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How do Financial Crises Redistribute Risk?

Mitchener, Kris; Vossmeyer, Angela - National Bureau of Economic Research - 2023

We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...

Persistent link: https://www.econbiz.de/10014337771

How Do Financial Crises Redistribute Risk?

Mitchener, Kris James; Vossmeyer, Angela - 2023

We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century – the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...

Persistent link: https://www.econbiz.de/10014345560

Interbank Networks and the Interregional Transmission of Financial Crises : Evidence from the Panic of 1907

Jaremski, Matthew S.; Wheelock, David C. - National Bureau of Economic Research - 2023

This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections...

Persistent link: https://www.econbiz.de/10014287370

Economic Growth and Recovery in the United States : 1919-1941

Field, Alexander J. - 2012

This paper has two main sections and an appendix. The first provides an overview of what lay behind record productivity … calculations of productivity growth rates for the critical period 1929 through 1941 …

Persistent link: https://www.econbiz.de/10013109816

Lessons from History for Successful Disinflation

Romer, Christina; Romer, David - National Bureau of Economic Research - 2024

Why do some attempts at disinflation lead to substantial reductions in inflation while others do not? We investigate this question in the context of the Federal Reserve's attempts at disinflation since World War II. Our central finding is that a fundamental determinant of success in reducing...

Persistent link: https://www.econbiz.de/10014635629

Bank Lending and Deposit Crunches during the Great Depression

Mitchener, Kris; Richardson, Gary - National Bureau of Economic Research - 2024

Bank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew funds en masse during panics. This panic-induced...

Persistent link: https://www.econbiz.de/10015056137

Financial constraints and innovation: Why poor countries don't catchup

Gorodnichenko, Yuriy; Schnitzer, Monika - 2010

We examine micro-level channels of how financial development can affect macroeconomic outcomes like the level of income and export intensity. We investigate theoretically and empirically how financial constraints affect a firm's innovation and export activities, using unique firm survey data...

Persistent link: https://www.econbiz.de/10010333877

Market power, productivity and the EU single market program: An ex-post assessment on Italian firm level data

Bottasso, Anna; Sembenelli, Alessandro - 1998

factor productivity in a large sample of Italian firms. By splitting the full sample on the basis of the ex-ante likelihood … shocks, provided they affect all firms randomly. Both market power and total factor productivity are estimated by applying …" firms a positive transitory shock to productivity growth rates is observed immediately after the announcement of the reform …

Persistent link: https://www.econbiz.de/10011608385

Accumulation and Productivity Growth in Industrializing Economies

Robertson, Peter E.; Landon-Lane, John S. - 2003

to quantify the extent to which factor accumulation induces structural change and productivity growth in industrializing … many countries. We conclude that the productivity gains through labour re-allocation are potentially a significant …

Persistent link: https://www.econbiz.de/10010263207

Is more mobility good? Firm mobility and the low wage-low productivity trap

Seguino, Stephanie - 2005

productivity growth in semi-industrialized economies. These effects are hypothesized to operate through the negative impact of firm … raise productivity in defense of profits, contributing to a low wage-low productivity trap. This paper presents empirical … link between increased firm mobility and lower wages, as well as slower productivity growth over the period 1970-2000. …

Persistent link: https://www.econbiz.de/10010266557