narrow search
Showing 1 - 10 of 1,271
Cover Image
Inflation, Monetary Policy and Stock Market Conditions
Bordo, Michael D. - 2008
This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the … episodes and find evidence that inflation and interest rate shocks had particularly strong impacts on market conditions in the … postwar era. Disinflation shocks promoted market booms and inflation shocks contributed to busts. We conclude that central …
Persistent link: https://www.econbiz.de/10012771830
Cover Image
Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets
Reinhart, Carmen M. - 2011
Considerable debate rages about whether Federal Reserve policy was too lax in the early part of the 2000s, thereby fueling the home-price bubble that was the proximate cause of the global financial crisis. We present evidence that the view that modest alterations to monetary policy have vast...
Persistent link: https://www.econbiz.de/10013129137
Cover Image
Persistent Liquidity Effects and Long Run Money Demand
Alvarez, Fernando - 2011
We present a monetary model in the presence of segmented asset markets that implies a persistent fall in interest rates after a once and for all increase in liquidity. The gradual propagation mechanism produced by our model is novel in the literature. We provide an analytical characterization of...
Persistent link: https://www.econbiz.de/10013118840
Cover Image
Financial Protectionism : The First Tests
Rose, Andrew Kenan - 2011
We provide the first empirical tests for financial protectionism, defined as a nationalistic change in banks' lending behaviour, as the result of public intervention, which leads domestic banks either to lend less or at higher interest rates to foreigners. We use a bank-level panel data set...
Persistent link: https://www.econbiz.de/10013124846
Cover Image
Systemic Risk and the Refinancing Ratchet Effect
Khandani, Amir - 2010
The confluence of three trends in the U.S. residential housing market---rising home prices, declining interest rates, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...
Persistent link: https://www.econbiz.de/10013150910
Cover Image
Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets
Swanson, Eric T. - 2017
I extend the methods of G ̈urkaynak, Sack, and Swanson (2005) to separately identify the effects of Federal Reserve forward guidance and large-scale asset purchases (LSAPs) during the 2009–15 U.S. zero lower bound (ZLB) period. I find that both forward guidance and LSAPs had substantial and...
Persistent link: https://www.econbiz.de/10012958993
Cover Image
Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed
Bernstein, Asaf - 2008
We use the founding of the Federal Reserve as a historical experiment to provide some insight into whether a lender of last resort can stabilize financial markets. Following the Panic of 1907, Congress passed two measures that established a lender of last resort in the United States: (1) the...
Persistent link: https://www.econbiz.de/10012769641
Cover Image
Capital Markets in China and Britain, 18th and 19th Century : Evidence from Grain Prices
Keller, Wolfgang - 2015
Based on the most comprehensive grain prices available, we employ a storage model to estimate consistent interest rates and compare capital market development in Britain and China. Interest rates for Britain were lower than China's on average by about three percentage points from 1770 to 1860....
Persistent link: https://www.econbiz.de/10013019495
Cover Image
Capital Markets and Grain Prices : Assessing the Storage Approach
Keller, Wolfgang - 2018
This paper evaluates a well-known approach from the economic history literature that uses grain prices to shed light on interest rates. Although this method has been applied in influential work starting with McCloskey and Nash (1984) and has potentially wide applicability in situations where...
Persistent link: https://www.econbiz.de/10012925271
Cover Image
Money, Credit and Interest Rates in the Business Cycle
Friedman, Benjamin M. - 2021
Fluctuations of business activity in the United States clearly have their monetary and financial side, but these aspects of U.S. economic fluctuations exhibit few quantitative regularities that have persisted unchanged across spans of tine over which the nation's financial markets have...
Persistent link: https://www.econbiz.de/10013218836