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After the Bust: The Outlook for Macroeconomics & Macroeconomic Policy

Palley, Thomas I. - 2008

, globalization, and the theory of the natural rate of unemployment. The only place where there is evidence of substantive …

Persistent link: https://www.econbiz.de/10010460471

Worker debt, default ans diversity of financial fragility

Charpe, Matthieu; Flaschel, Peter - 2011

This paper presents a model addressing the conditions under which financial instability arises in the event of household debt. The model addresses two main cases. First, household debt is affected by functional income distribution. Second, household debt is affected by credit supply and depends...

Persistent link: https://www.econbiz.de/10010460506

Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory

Palley, Thomas I. - 2011

reform program is rooted in a rethink of macroeconomic theory compelled by the crisis. There are some overlaps between the … similarity of form is mistaken for similarity of substance.The insider program makes no changes to macroeconomic theory and is … sins of omission. The outsider program fundamentally challenges existing macroeconomic theory and is also highly critical …

Persistent link: https://www.econbiz.de/10010460508

Real-time Markov Switching and Leading Indicators in Times of the Financial Crisis

Theobald, Thomas - 2012

This paper uses several macroeconomic and financial indicators within a Markov Switching (MS) framework to predict the turning points of the business cycle. The presented model is applied to monthly German real-time data covering the recession and the recovery after the financial crisis. We show...

Persistent link: https://www.econbiz.de/10010460521

Implicit government guarantees and bank herding behavior

Rüffer, Rasmus - 1999

During the past two decades 130 of the 182 IMF member countries have experienced serious problems in their banking sectors or an outright banking crisis. Among the stylized facts about these crises are their often systemic nature, a pronounced boom-bust cyde and substantial financial involvement...

Persistent link: https://www.econbiz.de/10010478858

Investment Complementarities, Coordination Failure and Systemic Bankruptcy

Li, Mei - 2007

I argue that systemic bankruptcy of firms can originate from coordination failure in an economy with investment complementarities. This new explanation about the origin of systemic bankruptcy promotes better understanding of how financial fragility arises, and provides theoretical guidance for...

Persistent link: https://www.econbiz.de/10011940763

Self-fulfilling liquidity dry-ups

Malherbe, Frédéric - 2010

Secondary markets for long-term assets might be illiquid due to adverse selection. In a model in which moral hazard is confined to project initiation, I find that: (1) when agents expect a liquidity dry-up on such markets, they optimally choose to self-insure through the hoarding of...

Persistent link: https://www.econbiz.de/10011506705

A macroeconomic framework for quantifying systemic risk

He, Zhiguo; Krishnamurthy, Arvind - 2012

Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation. We present a macroeconomic model with a financial intermediary sector subject to an equity capital...

Persistent link: https://www.econbiz.de/10011506753

The fragmented world : competing perspectives on trade, money and crisis

Edwards, Chris - 1985

Persistent link: https://www.econbiz.de/10000043284

Knowledge capture in financial regulation : data-, information- and knowledge-asymmetries in the US financial crisis

Becker, Eva - 2016

Persistent link: https://www.econbiz.de/10011450179