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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

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

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

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

Trigger Points and Budget Cuts : Explaining the Effects of Fiscal Austerity

Bertola, Giuseppe - 1991

We propose and solve an optimizing model which explains counterintuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process which the public believes may fall sharply when it reaches specific "target points," then optimizing...

Persistent link: https://www.econbiz.de/10012475149

Institutions, Restructuring, and Macroeconomic Performance

Caballero, Ricardo J. - 2000

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

Persistent link: https://www.econbiz.de/10012471041

The Cost of Recessions Revisited : A Reverse-Liquidationist View

Caballero, Ricardo J. - 1999

The observation that liquidations are concentrated in recessions has long been the subject of controversy. One view holds that liquidations are beneficial in that they result in increased restructuring. Another view holds that liquidations are privately inefficient and essentially wasteful. This...

Persistent link: https://www.econbiz.de/10012471429

Labor Market Institutions and Demographic Employment Patterns

Bertola, Giuseppe - 2002

Using data from 17 OECD countries over the 1960-96 period, we investigate the impact of institutions on the relative employment of youth, women, and older individuals. Theoretically, we show that labor market institutions meant to improve workers' income share imply larger disemployment effects...

Persistent link: https://www.econbiz.de/10012469670

Comparative Analysis of Labor Market Outcomes : Lessons for the US from International Long-Run Evidence

Bertola, Giuseppe - 2001

We analyze a 1960-96 panel of OECD countries to explain why the US moved from relatively high to relatively low unemployment over the last three decades. We find that while macroeconomic and demographic shocks and changing labor market institutions explain a modest portion of this change, the...

Persistent link: https://www.econbiz.de/10012470192

On the Timing and Efficiency of Creative Destruction

Caballero, Ricardo J. - 1994

This paper analyzes the timing, pace and efficiency of the on- going job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to concentrate both job creation and destruction during cyclical downturns, when the opportunity cost of...

Persistent link: https://www.econbiz.de/10012474151