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Macroeconomic models for monetary policy : a critical review from a finance perspective

Dou, Winston Wei; Lo, Andrew W.; Muley, Ameya; Uhlig, Harald - In: Annual review of financial economics 12 (2020), pp. 95-140

Persistent link: https://www.econbiz.de/10012404623

Macroeconomic models for monetary policy : a critical review from a finance perspective

Dou, Winston Wei; Lo, Andrew W.; Muley, Ameya; Uhlig, Harald - 2020 - This draft: June 3, 2020

Persistent link: https://www.econbiz.de/10012321290

Systemic risk and the refinancing ratchet effect

Khandani, Amir E.; Lo, Andrew W.; Merton, Robert C. - 2009

Persistent link: https://www.econbiz.de/10003886384

Systemic risk and the refinancing ratchet effect

Khandani, Amir E.; Lo, Andrew W.; Merton, Robert C. - 2009 - This draft: September 13, 2009

Persistent link: https://www.econbiz.de/10003886469

Systemic risk and the refinancing ratchet effect

Khandani, Amir E.; Lo, Andrew W.; Merton, Robert C. - 2009 - This draft: September 13, 2009

The confluence of three trends in the U.S. residential housing market - rising home prices, declining interest rates, and near-frictionless refinancing opportunities - led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...