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Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises

Eijffinger, Sylvester C W; Goderis, Benedikt - C.E.P.R. Discussion Papers - 2002

In this Paper we present a model that combines the second-generation trade-off between costs of maintenance and abandonment with possible balance-sheet problems in the corporate sector. We show how debt levels can move a small economy from a fixed exchange rate to a floating exchange rate...

Persistent link: https://www.econbiz.de/10005504385

130 years of fiscal vulnerabilities and currency crashes in advanced economies

Fratzscher, Marcel; Mehl, Arnaud; Vansteenkiste, Isabel - C.E.P.R. Discussion Papers - 2011

This paper investigates the empirical link between fiscal vulnerabilities and currency crashes in advanced economies over the last 130 years, building on a new dataset of real effective exchange rates and fiscal balances for 21 countries since 1880. We find evidence that crashes depend more on...

Persistent link: https://www.econbiz.de/10009324258

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 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

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

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 modern economic history in the advanced economies. We...

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

The Aftermath of Financial Crises

Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009

employment. The unemployment rate rises an average of 7 percentage points over the down phase of the cycle, which lasts on … shorter than for unemployment. The real value of government debt tends to explode, rising an average of 86 percent in the …

Persistent link: https://www.econbiz.de/10005124095

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries

Calvo, Guillermo; Coricelli, Fabrizio; Ottonello, Pablo - C.E.P.R. Discussion Papers - 2012

credit constraint might help both unemployment and wages. …

Persistent link: https://www.econbiz.de/10011084561

The Impact of TFP Growth on Steady-State Unemployment

Pissarides, Christopher; Vallanti, Giovanna - C.E.P.R. Discussion Papers - 2005

Theoretical predictions of the impact of TFP growth on unemployment are ambiguous, and depend on the extent to which … creative destruction effects by estimating the impact of TFP growth on unemployment in a panel of industrial countries. We find …-state dynamics of unemployment. Capitalization effects explain some of the estimated impact but a part remains unexplained. …

Persistent link: https://www.econbiz.de/10005504604

The Beveridge Curve

Yashiv, Eran - C.E.P.R. Discussion Papers - 2007

. The Beveridge curve depicts the steady state of the model, whereby inflows into unemployment are equal to the outflows …

Persistent link: https://www.econbiz.de/10005504624

New Developments in Models of Search in the Labour Market

Mortensen, Dale T; Pissarides, Christopher - C.E.P.R. Discussion Papers - 1999

and by the need to reallocate workers across productive activities. The duration of unemployment and jobs and wage … policies on wages and unemployment. …

Persistent link: https://www.econbiz.de/10005497772