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Economic Recovery from the Argentine Great Depression : Institutions, Expectations, and the Change of Macroeconomic Regime

Paolera, Gerardo della - 2000

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of...

Persistent link: https://www.econbiz.de/10012471138

The Long-Run Effects of Monetary Policy

Jordà, Òscar - 2020

Is the effect of monetary policy on the productive capacity of the economy long lived? Yes, in fact we find such impacts are significant and last for over a decade based on: (1) merged data from two new international historical databases; (2) identification of exogenous monetary policy using the...

Persistent link: https://www.econbiz.de/10012479190

The effects of quasi-random monetary experiments

Jordà, Òscar - 2017

The trilemma of international finance explains why interest rates in countries that fix their exchange rates and allow unfettered cross-border capital flows are largely outside the monetary authority's control. Using historical panel-data since 1870 and using the trilemma mechanism to construct...

Persistent link: https://www.econbiz.de/10012455606

Monetary Versus Macroprudential Policies : Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report

Aikman, David - 2016

We have entered a world of conjoined monetary and macroprudential policies. But can they function smoothly in tandem …

Persistent link: https://www.econbiz.de/10012456297

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10012457629

Credit Booms Gone Bust : Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008

Schularick, Moritz - 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/10012463137

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice - 2009

In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...

Persistent link: https://www.econbiz.de/10012463821

The Trilemma in History : Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility

Obstfeld, Maurice - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10012468297

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period

Obstfeld, Maurice - 2004

disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but …

Persistent link: https://www.econbiz.de/10012468300

Global Financial Cycles and Risk Premiums

Jordà, Òscar - 2018

in the comovement of global equity markets is particularly notable. We demonstrate that fluctuations in risk premiums …, and not risk-free rates and dividends, account for a large part of the observed equity price synchronization after 1990 …. We also show that U.S. monetary policy has come to play an important role as a source of fluctuations in risk appetite …

Persistent link: https://www.econbiz.de/10012453043