Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a...

Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of...

<span><span>Working Scared will help citizens, policy makers, educators, business, union, and community leaders better understand what is happening to the United States workforce. It also describes the essential national priorities and policies that will assist in restoring the American dream of secure...</span></span>

Introduction / Koichi Hamada, Anil K Kashyap, and David E. Weinstein -- The Japanese asset price bubble : a heterogeneous approach / Robert Barsky -- Time of troubles : the yen and Japan's economy, 1985-2008 / Maurice Obstfeld -- The Japan-US exchange rate, productivity, and the competitiveness...

The definitive history of pawnbroking in the United States from the nation&rsquo;s founding through the Great Depression, In Hock demonstrates that the pawnshop was essential to the rise of capitalism. The class of working poor created by this economic tide could make ends meet only, Wendy Woloson...

The macroeconomic implications of asset price flucuations have received increasing attention in academic and policy circles recently, in large part due to the recent boom-bust bubbles in the equity and now housing markets. This book aims to investigate the role of asset prices for various...

Cover -- Contents -- Preface to the 2009 Carleton Library Edition -- Preface to the 1970 Carleton Library Edition -- Preface -- 1 Introduction -- 2 Antecedents of the Depression of the Thirties -- 3 The Downswing from 1929 to 1933 -- 4 The Beginning of Recovery, 1932-3 -- 5 The Recovery from...

Cover -- CONTENTS -- LIST OF CHARTS -- LIST OF TABLES -- PREFACE -- CHAPTER 1: INTRODUCTION -- 1.1. Aim and Scope of Study -- 1.2. The Structure of the Pre-1914 Canadian Financial System -- CHAPTER 2: MONEY AS A DESTABILIZING FORCE -- 2.1. Real and Monetary Views of the Canadian Business Cycle...

We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits. Micro data show a strong association between credit...