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Presidents and the U.S. Economy : An Econometric Exploration
Blinder, Alan S. - 2014
The U.S. economy has grown faster--and scored higher on many other macroeconomic metrics--when the President of the United States is a Democrat rather than a Republican. For many measures, including real GDP growth (on which we concentrate), the performance gap is both large and statistically...
Persistent link: https://www.econbiz.de/10013050172
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Macroprudential Regulation Versus Mopping Up after the Crash
Jeanne, Olivier - 2013
We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....
Persistent link: https://www.econbiz.de/10013089016
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Risks in China's Financial System
Song, Zheng (Michael) - 2018
Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need to evaluate these risks within China's unique...
Persistent link: https://www.econbiz.de/10012929553
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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 outcomes in 2008. In particular, lenders lobbying more intensively on …
Persistent link: https://www.econbiz.de/10013124842
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Government Distortion in Independently Owned Media : Evidence from U.S. Cold War News Coverage of Human Rights
Qian, Nancy - 2010
This paper investigates the extent to which strategic objectives of the U.S. government influenced news coverage during the Cold War. We establish two relationships: 1) strategic objectives of the U.S. government cause the State Department to under-report human rights violations of strategic...
Persistent link: https://www.econbiz.de/10013147999
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Policy Watch : Challenges for Terrorism Risk Insurance in the United States
Kunreuther, Howard - 2012
This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance Act of 2002 (TRIA) was passed by the U.S. Congress in...
Persistent link: https://www.econbiz.de/10012755733
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Land and Credit : A Study of the Political Economy of Banking in the United States in the Early 20th Century
Rajan, Raghuram G. - 2010
We thank Lakshmi Aiyar, Shawn Cole, Stijn Claessens, Oded Galor, Adair Morse, Mark Rosenzweig, Jeremy Stein, as well as participants in seminars at the IMF, the NBER Political Economy, Corporate Finance, and Growth Workshops, M.I.T., Northwestern University, the University of Chicago, the WFA...
Persistent link: https://www.econbiz.de/10013152442
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Hiring Cheerleaders : Board Appointments of "Independent" Directors
Cohen, Lauren - 2010
We provide evidence that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on their views regarding the...
Persistent link: https://www.econbiz.de/10012758512
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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms
Bordo, Michael D. - 2011
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10013127756
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The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008
Bordo, Michael D. - 2011
In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating the Great Contraction. The issue hinges over whether the panics were illiquidity shocks and hence in support of Friedman and Schwartz (1963) greatly exacerbated the recession which had begun in...
Persistent link: https://www.econbiz.de/10013132917