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Eisfeldt, Andrea L. - 2018

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

Persistent link: https://www.econbiz.de/10012480736

Household Leverage and the Recession of 2007 to 2009

Mian, Atif R. - 2010

We show that household leverage as of 2006 is a powerful statistical predictor of the severity of the 2007 to 2009 recession across U.S. counties. Counties in the U.S. that experienced a large increase in household leverage from 2002 to 2006 showed a sharp relative decline in durable consumption...

Persistent link: https://www.econbiz.de/10012462755

Household Leverage and the Recession

Jones, Callum - 2011

We evaluate and partially challenge the 'household leverage' view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes...

Persistent link: https://www.econbiz.de/10012461692

Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9

Adrian, Tobias - 2012

suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …

Persistent link: https://www.econbiz.de/10012460315

When Credit Bites Back : Leverage, Business Cycles, and Crises

Jordà, Òscar - 2011

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

Persistent link: https://www.econbiz.de/10012461036

Pledgeability, Industry Liquidity, and Financing Cycles

Diamond, Douglas W. - 2017

when they anticipate high valuations, and underperform subsequently? In this paper, we propose a theory of financing cycles …

Persistent link: https://www.econbiz.de/10012455625

The monetary instrument matters

Gavin, William T. (contributor); … - 2004 - [Elektronische Ressource]

"This paper revisits the issue of money growth versus the interest rate as the instrument of monetary policy. Using a dynamic stochastic general equilibrium framework, we examine the effects of alternative monetary policy rules on inflation persistence, the information content of monetary data,...

Persistent link: https://www.econbiz.de/10002404915

Debt management, interest rates and the money supply in the United Kingdom

Beenstock, Michael; Willcocks, Patrick - 1981

Persistent link: https://www.econbiz.de/10003486910

Monetary policy : why money matters and interest rates don’t

Thornton, Daniel L. - 2012

Persistent link: https://www.econbiz.de/10009574717

Do bank-based financial systems reduce macroeconomic volatility by smoothing interest rates?

Scharler, Johann - 2006

Persistent link: https://www.econbiz.de/10003318700