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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990
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The Global Impact of Risk-Off Shocks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilising for financial markets and, absent an adequate policy response, may trigger severe recessions. In Caballero and Kamber (2019), we document that the unconventional policies adopted by the main central banks were effective in containing asset price...
Persistent link: https://www.econbiz.de/10012870096
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The 'Surprising' Origin and Nature of Financial Crises : A Macroeconomic Policy Proposal
Caballero, Ricardo J. - 2009
Severe financial crises in developed economies are produced by a combination of three factors: negative surprises that create uncertainty, concentration of macroeconomic risk in leveraged financial institutions and a slow policy response. We propose a policy instrument, Tradable Insurance...
Persistent link: https://www.econbiz.de/10013156353
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The 'Other' Imbalance and the Financial Crisis
Caballero, Ricardo J. - 2009
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10013152926
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Global safe asset shortage : the role of central banks
Caballero, Ricardo J. - In: Progress and confusion : the state of macroeconomic policy, (pp. 261-266). 2016
Persistent link: https://www.econbiz.de/10011555789
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On the Global Impact of Risk-Off Shocks and Policy-Put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012867100
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Inflation Targeting and Sudden Stops
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021
Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for insurance' rather than for aggregate demand reasons. In this environment, a central bank...
Persistent link: https://www.econbiz.de/10013237236
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Global imbalances and policy wars at the zero lower bound
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, … - In: The review of economic studies : RES 88 (2021) 6, pp. 2570-2621
Persistent link: https://www.econbiz.de/10012694457
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012479979
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Inflation Targeting and Sudden Stops
Caballero, Ricardo J. - 2003
Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for insurance' rather than for aggregate demand reasons. In this environment, a central bank...
Persistent link: https://www.econbiz.de/10012469099