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Central Bank Credibility: An Historical and Quantitative Exploration

Bordo, Michael David; Siklos, Pierre L. - National Bureau of Economic Research (NBER) - 2015

their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

Persistent link: https://www.econbiz.de/10011119808

Inflation Expectations, Learning and Supermarket Prices: Evidence from Field Experiments

Cavallo, Alberto Felipe; Cruces, Guillermo; … - National Bureau of Economic Research (NBER) - 2014

expectations about future inflation. Our novel experimental framework allows us to disentangle learning from different sources of … conducted with 10,000 subjects in both a low-inflation context (the United States) and a high-inflation context (Argentina). To … individuals are highly influenced by both inflation statistics and supermarket prices when forming their inflation expectations …

Persistent link: https://www.econbiz.de/10011122416

Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective

Bordo, Michael David; Siklos, Pierre - National Bureau of Economic Research (NBER) - 2014

the adoption of inflation targeting. However, the recent financial crisis and the call for central banks to focus more on …

Persistent link: https://www.econbiz.de/10011079872

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010969257

Sovereigns versus Banks: Credit, Crises, and Consequences

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010969435

Banks, Liquidity Management and Monetary Policy

Bianchi, Javier; Bigio, Saki - National Bureau of Economic Research (NBER) - 2014

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 random and therefore create liquidity risk, which in...

Persistent link: https://www.econbiz.de/10010950643

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; … - National Bureau of Economic Research (NBER) - 2014

One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higher-income households. Using household level data on...

Persistent link: https://www.econbiz.de/10010950670

The Continental Dollar: How the American Revolution was Financed with Paper Money--Initial Design and Ideal Performance

Grubb, Farley - National Bureau of Economic Research (NBER) - 2013

The purpose of this paper is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency--thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the...

Persistent link: https://www.econbiz.de/10010950679

Asia Chartbook: Crises, Credit and Debt, 1835-2013

Reinhart, Carmen - National Bureau of Economic Research (NBER) - 2013

This Chartbook, which is a companion piece to Carmen M. Reinhart and Takeshi Tashiro (2013) "Crowding Out Redefined: The Role of Reserve Accumulation," focuses on nine Asian economies: China, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore and Thailand. Like its predecessor...

Persistent link: https://www.econbiz.de/10010951127

Mortgage Rates, Household Balance Sheets, and the Real Economy

Keys, Benjamin J.; Piskorski, Tomasz; Seru, Amit; Yao, … - National Bureau of Economic Research (NBER) - 2014

This paper investigates the impact of lower mortgage rates on household balance sheets and other economic outcomes during the housing crisis. We use proprietary loan-level panel data matched to consumer credit records using borrowers' Social Security numbers, which allows for accurate...

Persistent link: https://www.econbiz.de/10010951393