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The crisis and beyond: thinking outside the box

Hillinger, Claude - 2010

In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. For this purpose he reviews some social science literature that views the current crisis as an episode in the secular decline of the...

Persistent link: https://www.econbiz.de/10010299738

The crisis and beyond: Thinking outside the box

Hillinger, Claude - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-23, pp. 1-61

In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. He discusses alternatives to the financial bailouts and shows how the crisis could have been dealt with more efficiently and at little...

Persistent link: https://www.econbiz.de/10010301113

TARP effect on bank lending behaviour : evidence from the last financial crisis

Puddu, Stefano; Waelchli, Andreas - 2015 - This version: April 2014

measure whether banks that benefited from the Troubled Asset Relief Program (TARP) increase small business loan originations …. We propose an identification strategy which exploits the ownership structureof bank holding companies. We find that TARP … banks provide on average 19% higher small business loan originations than NO TARP banks. The disaggregated data allows us to …

Persistent link: https://www.econbiz.de/10011410414

Slicing the toxic pizza, an analysis of FDIC's Legacy Loans Program for receivership assets

Wilson, Linus - In: International Journal of Monetary Economics and Finance 3 (2010) 3, pp. 300-309

The Legacy Loans Program (LLP) is an elaborate way of slicing the Federal Deposit Insurance Corporation's (FDIC's) receivership assets. At best, the financial structure is irrelevant to the FDIC's expected long-run recovery rates. Yet, it may boost short-term prices by creating bond insurance...

Persistent link: https://www.econbiz.de/10009352507

Central banking for financial stability: Some lessons from the recent instability in the United States and euro area

Wall, Larry D. - 2012

Central banks have had an important role in maintaining financial stability through their lender of last resort role. As lender of last resort, the central bank is given enormous power which is normally tempered by a variety of limits. In the most recent crises in both the United States and euro...

Persistent link: https://www.econbiz.de/10010397238

The Neapolitan banks in the context of early modern public banks

Velde, François R. - 2018

I examine the Neapolitan public banks, a group of non-profit institutions that emerged in the late sixteenth century, in the context of the early public banks that existed elsewhere in early modern Europe. In terms of size and stability they compare well with their peers, in spite of a difficult...

Persistent link: https://www.econbiz.de/10011805879

"Unconventional" monetary policy as conventional monetary policy : a perspective from the U.S. in the 1920s

Carlson, Mark; Duygan-Bump, Burcu - 2018

To implement monetary policy in the 1920s, the Federal Reserve utilized administered interest rates and conducted open market operations in both government securities and private money market securities, sometimes in fairly considerable amounts. We show how the Fed was able to effectively use...

Persistent link: https://www.econbiz.de/10011927094

What bird is that? : central banking and monetary policy in the last forty years

Masciandaro, Donato - 2020

The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three...

Persistent link: https://www.econbiz.de/10012210748

Comparing Open and Sealed Bid Auctions: Theory and Evidence from Timber Auctions

Levin, Jonathan; Athey, Susan; Seira, Enrique - 2004

We study entry and bidding patterns in sealed bid and open auctions with heterogeneous bidders. Using data from U.S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more small bidders, shift the allocation towards these...

Persistent link: https://www.econbiz.de/10011325016

Behavioral Biases of Dealers in U.S. Treasury Auctions

Goldreich, David - 2004

This paper provides evidence of bounded rationality by large dealers in U.S. Treasury auctions. I argue that these dealers use a heuristic of yield-space bidding which leads to biases manifested in three ways: they submit dominated bids, i.e., those that could be improved without raising the...

Persistent link: https://www.econbiz.de/10011325017

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