Financial Intermediation and the Great Depression PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Financial Intermediation and the Great Depression PDF full book. Access full book title Financial Intermediation and the Great Depression by Russell Cooper. Download full books in PDF and EPUB format.
Author: Russell Cooper
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
Get Book Here
Book Description
This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process which leads to endogenous fluctuations in aggregate economic activity. From this perspective, the Depression period is represented as a regime shift associated with a financial crisis. Our model economy has properties which are broadly consistent with observations over the interwar period. Contrary to observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock. Our model of financial crisis reproduces many aspects of the Great Depression though the model predicts a much sharper fall in investment than is observed in the data. Modifications to our model (adding durable goods and a capacity utilization choice) do not overcome these deficiencies.
Author: Russell Cooper
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
Get Book Here
Book Description
This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process which leads to endogenous fluctuations in aggregate economic activity. From this perspective, the Depression period is represented as a regime shift associated with a financial crisis. Our model economy has properties which are broadly consistent with observations over the interwar period. Contrary to observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock. Our model of financial crisis reproduces many aspects of the Great Depression though the model predicts a much sharper fall in investment than is observed in the data. Modifications to our model (adding durable goods and a capacity utilization choice) do not overcome these deficiencies.
Author: Russell W. Cooper
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 68
Get Book Here
Book Description
This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process which leads to endogenous fluctuations in aggregate economic activity. From this perspective, the Depression period is represented as a regime shift associated with a financial crisis. Our model economy has properties which are broadly consistent with observations over the interwar period. Contrary to observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock. Our model of financial crisis reproduces many aspects of the Great Depression though the model predicts a much sharper fall in investment than is observed in the data. Modifications to our model (adding durable goods and a capacity utilization choice) do not overcome these deficiencies.
Author: Tobias Adrian
Publisher: DIANE Publishing
ISBN: 1437930905
Category : Business & Economics
Languages : en
Pages : 35
Get Book Here
Book Description
This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the integration of banking with capital market developments. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. This report describes the changing nature of financial intermediation in the market-based financial system, charts the course of the recent financial crisis, and outlines the policy responses that have been implemented by the Fed. Reserve and other central banks. Charts and tables.
Author: Masami Imai
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author:
Publisher: Elsevier
ISBN: 0080932703
Category : Business & Economics
Languages : en
Pages : 754
Get Book Here
Book Description
What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. - Explores the models and practices used in formulating and transmitting monetary policies - Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn - Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself - Observes changes in the formulation of monetary policies over the last 25 years
Author: Elmus Wicker
Publisher: Cambridge University Press
ISBN: 9780521663465
Category : Business & Economics
Languages : en
Pages : 196
Get Book Here
Book Description
This is the first study of five US banking panics of the Great Depression. Wicker's findings challenge many of the commonly held assumptions about the events of 1930 and 1931, and will be of use to monetary and financial historians and macroeconomists.
Author: Giorgio Pizzutto
Publisher: Springer
ISBN: 3030144895
Category : Business & Economics
Languages : en
Pages : 226
Get Book Here
Book Description
Looking at the precedents set by the panic of 1907 and the Great Depression in America, this book investigates the causes of the 2007-2008 financial crisis. Pizzutto examines the effects of monetary policy, as well as of expanding and contracting financial cycles, in order to analyze the breakdown of the money market and capital market circuits. Not only exploring the impact of the Federal Reserve and central banking on monetary policy, he also analyzes the role of non-bank financial intermediaries. How can monetary policy resolve the instability of the US financial system? How can financial intermediation work effectively? This timely book highlights how historical lessons can be used to avoid the next financial crisis.
Author: Tian Kang Go
Publisher:
ISBN: 9781032727875
Category : Business & Economics
Languages : en
Pages : 0
Get Book Here
Book Description
"Go details through institutional analysis how major financial institutions (including banks and insurance companies), industries, and the U.S. government behaved and linked with each other during the Great Depression and Inter-War period. Drawing on data that has not been widely used since the late thirties - including congressional hearings, financial data, and government reports concerning economic concentration in the Depression Era - Go presents a general picture of American finance capital on the eve of World War Two. He details the emergence of important new financial-industrial powers in 1920's that challenged the Wall Street's established order on the eve of Great Depression, the response of the Wall Street's finance capital to the challenge, and its renewed dominance as well as the growing community of interests between finance and industry under the Depression. He also points out the role of Wall Street's finance capital in financing the Reconstruction Finance Corporation (RFC) in 1932, the New Deal, and the emerging war economy. With its coverage of primary sources, this book will interest researchers and advanced undergraduate students taking American history, political science, and institutional economics"--
Author: Barry J. Eichengreen
Publisher: Oxford University Press
ISBN: 0190621079
Category : Business & Economics
Languages : en
Pages : 521
Get Book Here
Book Description
"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--
Author: Ben S. Bernanke
Publisher: Princeton University Press
ISBN: 0691259666
Category : Business & Economics
Languages : en
Pages : 352
Get Book Here
Book Description
From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. Essays on the Great Depression brings together Bernanke’s influential work on the origins and economic lessons of the Depression, and this new edition also includes his Nobel Prize lecture.
