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CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009

Stanton, Richard - 2010

and 1980s and, overall, the CMBS and CMBX markets performed as normal during the financial crisis (at least by the …This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … recent financial crisis. Using a comprehensive sample of CMBS deals from 1996 to 2008, we show that (unlike the residential …

Persistent link: https://www.econbiz.de/10012462449

Breaking the Spell with Credit-Easing : Self-Confirming Credit Crises in Competitive Search Economies

Gaballo, Gaetano - 2016

We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with directed search. These markets are efficient when...

Persistent link: https://www.econbiz.de/10012456667

The Real Effects of Liquidity During the Financial Crisis : Evidence from Automobiles

Benmelech, Efraim - 2016

Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the...

Persistent link: https://www.econbiz.de/10012456527

Idiosyncrasy as a Leading Indicator

Morck, Randall; Yeung, Bernard; Zhang, Lu Y. - National Bureau of Economic Research - 2022

Disequilibrating macro shocks affect different firms' prospects differently, increasing idiosyncratic variation in forward-looking stock returns before affecting economic growth. Consistent with most such shocks from 1947 to 2020 enhancing productivity, increased idiosyncratic stock return...

Persistent link: https://www.econbiz.de/10013210099

An Anatomy Of Credit Booms : Evidence From Macro Aggregates And Micro Data

Mendoza, Enrique G. - 2008

This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and...

Persistent link: https://www.econbiz.de/10012464598

Government Policy, Credit Markets and Economic Activity

Christiano, Lawrence - 2011

interest rate spreads to shrink and output to begin a recovery. We study four models of financial frictions which explore …

Persistent link: https://www.econbiz.de/10012461516

Was Expansionary Monetary Policy Feasible During the Great Contraction? An Examination of the Gold Standard Constraint

Bordo, Michael D. - 1999

The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2) for most countries, continued adherence to gold prevented...

Persistent link: https://www.econbiz.de/10012471669

Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression

Bernanke, Ben - 1983

This paper examines the effects of the financial crisis of the 1930s onthe path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related)...

Persistent link: https://www.econbiz.de/10012478049

Systemic Risk and the Great Depression

Das, Sanjiv R. - 2018

We employ a unique hand-collected dataset and a novel methodology to examine systemic risk before and after the largest U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank as well as a bank's position in the network. We construct...

Persistent link: https://www.econbiz.de/10012481052

(S)Cars and the Great Recession

Attanasio, Orazio - 2020

US households' consumption and car purchases collapsed during the Great Recession, for reasons that are still poorly understood. In this paper we use the Consumer Expenditure Survey to derive cohort and business cycle decompositions of consumption profiles. When decomposing the car expenditure...

Persistent link: https://www.econbiz.de/10012482176

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