Narrow search
Showing 1 - 10 of 61
Cover Image
The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in …
Persistent link: https://www.econbiz.de/10011083232
Cover Image
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
Cover Image
How Do Business and Financial Cycles Interact?
Claessens, Stijn; Kose, Ayhan; Terrones, Marco E - C.E.P.R. Discussion Papers - 2011
linkages between different phases of business and financial cycles. In particular, recessions associated with financial … disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries …
Persistent link: https://www.econbiz.de/10009024488
Cover Image
What Happens During Recessions, Crunches and Busts?
Claessens, Stijn; Kose, Ayhan; Terrones, Marco E - C.E.P.R. Discussion Papers - 2008
implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts … the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches … and house price busts tend to be deeper and longer than other recessions. …
Persistent link: https://www.econbiz.de/10005497835
Cover Image
News Driven Business Cycles: Insights and Challenges
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2013
There is a widespread belief that changes in expectations may be an important independent driver of economic fluctuations. The news view of business cycles offers a formalization of this perspective. In this paper we discuss mechanisms by which changes in agents' information, due to the arrival...
Persistent link: https://www.econbiz.de/10011083558
Cover Image
Recoveries
Fatás, Antonio; Mihov, Ilian - C.E.P.R. Discussion Papers - 2013
a succession of three distinct phases: expansions, recessions and recoveries. We discuss alternative methods to identify …
Persistent link: https://www.econbiz.de/10011084132
Cover Image
The Great Leveraging
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2012
What can history can tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...
Persistent link: https://www.econbiz.de/10011084609
Cover Image
Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
Cover Image
Crime Scars: Recessions and the Making of Career Criminals
Bell, Brian; Bindler, Anna; Machin, Steve - C.E.P.R. Discussion Papers - 2015
Recessions lead to short-term job loss, lower levels of happiness and decreasing income levels. There is growing … disturbing long-run effect of recessions: young people who leave school in the midst of recessions are significantly more likely …
Persistent link: https://www.econbiz.de/10011171783
Cover Image
On the Virtue of Bad Times: An Analysis of the Interaction between Economic Fluctuations and Productivity Growth
Aghion, Philippe; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1991
tend to invest more in productivity growth during recessions, since the opportunity cost (in terms of forgone profits) of … investing capital or labour resources in technological (or managerial) improvements is lower during recessions. It is then …
Persistent link: https://www.econbiz.de/10005661495