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What does a financial shock do? First international evidence

Fornari, Fabio; Stracca, Livio - 2013

In this paper we attempt to evaluate the quantitative impact of financial shocks on key indicators of real activity and … financial conditions. We focus on financial shocks as they have received wide attention in the recent literature and in the … policy debate after the global financial crisis. We estimate a panel VAR for 21 advanced economies based on quarterly data …

Persistent link: https://www.econbiz.de/10011605567

â€˜The Chicago Plan revisitedâ€™: a friendly critique

Fiebiger, Brett - In: European Journal of Economics and Economic Policies: … 11 (2014) 3, pp. 227-249

This paper offers a constructive critique of â€˜The Chicago Plan revisitedâ€™ published by Jaromir Benes and Michael Kumhof (2012) as an IMF working paper. On the one hand, there are reasons to query the exact details of the proposed reform, including claims of large steady-state output...

Persistent link: https://www.econbiz.de/10011159179

The Chicago Plan revisited': a friendly critique

Fiebiger, Brett - In: European Journal of Economics and Economic Policies: … 11 (2014) 3, pp. 227-249

This paper offers a constructive critique of 'The Chicago Plan revisited' published by Jaromir Benes and Michael Kumhof (2012) as an IMF working paper. On the one hand, there are reasons to query the exact details of the proposed reform, including claims of large steady-state output gains. On...

Persistent link: https://www.econbiz.de/10014363212

Quantity rationing of credit

Waters, George A. - 2012

confidence, measured by the survey of loan officers, is a significant leading indicator for capacity utilization and output …

Persistent link: https://www.econbiz.de/10012148137

Quantity rationing of credit

Waters, George A. - Suomen Pankki - 2012

confidence, measured by the survey of loan officers, is a significant leading indicator for capacity utilization and output …

Persistent link: https://www.econbiz.de/10009416201

The global credit boom: Challenges for macroeconomics and policy

Hume, Michael; Sentance, Andrew - 2009

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find that the boom was unusually long and associated with...

Persistent link: https://www.econbiz.de/10010277874

The global credit boom: challenges for macroeconomics and policy

Hume, Michael; Sentance, Andrew - Monetary Policy Committee (MPC), Bank of England - 2009

Persistent link: https://www.econbiz.de/10004973879

Interest rates close to zero, post-crisis restructuring and natural interest rate

Cizkowicz, Piotr; Rzonca, Andrzej - Volkswirtschaftliche Fakultät, … - 2011

Central banks seem not to account for the influence of interest rates close to zero on the natural interest rate after the bursting of the asset bubble which triggered financial crisis. We claim that this omission may have deleterious consequences. Should interest rates close to zero...

Persistent link: https://www.econbiz.de/10009651410

A model of endogenous financial inclusion : implications for inequality and monetary policy

Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro - 2018 - This version: December 17, 2018

We propose a monetary dynamic general equilibrium model with endogenous credit market participation to study the impact of financial inclusion on welfare and inequality. We find that significant consumption inequality can result from limited access to basic financial services. In this...

Persistent link: https://www.econbiz.de/10011967245

A model of endogenous financial inclusion : implications for inequality and monetary policy

Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro - 2019

We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary...

Persistent link: https://www.econbiz.de/10012052590