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Banking Crises : An Equal Opportunity Menace

Reinhart, Carmen M. - 2009

crises are typically preceded by asset price bubbles, large capital inflows and credit booms, in rich and poor countries …

Persistent link: https://www.econbiz.de/10012765571

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

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

Theoretical Notes on Bubbles and the Current Crisis

Martin, Alberto - 2010

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...

Persistent link: https://www.econbiz.de/10013137762

Managing Credit Booms and Busts : A Pigouvian Taxation Approach

Jeanne, Olivier - 2010

We study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. We find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. We...

Persistent link: https://www.econbiz.de/10013138082

Bubbles, Financial Crises, and Systemic Risk

Brunnermeier, Markus K. - 2012

This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter … provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview … of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and …

Persistent link: https://www.econbiz.de/10013100667

Why Did so Many People Make so Many Ex Post Bad Decisions? the Causes of the Foreclosure Crisis

Foote, Christopher L. - 2012

acknowledge the limits of our understanding of asset price bubbles and design policies accordingly …

Persistent link: https://www.econbiz.de/10013106311

Bubbles, Crises, and Heterogeneous Beliefs

Xiong, Wei - 2013

individuals, to explain bubbles, crises, and endogenous risk in financial markets …

Persistent link: https://www.econbiz.de/10013084737

The Effects of the Saving and Banking Glut on the U.S. Economy

Justiniano, Alejandro - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10013072878

Monetary Exchange in Over-the-Counter Markets : A Theory of Speculative Bubbles, the Fed Model, and Self-Fulfilling Liquidity Crises

Lagos, Ricardo - 2015

We develop a model of monetary exchange in over-the-counter markets to study the effects of monetary policy on asset prices and standard measures of financial liquidity, such as bid-ask spreads, trade volume, and the incentives of dealers to supply immediacy, both by participating in the...

Persistent link: https://www.econbiz.de/10013015987

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