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Leaning against the wind and crisis risk
Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020
Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest …
Persistent link: https://www.econbiz.de/10012260596
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The problems of inflation targeting originate in the monetary theory of Knut Wicksell
Jonung, Lars - 2022
The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the rule for monetary policy. Today, inflation...
Persistent link: https://www.econbiz.de/10013270300
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The repeal of the glass-steagall act and the Federal Reserve's extraordinary intervention during the global financial crisis
Nersisyan, Yeva - 2015
to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers … banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped create, the use of the … lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA …
Persistent link: https://www.econbiz.de/10010467778
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Political Booms, Financial Crises
Herrera, Helios; Ordoñez, Guillermo; Trebesch, Christoph - 2014
We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010427705
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Contagion and Spillovers: New Insights from the Crisis
Backé, Peter; Feldkircher, Martin; Gnan, Ernest; … - 2010
On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...
Persistent link: https://www.econbiz.de/10011689946
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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
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International propagation of financial shocks in a search and matching environment
Isoré, Marlène - 2011 - First draft: April 30, 2010, This version: April 13, 2011
This paper develops a two-country multi-frictional model where the freeze on liquidity access to commercial banks in …
Persistent link: https://www.econbiz.de/10011346436
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Going to extremes : politics after financial crisis, 1870 - 2014
Funke, Manuel; Schularick, Moritz; Trebesch, Christoph - 2015
Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events in Europe provide ample evidence that the political aftershocks of financial crises can be severe. In this paper we study the political fall-out from systemic...
Persistent link: https://www.econbiz.de/10011349087
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Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014
- border lending after the Lehman failure; for banks headquartered in periphery countries, the impact is quantitatively …
Persistent link: https://www.econbiz.de/10010471858
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Political booms, financial crises
Herrera, Helios; Ordoñez, Guillermo; Trebesch, Christoph - 2014
We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010398976