repositories = "Recercat: Dipósit de la Recerca de Catalunya"

Encontrado 28,439 documentos, página mostrada 1 de 2844

Breaking the spell with credit-easing: self-confirming credit crises in competitive search economies

Description: We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB’s TALF credit-easing program in 2009.We introduce SCE in competitive credit markets with directed search. These markets are efficient when lenders ha...
Language(s): Undetermined

Bank opacity and financial crises

Author(s): Jungherr, Joachim
Description: This paper studies a model of endogenous bank opacity. In the model, bank opacity is costly for society because it reduces market discipline and encourages banks to take on too much risk. This is true even in the absence of agency problems between banks and the ultimate bearers of the risk. Banks ch...
Language(s): Undetermined

Does austerity pay off?

Description: We investigate if a reduction of government consumption lowers the sovereign default premium. For this purpose we build a new data set for 38 emerging and developed economies. Results vary along three dimensions. First, the time horizon: the premium declines, but only in the long run. Second, initia...
Language(s): Undetermined

Exit expectations and debt crises in currency unions?

Description: Membership in a currency union is not irreversible. Exit expectations may emerge during sovereign debt crises, because exit allows countries to reduce their liabilities through a currency redenomination. As market participants anticipate this possibility, sovereign debt crises intensify. We establis...
Language(s): Undetermined

Fiscal consolidation in a disinflationary environment: price vs. quantity-based measures

Description: An important feature of the current economic conditions in the EU, which challenges the design and implementation of macroeconomic policy, is inflation uncertainty. With monetary policy at the zero lower bound, and inflation well below its target, a key issue for policy makers is the effect /nthis h...
Language(s): Undetermined

Policy spillovers and synergies in a monetary union

Description: We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow deleveraging process in its ‘periphery’. We find that the joint implementation of ...
Language(s): Undetermined

The new economic component of EMU: a lawful and effective design?

Author(s): Kilpatrick, Claire
Description: This analysis aims to set out clearly and succinctly the legal arrangements for macro-economic governance in EMU, legal challenges to that regime and different ways of assessing that new regime. It focuses on changes introduced from 2010, the year when the euro area crisis, and the response to it, b...
Language(s): Undetermined

Unemployment (fears) and deflationary spirals

Description: The interaction of incomplete markets and sticky nominal wages is shown to magnify business cycles even though these two features – in isolation – dampen them. During recessions, fears of unemployment stir up precautionary sentiments which induces agents to save more. The additional savings may be u...
Language(s): Undetermined

Rethinking optimal currency areas

Description: The traditional Mundellian criterion, which implicitly assumes commitment to monetary policy, is that countries with similar shocks should form unions. Without such commitment a new criterion emerges: countries with dissimilar temptation shocks, namely those that exacerbate time inconsistency proble...
Language(s): Undetermined

The dark corners of the labor market

Author(s): Sterk, Vincent
Description: Standard models predict that episodes of high unemployment are followed by recoveries. This paper shows, by contrast, that a large shock may set the economy on a path towards very high unemployment, with no recovery in sight. First, I estimate a reduced-form model of flows in the U.S. labor market, ...
Language(s): Undetermined

Encontrado 28,439 documentos, página mostrada 1 de 2844

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