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International capital flows and the returns to safe assets in the United States, 2003-2007

Bernanke, Ben S.; Bertaut, Carol; DeMarco, Laurie Pounder; … - Federal Reserve Board (Board of Governors of the … - 2011

A broad array of domestic institutional factors--including problems with the originate-to-distribute model for mortgage loans, deteriorating lending standards, deficiencies in risk management, conflicting incentives for the GSEs, and shortcomings of supervision and regulation--were the primary...

Persistent link: https://www.econbiz.de/10008852837

The baby boom: predictability in house prices and interest rates

Martin, Robert F. - Federal Reserve Board (Board of Governors of the … - 2005

This paper explores the baby boom's impact on U.S. house prices and interest rates in the post-war 20th century and beyond. Using a simple Lucas asset pricing model, I quantitatively account for the increase in real house prices, the path of real interest rates, and the timing of low-frequency...

Persistent link: https://www.econbiz.de/10005712613

Housing, home production, and the equity and value premium puzzles

Davis, Morris A.; Martin, Robert F. - Federal Reserve Board (Board of Governors of the … - 2008

We test if a standard representative agent model with a home-production sector can resolve the equity premium or value premium puzzles. In this model, agents value market consumption and a home consumption good that is produced as an aggregate of the stock of housing, home labor, and a...

Persistent link: https://www.econbiz.de/10005712832

Monetary policy and house prices: a cross-country study

Ahearne, Alan G.; Ammer, John; Doyle, Brian M.; Kole, … - Federal Reserve Board (Board of Governors of the … - 2005

This paper examines periods of pronounced rises and falls of real house prices since 1970 in eighteen major industrial countries, with particular focus on the lessons for monetary policy. We find that real house prices are pro-cyclical—co-moving with real GDP, consumption, investment, CPI...

Persistent link: https://www.econbiz.de/10005368335

Determinants of the 1991-93 Japanese recession: evidence from a structural model of the Japanese economy

Brunner, Allan D.; Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 1994

in Japan and to assess whether the recent behavior of the Japanese economy differs from that in previous recessions …

Persistent link: https://www.econbiz.de/10005498765

Common stochastic trends, common cycles, and asymmetry in economic fluctuations

Kim, Chang-Jin; Piger, Jeremy - Federal Reserve Board (Board of Governors of the … - 2000

significance suggest both types of asymmetry were present in post-war recessions, although the shifts in trend are less severe than …

Persistent link: https://www.econbiz.de/10005498845

Permanent and transitory components of business cycles: their relative importance and dynamic relationship

Kim, Chang-Jin; Piger, Jeremy; Startz, Richard - Federal Reserve Board (Board of Governors of the … - 2001

This paper investigates the relationship between permanent and transitory components of U.S. recessions in an empirical … divide real GNP into permanent and transitory components, the dynamics of which are different in booms vs. recessions. We … find evidence of substantial asymmetries in postwar recessions, and that both the permanent and transitory component have …

Persistent link: https://www.econbiz.de/10005368389

The impact of monetary policy on exchange rates during financial crises

Gould, David M.; Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 2000

This paper addresses the impact of monetary policy on exchange rates during financial crises. Some observers have argued that a tightening of monetary policy is necessary to stabilize the exchange rate, restore confidence, and lay the groundwork for an eventual recovery of economic activity....

Persistent link: https://www.econbiz.de/10005498844

The contribution of domestic and external factors to emerging market devaluation crises: an early warning systems approach

Kamin, Steven B.; Schindler, John W.; Samuel, Shawna L. - Federal Reserve Board (Board of Governors of the … - 2001

This paper uses Bayesian techniques to compare three definitions of optimality for the basic job search model: the standard income-maximizing definition, an approximation to the standard definition, and a simple alternative. The important role of prior choice in these comparisons is illustrated....

Persistent link: https://www.econbiz.de/10005498868

Did the debt crisis cause the investment crisis?

Warner, Andrew M. - Federal Reserve Board (Board of Governors of the … - 1991

There is now a large literature which attributes the investment decline in heavily indebted developing countries to the effects of the international debt crisis which began in 1982. However, these theories have not been tested against the alternative that declining terms of trade and high world...

Persistent link: https://www.econbiz.de/10005372593