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Schwaab, Bernd; Lucas, Andre; Koopman, Siem Jan - 2010

A macro-prudential policy maker can manage risks to financial stability only if currentand future risks can be reliably assessed. We propose a novel framework to assessfinancial system risk. Using a dynamic factor framework based on state-space methods, we model latent macro-financial and credit...

Persistent link: https://www.econbiz.de/10010325790

Becoming Slimmer: Why Europe Needs to Cut Debt and Reduce Leverage

Gros, Daniel - In: CESifo Forum 14 (2013) 3, pp. 17-24

Persistent link: https://www.econbiz.de/10011696119

Financialisation and stagnation: A macroeconomic regime perspective

Hein, Eckhard - 2020

-led mercantilist and the domestic demand-led regime and apply this to six countries, Germany, France, Spain, Sweden, the UK and the USA …

Persistent link: https://www.econbiz.de/10012292734

Spillovers from Euro Area and U.S. Credit and Demand Shocks: Comparing Emerging Europe on the Basis of a GVAR Model

Fadejeva, Ludmila; Feldkircher, Martin; Reininger, Thomas - 2015

and the U.S.A. For that purpose, we use a global vector autoregressive (GVAR) model and isolate disturbances stemming from … shocks in the euro area and in the U.S.A. Last, historical decompositions of deviations from trend growth show that for the … euro area developments, foreign shocks originating in the U.S.A., the UK and the CESEE and CIS regions feature most …

Persistent link: https://www.econbiz.de/10013370115

Intermediary balance sheets and the treasury yield curve

Du, Wenxin; Hébert, Benjamin; Li, Wenhao - 2022

We have documented a regime change in the U.S. Treasury market post-Global Financial Crisis (GFC). We first derived bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net long curves. We show that actual Treasury yields moved from the net short...

Persistent link: https://www.econbiz.de/10013432953

Where next for monetary policy? Lessons from the financial crisis and the pandemic

Minford, Patrick - 2023

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...

Persistent link: https://www.econbiz.de/10014480560

Applications or approvals: What drives racial disparities in the Paycheck Protection Program?

Chernenko, Sergey; Kaplan, Nathan; Sarkar, Asani; … - 2023

We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck Protection Program (PPP). Black-owned firms are 8.9 percentage points less likely than observably similar white-owned firms to receive PPP loans. About 55 percent of this take-up...

Persistent link: https://www.econbiz.de/10014480565

Equity capital, bankruptcy risk and the liquidity trap

Levintal, Oren - 2011

This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links equity capital to the risk-free interest rate. When...

Persistent link: https://www.econbiz.de/10010335985

Shorting the bear: A test of anecdotal evidence of insider trading in early stages of the sub-prime market crisis

Coleman, Les; Schnytzer, Adi - 2011

This article uses trading data in the options market for shares in The Bear Sterns Companies (BSC) during the early stages of the US sub-prime crisis as a laboratory to examine the incidence of insider trading. We take the perspective of a regulator making use of hindsight to identify the most...

Persistent link: https://www.econbiz.de/10010336062

Uncertainty shocks in a model of effective demand

Basu, Susanto; Bundick, Brent - 2012

This paper examines the role of uncertainty shocks in a one-sector, representative-agent dynamic stochastic general equilibrium model. When prices are flexible, uncertainty shocks are not capable of producing business cycle comovements among key macro variables. With countercyclical markups...

Persistent link: https://www.econbiz.de/10010343352