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The global credit boom: Challenges for macroeconomics and policy

Hume, Michael; Sentance, Andrew - 2009

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

Persistent link: https://www.econbiz.de/10010277874

Milton Friedman's contributions to macroeconomics and teir Influence

Laidler, David - 2012

Milton Friedman's contributions to and influence on macroeconomics are discussed, beginning with his work on the consumption function and the demand for money, not to mention monetary history, which helped to undermine the post World War 2 Keynesian consensus in the area. His inter-related...

Persistent link: https://www.econbiz.de/10010291906

Debt, liquidity and dynamics

Polemarchakis, H. M.; Rochon, Céline - 2001

Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. Monetary policy can set, alternatively, the nominal rate of interest or the...

Persistent link: https://www.econbiz.de/10010318857

Employment, hours and optimal monetary policy

Dossche, Maarten; Lewis, Vivien; Poilly, Céline - 2014

We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient...

Persistent link: https://www.econbiz.de/10011506782

States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives

Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013

On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...

Persistent link: https://www.econbiz.de/10011689959

Containment and Resolution in the Financial Crisis: Too Little, Too Late

Honohan, Patrick - In: CESifo Forum 09 (2008) 4, pp. 22-27

Persistent link: https://www.econbiz.de/10011695909

The Global Financial Crisis: Causes, Anti-Crisis Policies and First Lessons

Dabrowski, Marek - In: CESifo Forum 09 (2008) 4, pp. 28-32

Persistent link: https://www.econbiz.de/10011695910

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010311797

Monetary policy, asset prices and macroeconomic conditions: a panel-VAR study

Assenmacher-Wesche, Katrin; Gerlach, Stefan - 2008

This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential … significant responses to a monetary policy shock. Shocks to asset prices have a positive, significant effect on GDP and credit …

Persistent link: https://www.econbiz.de/10011506670

Blaes, Barno - 2011

This paper analyses the role of bank-related constraints in explaining the sharp slowdown in bank lending to non-financial corporations in Germany during the recent financial crisis. We use a panel approach based on a unique data set which matches the individual responses of the banks...

Persistent link: https://www.econbiz.de/10010307856

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