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3“...We show how the timing of financial innovation might have contributed to the mortgage bubble and then to the crash of 2007-2009. We show why tranching and...”
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4by Yeltekin, Sevin Berndt, Antje Lustig, Hanno Published in American Economic Journal: Macroeconomics (2012)“...We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks. We define fiscal shocks as surprises in...”
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5by Muir, Dirk Vaughn Trabandt, Mathias Freedman, Charles Mourougane, Annabelle Jan, in 't Veld Lalonde, Rene Erceg, Christopher John Lindé, Jesper Mursula, Susanna Laxton, Douglas Kumhof, Michael Furceri, Davide de Resende, Carlos Snudden, Stephen Matthew Coenen, Günter Roeger, Werner Roberts, John M Published in American Economic Journal: Macroeconomics (2012)“...The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different...”
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6by Kapicka, Marek Published in American Economic Journal: Macroeconomics (2012)“...I construct measures of technology capital and country openness for the US economy and the rest of the world for 1982-2007. The key identifying assumption is...”
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7“...This paper evaluates the empirical performance of a medium-scale DSGE model with agents forming expectations using small forecasting models updated by the...”
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9by Weise, Charles Louis Published in American Economic Journal: Macroeconomics (2012)“...Drawing on an analysis of Federal Open Market Committee (FOMC) documents, this paper argues that political pressures on the Federal Reserve were an important...”
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10by Gourinchas, Pierre-Olivier Obstfeld, Maurice Published in American Economic Journal: Macroeconomics (2012)“...A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that...”
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11“...We illustrate the corrosive effect of even small amounts of adverse selection in an asset market and show how it can lead to the total breakdown of trade. The...”
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12by Benigno, Pierpaolo Nisticò, Salvatore Published in American Economic Journal: Macroeconomics (2012)“...This paper revisits an old argument, hedging real exchange rate risk, as an explanation of the international home bias in equity. In a dynamic model, the...”
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13by Ilut, Cosmin Liviu Published in American Economic Journal: Macroeconomics (2012)“...High interest rate currencies tend to appreciate in the future relative to low interest rate currencies instead of depreciating as uncovered interest parity...”
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14“...In a world with interest on reserves, the central bank has two distinct tools that it can use to raise the short-term policy rate: it can either increase the...”
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15by Silva, Andre C Published in American Economic Journal: Macroeconomics (2012)“...Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods. Every month or quarter, for example. I show that fixed periods...”
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16by Acharya, Viral V Gromb, Denis Yorulmazer, Tanju Published in American Economic Journal: Macroeconomics (2012)“...We study interbank lending and asset sales markets in which banks with surplus liquidity have market power vis-a-vis banks needing liquidity, frictions arise...”
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17by Portugal, Pedro Carneiro, Anabela Guimaraes, Paulo Published in American Economic Journal: Macroeconomics (2012)“...Using a longitudinal matched employer-employee dataset for Portugal over the 1986-2007 period, this study analyzes the wage responses to aggregate labor market...”
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18by Chari, Anusha Henry, Peter Blair Sasson, Diego Published in American Economic Journal: Macroeconomics (2012)“...For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the...”
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19by Coibion, Olivier Published in American Economic Journal: Macroeconomics (2012)“...This paper studies the small estimated effects of monetary policy shocks from standard VARs versus the large effects from the Romer and Romer (2004) approach...”
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20“...The term premium in standard macroeconomic DSGE models is far too small and stable relative to the data--an example of the "bond premium puzzle." However, in...”