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Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 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/10011106101

Bubbles and Capital Flow Volatility: Causes and Risk Management

Caballero, Ricardo J; Krishnamurthy, Arvind - National Bureau of Economic Research (NBER) - 2005

Emerging market economies are fertile ground for the development of real estate and other financial bubbles. Despite these economies' significant growth potential, their corporate and government sectors do not generate the financial instruments to provide residents with adequate stores of value....

Persistent link: https://www.econbiz.de/10005778011

Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q

Mendoza, Enrique G. - National Bureau of Economic Research (NBER) - 2008

's Q driven by Irving Fisher's debt-deflation mechanism, which causes a spiraling decline in credit access and in the price … to working capital financing. This credit constraint induces significant amplification and asymmetry in the responses of …

Persistent link: https://www.econbiz.de/10005720183

Overborrowing, Financial Crises and 'Macro-prudential' Taxes

Mendoza, Enrique G.; Bianchi, Javier - National Bureau of Economic Research (NBER) - 2010

An equilibrium model of financial crises driven by Irving Fisher's financial amplification mechanism features a pecuniary externality, because private agents do not internalize how the price of assets used for collateral respond to collective borrowing decisions, particularly when binding...

Persistent link: https://www.econbiz.de/10008624625

Macro-Prudential Policy in a Fisherian model of Financial Innovation

Mendoza, Enrique G.; Bianchi, Javier; Boz, Emine - National Bureau of Economic Research (NBER) - 2012

The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs … tightness of credit constraints and the pace at which optimism surges in the early stages of financial innovation. The policy is … least effective when the government is as uninformed as private agents, credit constraints are tight, and optimism builds …

Persistent link: https://www.econbiz.de/10011271484

Asset Pricing Implications of Macroeconomic Interventions An Application to Climate Policy

Mehra, Rajnish - National Bureau of Economic Research (NBER) - 2013

This paper illustrates that evaluating alternate abatement polices that affect the growth path of an economy on the basis of their effects on asset valuation may not be welfare enhancing. We show that the class of abatement polices considered in the integrated assessment literature are robust...

Persistent link: https://www.econbiz.de/10010821892

How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data

Amiti, Mary; Weinstein, David - National Bureau of Economic Research (NBER) - 2013

net of borrower characteristics and general credit conditions--can have large impacts on aggregate loan supply and …

Persistent link: https://www.econbiz.de/10010951049

How Does Government Borrowing Affect Corporate Financing and Investment?

Roberts, Michael R.; Graham, John; Leary, Mark T. - National Bureau of Economic Research (NBER) - 2014

greater sensitivity of more highly rated credit to variation in the supply of Treasuries. The channel through which this …

Persistent link: https://www.econbiz.de/10010951425

Investment-Based Underperformance Following Seasoned Equity Offerings

Zhang, Lu; Lyandres, Evgeny; Sun, Le - National Bureau of Economic Research (NBER) - 2005

Adding a return factor based on capital investment into standard, calendar-time factor regressions makes underperformance following seasoned equity offerings largely insignificant and reduces its magnitude by 37-46%. The reason is that issuers invest more than nonissuers matched on size and...

Persistent link: https://www.econbiz.de/10005580565

Investment during the Korean Financial Crisis: A Structural Econometric Analysis

Gilchrist, Simon; Sim, Jae W. - National Bureau of Economic Research (NBER) - 2007

This paper uses firm-level panel data to analyze the role of financial factors in determining investment outcomes during the Korean financial crisis. Our identification strategy exploits the presence of foreign-denominated debt to measure shocks to the financial position of firms following the...

Persistent link: https://www.econbiz.de/10005829035