stock exchanges began to shut down around the world. I attribute the lagging reaction to the complexity of the political … inevitable impact on world financial markets.I also examine the ability of market interventions to mitigate the impact of …

collateral in a competitive credit pool. When the asset pledgeability is low, the down payment is high, and bubble investment is … of individual default risk may facilitate risk-taking. In equilibrium, credit-constrained borrowers may optimally choose … model implies a close relationship between the boom and bust of housing prices and securitized credit …

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

What are the long-run aggregate effects of monetary shocks displaying throughthe credit channel of monetary policy? We … credit and innovation. Then, we develop a DSGE model featuring endogenous growth, in which credit frictions constrain the …

Banking crises are rare events that break out in the midst of credit intensive booms and bring about particularly deep … freezes, banking crises, credit crunches and, ultimately, severe recessions. The model can potentially generate various types … of banking crises. But the typical crisis breaks out endogenously, during a credit boom generated by a sequence of small …

. Crises are predictable with growth in credit and elevated asset prices playing an especially important role; recent research …

Banking crises are rare events that break out in the midst of credit intensive booms and bring about particularly deep … freezes, banking crises, credit crunches and severe recessions. Those "financial" recessions follow credit booms and are not …