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Breaking the Spell with Credit-Easing : Self-Confirming Credit Crises in Competitive Search Economies
Gaballo, Gaetano - 2016
We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with directed search. These markets are efficient when...
Persistent link: https://www.econbiz.de/10012998414
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CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009
Stanton, Richard - 2013
and 1980s and, overall, the CMBS and CMBX markets performed as normal during the financial crisis (at least by the …This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … recent financial crisis. Using a comprehensive sample of CMBS deals from 1996 to 2008, we show that (unlike the residential …
Persistent link: https://www.econbiz.de/10013094466
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The Real Effects of Liquidity During the Financial Crisis : Evidence from Automobiles
Benmelech, Efraim - 2016
Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the...
Persistent link: https://www.econbiz.de/10012994914
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Government Policy, Credit Markets and Economic Activity
Christiano, Lawrence J. - 2011
interest rate spreads to shrink and output to begin a recovery. We study four models of financial frictions which explore …
Persistent link: https://www.econbiz.de/10013123690
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An Anatomy of Credit Booms : Evidence from Macro Aggregates and Micro Data
Mendoza, Enrique G. - 2008
This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and...
Persistent link: https://www.econbiz.de/10012771782
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The Propagation of Regional Recessions
Hamilton, James D. - 2011
This paper develops a framework for inferring common Markov-switching components in a panel data set with large cross-section and time-series dimensions. We apply the framework to studying similarities and differences across U.S. states in the timing of business cycles. We hypothesize that there...
Persistent link: https://www.econbiz.de/10013131771
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Effects of the Financial Crisis and Great Recession on American Households
Hurd, Michael D. - 2010
In this paper we present evidence from high-frequency data collections dedicated to tracking the effects of the financial crisis and great recession on American households. These data come from surveys that we conducted in the American Life Panel - an Internet survey run by RAND Labor and...
Persistent link: https://www.econbiz.de/10013137607
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Consumption and the Great Recession
De Nardi, Mariacristina - 2011
We document some key facts about aggregate consumption and its subcomponents over time. We then document the behavior of some important determinants of consumption, such as consumers' expectations about their future income, and changes in the consumers' wealth positions. Finally, we use a simple...
Persistent link: https://www.econbiz.de/10013117210
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Rising Labor Productivity During the 2008-9 Recession
Mulligan, Casey B. - 2011
remained in place during the slow "recovery." Producers appear to be trying to continue production with less labor, rather than …
Persistent link: https://www.econbiz.de/10013118424
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International Recessions
Perri, Fabrizio - 2011
The 2008-2009 crisis was characterized by an unprecedented degree of international synchronization as all major industrialized countries experienced large macroeconomic contractions around the date of Lehman bankruptcy. At the same time countries also experienced large and synchronized...
Persistent link: https://www.econbiz.de/10013122646