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Wray, L. Randall (contributor) - 2007

; Financial Instability ; Mortgage-backed Securities ; Subprime Mortgages …

Persistent link: https://www.econbiz.de/10003727248

Bad Luck, Bad Policy, and Learning? A Markov-Switching Approach to Understanding Postwar U.S. Macroeconomic Dynamics

Best, Gabriela - 2019

In this paper we analyze changes in the Federal Reserve behavior and objectives since the1960s justified by potentially evolving beliefs—through a real-time learning process—aboutthe structure of the economy and shifts in policymakers' preferences in the late 1970s. In addition, we allow for...

Persistent link: https://www.econbiz.de/10012903175

US Monetary Policy Spillovers and Spillbacks

Thomas, Lina - 2023

I study spillovers of US monetary policy to the rest of the world, as well as spillbacks to the US economy in an empirical multi-country model over time. Within the multilateral framework, I distinguish the bilateral effect from the network effects that arise from interactions among recipient...

Persistent link: https://www.econbiz.de/10014256990

Exigent and Unusual Circumstances : The Federal Reserve and the U.S. Financial Crisis

Johnson, Christian A. - 2013

purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its … mortgage-backed securities through the Federal Reserve's MBS purchase program. Each of these actions represents a significant …

Persistent link: https://www.econbiz.de/10013094881

Lessons from the subprime meltdown

Wray, L. Randall - 2007

This paper uses Hyman P. Minsky's approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This...

Persistent link: https://www.econbiz.de/10010266599

Monetary and macroprudential policies in an estimated model with financial intermediation

Gelain, Paolo; Ilbas, Pelin - 2014

We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...

Persistent link: https://www.econbiz.de/10011589082

Effects of Monetary and Macroprudential Policies on Financial Conditions : Evidence from the United States

Zdzienicka, Aleksandra - 2016

The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically -- especially compared to the effects of macroprudential policies -- and across borders, is...

Persistent link: https://www.econbiz.de/10012998798

Monetary policy rules and oil price shocks

Kamps, Christophe; Pierdzioch, Christian - 2002

This paper studies the relative performance of alternative monetary policy rules in the presence of oil price shocks in a small open economy optimizing model. Our analysis shows that it is important to distinguish between alternative price indices (CPI, core CPI, and GDP deflator) when modeling...

Persistent link: https://www.econbiz.de/10011474645

Systematic monetary policy and the macroeconomic effects of shifts in loan-to-value ratios

Bachmann, Ruediger; Rüth, Sebastian - 2017

What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as … instrument, and, as a result, mortgage rates increase and residential investment declines. The monetary policy reaction function …. Without the endogenous monetary policy reaction residential investment increases. House prices and household (mortgage) debt …

Persistent link: https://www.econbiz.de/10011646925

Financial factors in economic fluctuations

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

Persistent link: https://www.econbiz.de/10003973320

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