Three Essays on Credit and the Monetary Business Cycle PDF Download
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Author: Yi Jin
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 170
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Book Description
Author: Yi Jin
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 170
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Book Description
Author: Guilherme Batistella Martins
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The model is general and appropriate to address several questions. We illustrate that by showing that it can replicate standard business cycle properties and to discuss conventional monetary policy in the context sudden stops, when the domestic banking system is often at the epicenter of the crisis. In Chapter 3, we first note that a number of recent theoretical papers show that margins can affect asset prices. Such results are important, for example, to understand the unconventional polices implemented by the Fed during the great recession of 2007-2010. However, empirical evidence is still scarce. We contribute to fill this gap. We show that an aggregate margin-related factor is able to predict future excess returns of the SP 500 and that stocks with high exposures to the cost of buying on margin pay on average higher returns.
Author: Bekele Sinkie Gebregiorgis
Publisher:
ISBN:
Category : Credit
Languages : en
Pages : 290
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Book Description
Author: F.A. Hayek
Publisher: University of Chicago Press
ISBN: 0226321274
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
PREFACE AND ACKNOWLEDGMENTS EDITOR'S INTRODUCTION INTRODUCTION 1. THE MONETARY POLICY OF THE UNITED STATES AFTER THE RECOVERY FROM THE 1920 CRISIS (1925) 2. SOME REMARKS ON THE PROBLEM OF IMPUTATION (1926) 3. ON THE PROBLEM OF THE THEORY OF INTEREST (1927) 4. INTERTEMPORAL PRICE EQUILIBRIUM AND MOVEMENTS IN THE VALUE OF MONEY (1928) 5. THE FATE OF THE GOLD STANDARD (1932) 6. CAPITAL CONSUMPTION (1932) 7. ON 'NEUTRAL MONEY' (1933) 8. TECHNICAL PROGRESS AND EXCESS CAPACITY (1936) Two reviews MARGINAL UTILITY AND ECONOMIC CALCULATION (1925) THE EXCHANGE VALUE OF MONEY (1929) NAME INDEX
Author: Kevin L. Reffett
Publisher:
ISBN:
Category :
Languages : en
Pages : 128
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Book Description
Author: Hongkil Kim
Publisher:
ISBN:
Category : Credit
Languages : en
Pages : 98
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Book Description
This dissertation examines the interconnectedness between money/credit creation and its empirical relevance to macroeconomic variables. It takes the position that the amount of money/credit created for GDP-related transactions inevitably influences the business cycle and inflation while the money/credit extension for non-GDP based transactions (mainly for purchasing financial assets) helps explain movements of interest rates, exchange rates, and an asset bubble/crash. With this approach, the main objectives of this dissertation is to demonstrate that 1) excess bank credit creation/depletion for households' spending is crucial in explaining US inflation, 2) the European Central Bank could successfully contain pressures in struggling sovereign bond markets, relying on its unique power to create its currency (the Euro) and 3) interest rate exogeneity is, if not theoretically impossible, difficult to attain due to market psychology and endogenous credit creation. Having recognized effects of money/credit creation on a macroeconomic environment, the dissertation naturally proceeds to suggest policy proposals that guide credit creation and allocation of credit for productive purposes and assign a proper role for public money creation to counter ebb and flow of private credit creation.
Author: Changok Choi
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 418
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Book Description
Author: Ludwig Von Mises
Publisher: Liberty Fund Library of the Wo
ISBN: 9780865977624
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Published by Liberty Fund for the first time in English, "On the Manipulation of Money and Credit" consists primarily of three pieces on monetary theory written by Ludwig von Mises between 1923 and 1931. As a precursor to Human Action, Mises's magnum opus, this volume includes some of his most important contributions to trade-cycle theory. The first essay, "Stabilization of the Monetary Unit from the Viewpoint of Theory" written in 1923 during a period of German hyperinflation, discusses the consequences of the fluctuating purchasing power of paper money and explores such ideas as the outcome of inflation, that is, the result of the increase in the amount of money, and an emancipation of monetary value from the influence of government. Written in 1928, the second essay, "Monetary Stabilization and Cyclical Policy" critiques schemes for stabilising prices and for "measuring" purchasing power. The third selection is a speech Mises gave in 1931, "The Causes of the Economic Crisis". It explores the nature and role of the market and cyclical changes in business conditions.
Author: Byoung Ho Bae
Publisher:
ISBN:
Category :
Languages : en
Pages : 252
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Book Description
Abstracts: This dissertation studies the role of financial frictions and uncertainty on business cycles in the context of a DSGE (Dynamic Stochastic General Equilibrium) model. In the first chapter, I study the role of the banking sector on business cycles, mainly by focusing on the friction that arises from a bank's portfolio adjustment. Based on empirical evidence, I construct a DSGE model with a banking sector, in which banks adjust the composition of their asset portfolios in response to the economic environment. The quantitative experiment shows that the credit supply-side friction arising from a bank's time-varying portfolio adjustment generates an amplification mechanism and leads to a deeper credit crunch. Furthermore, an economy with an inefficient financial system that requires higher intermediation costs creates a higher level of credit supply-side frictions and that, in turn, leads to the amplification effect of business cycles. The second chapter studies the role of bank capital requirements on business cycles. To this end, I develop a DSGE model with financial frictions arising from moral hazard problems as in Holmstrom and Tirole (1997) together with regulatory capital requirements on the banking sector. I find that financial deepening as measured by a decrease of a financial intermediary's monitoring costs could contribute to mitigating business cycle fluctuations. In addition, this study finds that imposing and increasing capital requirements on the banking sector could lead to a decrease in bank lending, thereby amplifying business cycles. The third chapter studies the effect of uncertainty shocks on the housing market with collateral constraints under a DSGE framework. The quantitative experiment shows that with a standard calibration, increasing volatility in structural shock processes negatively affects housing prices and investment, and that leads to a decrease in output. I also find that higher leverage with a large loan-to-value parameter in collateral constraints amplifies business cycles under uncertainty shocks. In addition, a monetary policy experiment shows that flexible monetary policy with a lower interest smoothing parameter helps to mitigate the fluctuation caused by uncertainty shocks.
Author: Ludwig Van den Hauwe
Publisher: BoD – Books on Demand
ISBN: 2810602212
Category : Monetary policy
Languages : en
Pages : 188
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Book Description
Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.
