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Safe assets are demanded to smooth consumption across states (both intertemporally and in cross-section). Some of these assets are supplied publicly (government bonds) and some are created and supplied privately (such as mortgagebacked securities and asset-backed securities). Private assets are...
Persistent link: https://www.econbiz.de/10013087882
Short-term collateralized debt, such as demand deposits and money market instruments - private money, is efficient if agents are willing to lend without producing costly information about the collateral backing the debt. When the economy relies on such informationally-insensitive debt, firms...
Persistent link: https://www.econbiz.de/10013091811
Short-term collateralized debt, such as demand deposits and money market instruments - private money, is efficient if agents are willing to lend without producing costly information about the collateral backing the debt. When the economy relies on such informationally-insensitive debt, firms...
Persistent link: https://www.econbiz.de/10013112041
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Credit Booms are not rare; some end in a crisis (bad booms) while others do not (good booms). We document that credit booms start with an increase in productivity growth, which subsequently falls faster during bad booms. We develop a model in which crises happen when credit booms change to an...
Persistent link: https://www.econbiz.de/10012856775
Safe assets are demanded to smooth consumption across states (both intertemporallyand in cross-section). Some of these assets are supplied publicly (governmentbonds) and some are created and supplied privately (such as mortgage-backedsecurities and asset-backed securities). Private assets are...
Persistent link: https://www.econbiz.de/10012857129
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