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Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2004

The Paper provides a formalization of the monetary economics folk proposition that government fiat money is an asset of the holder (the private sector) but not a liability of the issuer (the state). Money is 'net wealth' in the limited sense that, after consolidation of the intertemporal budget...

Persistent link: https://www.econbiz.de/10005504641

What Happens During Recessions, Crunches and Busts?

Claessens, Stijn; Kose, Ayhan; Terrones, Marco E - C.E.P.R. Discussion Papers - 2008

We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit...

Persistent link: https://www.econbiz.de/10005497835

Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison

Cukierman, Alex - C.E.P.R. Discussion Papers - 2014

This paper compares the behavior of Euro-Area (EA) banks’ credit and reserves with those of US banks following respective major crisis triggers (Lehman’s collapse in the US and the 2009 admission by Papandreou, that Greece’s deficit was substantially higher than previously believed, in the...

Persistent link: https://www.econbiz.de/10011096105

Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations

Peersman, Gert; Wagner, Wolf - C.E.P.R. Discussion Papers - 2015

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …

Persistent link: https://www.econbiz.de/10011262887

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

Persistent link: https://www.econbiz.de/10011083232

Macro-Financial Linkages: evidence from country-specific VARs

Guarda, Paolo; Jeanfils, Philippe - C.E.P.R. Discussion Papers - 2012

This paper estimates the contribution of financial shocks to fluctuations in the real economy by augmenting the standard macroeconomic vector autoregression (VAR) with five financial variables (real stock prices, real house prices, term spread, loans-to-GDP ratio and loans-to-deposits ratio)....

Persistent link: https://www.econbiz.de/10011083242

The Role of Oil Price Shocks in Causing U.S. Recessions

Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2014

Although oil price shocks have long been viewed as one of the leading candidates for explaining U.S. recessions, surprisingly little is known about the extent to which oil price shocks explain recessions. We provide the first formal analysis of this question with special attention to the...

Persistent link: https://www.econbiz.de/10011083465

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - C.E.P.R. Discussion Papers - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …

Persistent link: https://www.econbiz.de/10011083498

Money, credit, monetary policy and the business cycle in the euro area

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2012

This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...

Persistent link: https://www.econbiz.de/10011083763

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...

Persistent link: https://www.econbiz.de/10011084027