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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

gold reserves. This was not the case for the US, the largest country in the world, holding massive gold reserves. The US …

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

What Caused the Crisis of 1839?

Wallis, John Joseph - 2021

The 1830s were a decade of enormous importance in American economic history. A disproportionate amount of attention has been paid to the Panic of 1837. The Crisis of 1839, however, led to four years of deflation and depression. This paper shows that events in 1839 followed a different path than...

Persistent link: https://www.econbiz.de/10013228060

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

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

In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...

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

A Model of Secular Stagnation

Eggertsson, Gauti B. - 2014

oversupply of savings. Other forces that work in the same direction and can both create or exacerbate the problem include a drop …

Persistent link: https://www.econbiz.de/10013045296

A Sexually Unbalanced Model of Current Account Imbalances

Du, Qingyuan - 2010

Large savings and current account surpluses by China and other countries are said to be a contributor to the global … current account imbalances and possibly to the recent global financial crisis. This paper proposes a theory of excess savings … show conditions under which an intensified competition in the marriage market can induce men to raise their savings rate …

Persistent link: https://www.econbiz.de/10013143187

Fighting Crises

Gorton, Gary B. - 2016

In fighting a financial crisis, opacity (keeping the names of banks borrowing at emergency lending facilities secret) and stigma (the cost of having a bank's name revealed) are desirable to restore confidence. Lending facilities raise the perceived average quality of all banks' assets. Opacity...

Persistent link: https://www.econbiz.de/10012980183

International Monetary Relations : Taking Finance Seriously

Obstfeld, Maurice - 2017

changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …

Persistent link: https://www.econbiz.de/10012954933

The Great Depression and the Great Recession : A View from Financial Markets

Bianchi, Francesco - 2015

Similarities between the Great Depression and the Great Recession are documented with respect to the behavior of financial markets. A Great Depression regime is identified by using a Markov-switching VAR. The probability of this regime has remained close to zero for many decades, but spiked for...

Persistent link: https://www.econbiz.de/10013025241

Fighting the Last War : Economists on the Lender of Last Resort

Grossman, Richard S. - 2015

century through the panic of 2008. We find that typically the most influential economists “fight the last war”: formulating … war may leave economists unprepared for meeting effectively the challenge of the next war …

Persistent link: https://www.econbiz.de/10013030619