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Macro-Financial Linkages: evidence from country-specific VARs

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

account for 12% of GDP variance and real house prices for 9%). Shocks to the term spread or to leverage (credit-to-GDP ratio …

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

Betting the House

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

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This … paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of …

Persistent link: https://www.econbiz.de/10011145419

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 policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks lead to a...

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

Lending Booms: Latin America and the World

Gourinchas, Pierre-Olivier; Landerretche, Oscar; … - C.E.P.R. Discussion Papers - 2001

Recent theories on the origins of crises put lending booms at the root of financial collapses. Yet lending booms may be a natural consequence of economic development and fluctuations. So, are lending booms dangerous? In this Paper, we investigate this question empirically using a broad sample of...

Persistent link: https://www.econbiz.de/10005136756

Monetary Policy and the Financing of Firms

De Fiore, Fiorella; Teles, Pedro; Tristani, Oreste - C.E.P.R. Discussion Papers - 2009

How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idyosincratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when...

Persistent link: https://www.econbiz.de/10004976783

Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns

Favero, Carlo A. - C.E.P.R. Discussion Papers - 2005

Consumption is striking back. Some recent evidence indicates that the well-known asset pricing puzzles generated by the difficulties of matching fluctuations in asset prices with high frequency fluctuations in consumption might be solved by considering consumption in the long-run. A first strand...

Persistent link: https://www.econbiz.de/10005792286

Liquidity When It Matters Most: QE and Tobin’s q

Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 2011

and Moore (2008) shows how--with full employment maintained by flexible prices--shifting credit constraints can affect …

Persistent link: https://www.econbiz.de/10009275964

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 …

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

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

Wealth, Credit Conditions and Consumption: Evidence from South Africa

Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2012

paper emphasizes the role of substantial credit liberalization and of wealth, treating credit conditions as a latent … variable with key interactions with drivers of consumption and debt. Credit conditions are proxied by a spline function … driven by credit liberalization, fluctuations in a range of asset values and asset accumulation, uncertainty and income …

Persistent link: https://www.econbiz.de/10011084339