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Fiscal Policy and Financial Depth
Caballero, Ricardo J. - 2004
Most economists and observers place the lack of fiscal discipline at the core of the recent Argentine crisis. This begs the question of how countries like Belgium or Italy (pre-Maastricht) could run large fiscal deficits and accumulate debts far beyond those of Argentina, without experiencing...
Persistent link: https://www.econbiz.de/10012468161
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International Liquidity Management : Sterilization Policy in Illiquid Financial Markets
Caballero, Ricardo J. - 2000
the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …
Persistent link: https://www.econbiz.de/10012471010
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A Model of the Safe Asset Mechanism (SAM) : Safety Traps and Economic Policy
Caballero, Ricardo J. - 2013
. Safety traps share many common features with conventional liquidity traps, but also exhibit important differences, in …
Persistent link: https://www.econbiz.de/10012459925
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Zombie Lending and Depressed Restructuring in Japan
Caballero, Ricardo J. - 2006
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...
Persistent link: https://www.econbiz.de/10012466526
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Fiscal Multipliers in Japan
Auerbach, Alan J. - 2014
In this paper, we estimate government purchase multipliers for Japan, following the approach used previously for a … a sample period extending from 1960 to 2012, estimates for Japan are quite consistent with those previously estimated … Japan make the dating of recessions a challenge …
Persistent link: https://www.econbiz.de/10012458753
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Flight to Quality and Collective Risk Management
Caballero, Ricardo J. - 2006
We present a model of flight to quality episodes that emphasizes systemic risk and the Knightian uncertainty surrounding these episodes. Agents make risk management decisions with incomplete knowledge. They understand their own shocks, but are uncertain of how correlated their shocks are with...
Persistent link: https://www.econbiz.de/10012466519
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Fire sales in a model of complexity
Caballero, Ricardo J.; Simser, Alp - In: The journal of finance : the journal of the American … 68 (2013) 6, pp. 2549-2587
Persistent link: https://www.econbiz.de/10010237379
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Fire Sales in a Model of Complexity
Caballero, Ricardo J. - 2009
Financial assets provide return and liquidity services to their holders. However, during severe financial crises many … asset prices plummet, destroying their liquidity provision function at the worst possible time. In this paper we present a … not control or understand. The liquidity of the market quickly vanishes and a financial crisis ensues. The model exhibits …
Persistent link: https://www.econbiz.de/10012463170
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A Dual Liquidity Model for Emerging Markets
Caballero, Ricardo J. - 2002
emerging economy, and those affecting borrowing from foreign lenders. This 'dual liquidity' model offers a parsimonious …
Persistent link: https://www.econbiz.de/10012469957
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Uncertainty and the Design of Long-Run Fiscal Policy
Auerbach, Alan J. - 1999
This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and the impact on optimal policy of the introduction of a type of policy stickiness intended to account for the stylized fact that major reforms happen infrequently. In general,...
Persistent link: https://www.econbiz.de/10012471764