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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

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

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

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

Causal Effects of Countercyclical Interest Rates : Evidence from the Classical Gold Standard

Mitchener, Kris; Pina, Gonçalo - National Bureau of Economic Research - 2022

international commodity prices for 40 economies from 1870 to 1913. This era of capital mobility, nominal anchors, specialization and … subjected economies to a "commodity lottery" in the form of price fluctuations in world markets. Capital mobility and a currency …

Persistent link: https://www.econbiz.de/10013191065

The Response of Interest Rates to the Federal Reserve's Weekly Money Announcements : The "Puzzle" of Anticipated Money

Deaves, Richard - 1987

Researchers, using the survey conducted by Money Market Services, Inc., have found that the anticipated component in the Federal Reserve's weekly money supply announcement is negatively correlated with the post- announcement change in market yields. We prove that eliminating a (downward) bias in...

Persistent link: https://www.econbiz.de/10012476944

Expected Fiscal Policy and the Recession of 1982

Branson, William H. - 1985

The Economic Recovery Tax Act of 1981 had one aspect that is unusually useful for economic analysis. It provided an example of a clear-cut announcement of future policy actions at specified dates.This provides an opportunity to apply recent advances in the analysis of expectations dynamics to...

Persistent link: https://www.econbiz.de/10012477293

Interest Rates, Money Supply Announcements, and Monetary Base Announcements

Huizinga, John - 1985

This paper presents a new set of empirical regularities on the link between interest rates, money supply announcements and monetary base announcements. Among the main findings reported are: (i) unexpected increases in the announced monetary base have a significantly positive effect on interest...

Persistent link: https://www.econbiz.de/10012477375