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Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 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/10011207908

Some Reflections on the Recent Financial Crisis

Gorton, Gary - National Bureau of Economic Research (NBER) - 2012

Economic growth involves metamorphosis of the financial system. Forms of banks and bank money change. These changes, if not addressed, leave the banking system vulnerable to crisis. There is no greater challenge in economics than to understand and prevent financial crises. The financial crisis...

Persistent link: https://www.econbiz.de/10010950636

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

Deng, Yongheng; Morck, Randall; Wu, Jing; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2011

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

Persistent link: https://www.econbiz.de/10008869238

Regional Redistribution Through the U.S. Mortgage Market

Hurst, Erik; Keys, Benjamin J.; Seru, Amit; Vavra, Joseph S. - National Bureau of Economic Research (NBER) - 2015

in GSE mortgage rates, conditional on borrower observables. In contrast, we show that the private market does set … interest rates based in part on regional risk factors and postulate that the lack of regional variation in GSE mortgage rates … through the mortgage market and is heavily influenced by the presence of government-sponsored enterprises (GSEs). We …

Persistent link: https://www.econbiz.de/10011196769

Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights

Acharya, Viral V.; Engle, Robert; Pierret, Diane - National Bureau of Economic Research (NBER) - 2013

Macroprudential stress tests have been employed by regulators in the United States and Europe to assess and address the solvency condition of financial firms in adverse macroeconomic scenarios. We provide a test of these stress tests by comparing their risk assessments and outcomes to those from...

Persistent link: https://www.econbiz.de/10011184253

Bank Capital and Dividend Externalities

Acharya, Viral V.; Le, Hanh; Shin, Hyun Song - National Bureau of Economic Research (NBER) - 2013

In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks. This way, one bank's dividend payout policy...

Persistent link: https://www.econbiz.de/10010796717

Deposit Insurance Database

Demirguc-Kunt, Asli; Kane, Edward J.; Laeven, Luc - National Bureau of Economic Research (NBER) - 2014

This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the use of government guarantees on banks' assets and liabilities, including during the recent...

Persistent link: https://www.econbiz.de/10010969341

The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s

Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012

This paper examines the effects of the Reconstruction Finance Corporation's (RFC) loan and preferred stock programs on bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early 1933 and its aftermath. Using a new database on...

Persistent link: https://www.econbiz.de/10010950800

How does macroprudential regulation change bank credit supply?

Kashyap, Anil; Tsomocos, Dimitrios P.; Vardoulakis, … - National Bureau of Economic Research (NBER) - 2014

We analyze a variant of the Diamond-Dybvig (1983) model of banking in which savers can use a bank to invest in a risky project operated by an entrepreneur. The savers can buy equity in the bank and save via deposits. The bank chooses to invest in a safe asset or to fund the entrepreneur. The...

Persistent link: https://www.econbiz.de/10010950858

An Empirical Analysis of the Fed's Term Auction Facility

Benmelech, Efraim - National Bureau of Economic Research (NBER) - 2012

The U.S. Federal Reserve used the Term Auction Facility (TAF) to provide term funding to eligible depository institutions from December 2007 to March 2010. According to the Fed, the purpose of TAF was to inject term funds through a broader range of counterparties and against a broader range of...

Persistent link: https://www.econbiz.de/10010950874