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The Aftermath of Financial Crises
Reinhart, Carmen - 2016
factor in explaining the large budget deficits and increases in debt that follow the crisis. Our estimates of the rise in …
Persistent link: https://www.econbiz.de/10012977744
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The role of monetary policy in Turkey during the global financial crisis
Alp, Harun; Elekdağ, Selim - 2011
crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the … fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis … the recent recession have been? Taking the most intense year of the crisis as our baseline, namely 2009, counterfactual …
Persistent link: https://www.econbiz.de/10009157464
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Why EMU is irrelevant for the German economy
Posen, Adam Simon - 1998
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those who see the euro as the advent of a newly open, large, and efficient regime which will lead to improvements in European and in particular in German competitiveness; those who...
Persistent link: https://www.econbiz.de/10009768851
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What Caused the Global Financial Crisis? Evidence on the Drivers of Financial Imbalances 1999-2007
Nier, Erlend W. - 2011
This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three … financial imbalances ahead of the crisis …
Persistent link: https://www.econbiz.de/10013131803
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International Effects of Euro Area Forward Guidance
Bock, Maximilian - 2020
This paper explores the domestic and international effects of an increase in observed interest rates (conventional monetary policy) and expected interest rates (forward guidance). We find significant spillovers to a broad range of countries when both are subject to a tightening shock: Output...
Persistent link: https://www.econbiz.de/10012833360
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The Expansionary Lower Bound : Contractionary Monetary Easing and the Trilemma
Cavallino, Paolo - 2019
We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between capital flows and domestic collateral constraints. The key feature is the existence of an "Expansionary Lower Bound" (ELB), defined as an interest rate threshold below which...
Persistent link: https://www.econbiz.de/10012891873
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Hot Money and Quantitative Easing : The Spillover Effects of U.S. Monetary Policy on the Chinese Economy
Ho, Steven Wei - 2018
We develop a factor-augmented vector autoregression model to estimate the effects of changes in U.S. monetary policy and economic policy uncertainty have on the Chinese housing, equity and loan markets. We find that the decline in the U.S. policy rate since the Great Recession has led to a...
Persistent link: https://www.econbiz.de/10012937693
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The Post-Crisis Slump in the Euro Area and the Us : Evidence from an Estimated Three-Region DSGE Model
Kollmann, Robert - 2017
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was … followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences …
Persistent link: https://www.econbiz.de/10012969881
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Cross-Country-Heterogeneous and Time-Varying Effects of Unconventional Monetary Policies in AEs on Portfolio Inflows to EMEs
Yoon, Kyoungsoo - 2015
This paper examines cross-country heterogeneity and time-variability in the effects of unconventional monetary policies (UMPs) in advanced economies (AEs) on portfolio inflows to emerging economies (EMEs), with a panel smooth transition regression model. The drivers of the two dimensional...
Persistent link: https://www.econbiz.de/10013026034
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International Effects of Quantitative Easing and Foreign Reserve Accumulation
Kim, Duhyeong - 2021
In this paper, I develop a two-country general equilibrium model with financial frictions to study the global consequences of quantitative easing (QE) and foreign exchange reserve accumulation. In the model, the key financial frictions are limited commitment and differential pledgeability of...
Persistent link: https://www.econbiz.de/10013217789