Essays in Macroeconomics and Monetary Theory on the Consequences of Financial Crises PDF Download
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Author: Quentin Vandeweyer
Publisher:
ISBN:
Category :
Languages : en
Pages : 144
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Book Description
This thesis aims to study macroeconomic issues related to the dynamics, distribution and price of macroeconomic risks.The first chapter examines the effectiveness of different monetary policies in stabilizing asset prices in times of liquidity crisis. We propose a macro-finance model with heterogeneous banks subject to funding liquidity risk. When banks' equity capital is low, an endogenous haircut spiral emerges between the decline in asset prices and financing risks. The central bank can partially counter this dynamic with monetary policies. If the shadow banking sector is important, a large-scale asset purchase policy may be necessary to stabilize asset prices.The second chapter asks the question: how does productivity growth interact with financial cycles? In the years following the Great Recession, the diffusion of new innovations was particularly low, leading to low productivity growth. This work shows that this pattern can be rationalized in a standard macro-financial model with heterogeneous risk aversion when it is assumed that the implementation of new innovations is risky.In the third chapter, we propose a robust method for solving a large class of continuous-time dynamic general equilibrium models. We use a finite difference scheme to solve partial differential equation systems with multiple endogenous state variables in a short computation time.
Author: Quentin Vandeweyer
Publisher:
ISBN:
Category :
Languages : en
Pages : 144
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Book Description
This thesis aims to study macroeconomic issues related to the dynamics, distribution and price of macroeconomic risks.The first chapter examines the effectiveness of different monetary policies in stabilizing asset prices in times of liquidity crisis. We propose a macro-finance model with heterogeneous banks subject to funding liquidity risk. When banks' equity capital is low, an endogenous haircut spiral emerges between the decline in asset prices and financing risks. The central bank can partially counter this dynamic with monetary policies. If the shadow banking sector is important, a large-scale asset purchase policy may be necessary to stabilize asset prices.The second chapter asks the question: how does productivity growth interact with financial cycles? In the years following the Great Recession, the diffusion of new innovations was particularly low, leading to low productivity growth. This work shows that this pattern can be rationalized in a standard macro-financial model with heterogeneous risk aversion when it is assumed that the implementation of new innovations is risky.In the third chapter, we propose a robust method for solving a large class of continuous-time dynamic general equilibrium models. We use a finite difference scheme to solve partial differential equation systems with multiple endogenous state variables in a short computation time.
Author: Giuseppe Fontana
Publisher: Springer
ISBN: 0230285589
Category : Business & Economics
Languages : en
Pages : 363
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Book Description
This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.
Author: Steven M. Fazzari
Publisher: Routledge
ISBN: 1317470575
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
Author: Axel Leijonhufvud
Publisher: Edward Elgar Publishing
ISBN: 9781781008393
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
Axel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems. The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process?
Author: Annalisa Rosselli
Publisher: Routledge
ISBN: 1351611658
Category : Business & Economics
Languages : en
Pages : 309
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Book Description
Recently, students and scholars have expressed dissatisfaction with the current state of economics and have called for the reintroduction of historical perspectives into economic thinking. Supporting the idea that fruitful lessons can be drawn from the work of past economists, this volume brings together an international cross section of leading economists and historians of economic thought to reflect on the crucial role that money, crises and finance play in the economy. The book draws on the work of economists throughout history to consider afresh themes such as financial and real explanations of economic crises, the role of central banks, and the design of macroeconomic policies. These themes are all central to the work of Maria Cristina Marcuzzo, and the contributions both reflect on and further her research agenda. This book will be of interest to researchers in the history of economic thought, and those who wish to gain a deeper understanding of the variety and diversity in approaches to economic ideas throughout history.
Author: Karl Brunner
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 338
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Book Description
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475561008
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author: Nerio Naldi
Publisher: Routledge
ISBN: 9781351611640
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
Recently, students and scholars have expressed dissatisfaction with the current state of economics and have called for the reintroduction of historical perspectives into economic thinking. Supporting the idea that fruitful lessons can be drawn from the work of past economists, this volume brings together an international cross section of leading economists and historians of economic thought to reflect on the crucial role that money, crises and finance play in the economy. The book draws on the work of economists throughout history to consider afresh themes such as financial and real explanations of economic crises, the role of central banks, and the design of macroeconomic policies. These themes are all central to the work of Maria Cristina Marcuzzo, and the contributions both reflect on and further her research agenda. This book will be of interest to researchers in the history of economic thought, and those who wish to gain a deeper understanding of the variety and diversity in approaches to economic ideas throughout history.
Author: A. Cencini
Publisher: Springer
ISBN: 113746190X
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
This book deals with the structural origins of economic and financial crises. It explains that both economic theories and policies need to be grounded on a monetary macroeconomic analysis of the working of domestic and international economies. The volume outlines reform proposals to make sure that banking activities respect the nature of money.
Author: Lucas Bernard
Publisher: Springer
ISBN: 3319398873
Category : Business & Economics
Languages : en
Pages : 332
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Book Description
This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy. Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.
