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On the Macroeconomics of Asset Shortages

Caballero, Ricardo J. - 2006

The world has a shortage of financial assets. Asset supply is having a hard time keeping up with the global demand for … speculative bubbles (which recently have transited from emerging markets, to the dot-coms, to real estate, to gold...), the … and deflationary episodes in parts of the world, all fall into place once one adopts this asset shortage perspective …

Persistent link: https://www.econbiz.de/10012465908

Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard

Irwin, Douglas A. - 2011

The intellectual response to the Great Depression is often portrayed as a battle between the ideas of Friedrich Hayek and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete. Austrians could explain how a country might get into a...

Persistent link: https://www.econbiz.de/10012461060

Credit Booms, Financial Crises and Macroprudential Policy

Gertler, Mark - 2020

We develop a model of banking crises which Is consistent with two important features of the data: First, banking crises are usually preceded by credit booms. Second, credit booms often do not result in a crisis. That is, there are "good" booms as well as "bad" booms in the language of Gorton and...

Persistent link: https://www.econbiz.de/10012481336

The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation

Bordo, Michael - 2017

The Gold Pool (1961-1968) was one of the most ambitious cases of central bank cooperation in history. Major central banks pooled interventions - sharing profits and losses - to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was in fact tied to...

Persistent link: https://www.econbiz.de/10012453697

International Coordination of Central Bank Policy

Engel, Charles - 2015

This paper surveys the current state of the literature on international monetary policy coordination. It relates recent policy discussions to the lessons from the literature. It proposes several avenues for future research

Persistent link: https://www.econbiz.de/10012457714

International Competitiveness and Monetary Policy : Strategic Policy and Coordination with a Production Relocation Externality

Bergin, Paul R. - 2013

Can a country gain international competitiveness by the design of optimal monetary stabilization rules? This paper reconsiders this question by specifying an open-economy monetary model encompassing a 'production relocation externality,' developed in trade theory to analyze the benefits from...

Persistent link: https://www.econbiz.de/10012459306

International Monetary Coordination and the Great Deviation

Taylor, John B. - 2013

Research in the early 1980s found that the gains from international coordination of monetary policy were quantitatively small compared to simply getting domestic policy right. That prediction turned out to be a pretty good description of monetary policy in the 1980s, 1990s, and until recently....

Persistent link: https://www.econbiz.de/10012459945

Consumer Spending and the Economic Stimulus Payments of 2008

Parker, Jonathan A. - 2011

We measure the response of household spending to the economic stimulus payments (ESPs) disbursed in mid-2008, using special questions added to the Consumer Expenditure Survey and variation arising from the randomized timing of when the payments were disbursed. We find that, on average,...

Persistent link: https://www.econbiz.de/10012461973

Excess Reserves in the Great Depression

Wilcox, James A. - 1984

This article assesses the extent to which government-administered financial shocks and lower interest rates can account for the massive accumulation of bank excess reserves in the Great Depression. Both factors are shown to be statistically significant. Financial shocks did exert astatistically...

Persistent link: https://www.econbiz.de/10012477716

Still Fettered After All These Years

Eichengreen, Barry - 2002

monetary and financial system in transmitting those destabilizing impulses to the rest of the world. It explains the speed and …

Persistent link: https://www.econbiz.de/10012469433

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