Narrow search
Showing 1 - 10 of 1,110
Cover Image
Banks, Liquidity Management and Monetary Policy
Bianchi, Javier; Bigio, Saki - National Bureau of Economic Research (NBER) - 2014
profiting from lending and incurring greater liquidity risk. We calibrate our model to study quantitatively why banks have …We develop a new framework to study the implementation of monetary policy through the banking system. Banks finance … illiquid loans by issuing deposits. Deposit transfers across banks must be settled using central bank reserves. Transfers are …
Persistent link: https://www.econbiz.de/10010950643
Cover Image
Betting the House
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011106101
Cover Image
When Everyone Runs for the Exit
Pedersen, Lasse Heje - National Bureau of Economic Research (NBER) - 2009
liquidity crisis and, in particular, the quant event of 2007. …
Persistent link: https://www.econbiz.de/10005108391
Cover Image
The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2014
17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the …
Persistent link: https://www.econbiz.de/10010969257
Cover Image
Political Booms, Financial Crises
Ordonez, Guillermo L.; Herrera, Helios; Trebesch, Christoph - National Bureau of Economic Research (NBER) - 2014
We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010969377
Cover Image
Measuring Money Growth When Financial Markets Are Changing
Stock, James H.; Feldstein, Martin S. - National Bureau of Economic Research (NBER) - 1994
This paper examines the problem of measuring the growth of a monetary aggregate in the presence of innovations in financial markets and changes in the relationship between individual assets and output. We propose constructing a monetary aggregate so that it is a good leading indicator of nominal...
Persistent link: https://www.econbiz.de/10005248671
Cover Image
Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008627145
Cover Image
The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis
Mian, Atif; Sufi, Amir - National Bureau of Economic Research (NBER) - 2008
We demonstrate that a rapid expansion in the supply of mortgages driven by disintermediation explains a large fraction of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply of mortgage credit by exploiting within-county variation...
Persistent link: https://www.econbiz.de/10005714377
Cover Image
The Impact of Market Rules and Market Structure on the Price Determination Process in the England and Wales Electricity Market
Patrick, Robert H.; Wolak, Frank A. - National Bureau of Economic Research (NBER) - 2001
This paper argues that the market rules governing the operation of the England and Wales electricity market in combination with the structure of this market presents the two major generators National Power and PowerGen with opportunities to earn revenues substantially in excess of their costs of...
Persistent link: https://www.econbiz.de/10005714806
Cover Image
Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
Mian, Atif; Khwaja, Asim Ijaz - National Bureau of Economic Research (NBER) - 2006
Do liquidity shocks matter? While even a simple `yes' or `no' presents identification challenges, going beyond this … Pakistan, and exploiting cross-bank variation in liquidity shocks induced by the unanticipated nuclear tests in 1998. We … isolate the causal impact of the bank lending channel by showing that for the same firm borrowing from two different banks …
Persistent link: https://www.econbiz.de/10005720707