Journal ArticleDOI
Capital controls as shock absorbers
TLDR
In this paper, the authors studied the shock-absorbing capacity of capital controls and showed that the output in economies with stricter capital inflow controls responds significantly less to global credit supply shocks, whereas capital outflow controls have no significant shock-absorbbing capacity.About:
This article is published in Journal of International Economics.The article was published on 2017-11-01. It has received 53 citations till now. The article focuses on the topics: Capital outflow & Capital intensity.read more
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Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
Gianluca Benigno,Huigang Chen,Christopher Otrok,Christopher Otrok,Alessandro Rebucci,Eric R. Young +5 more
TL;DR: In this article, the authors show that when ex-post policies are effective in containing crises, there is no need to intervene ex-ante with capital controls, and if crisis management policies entail efficiency costs and hence lose effectiveness, then the optimal policy mix consists of both exante and expost interventions so that crises prevention policies become desirable.
Repository
Is housing still the business cycle? Perhaps not
TL;DR: This article showed that residential investment led GDP under a wide range of specifications, while non-residential investment did not, and showed that the increasing stringency of local land use policy had interfered with the ability of the Federal Reserve to use housing as an instrument on monetary policy.
Journal ArticleDOI
Taming the global financial cycle: What role for the global financial safety net?
TL;DR: In this paper, the role of the Global Financial Cycle (GFC) in driving international capital flows, especially in emerging economies, as well as the policy options available to absorb their impact is discussed.
Repository
On the Effects of the ECB’s Funding Policies on Bank Lending and the Demand for the Euro as an International Reserve
TL;DR: In this article, the authors investigated the effects of the European Central Bank's monetary policy on banks' lending, taking account of national and regional spillovers. And they also assessed the effect of the ECB's monetary policies on euro reserve holdings.
References
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Journal ArticleDOI
On the pricing of corporate debt: the risk structure of interest rates
TL;DR: In this article, the American Finance Association Meeting, New York, December 1973, presented an abstract of a paper entitled "The Future of Finance: A Review of the State of the Art".
Posted Content
The Financial Accelerator in a Quantitative Business Cycle Framework
TL;DR: This article developed a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint, and the model is a synthesis of the leading approaches in the literature.
Journal ArticleDOI
Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data
John C. Driscoll,Aart Kraay +1 more
TL;DR: The authors presented conditions under which a simple extension of common nonparametric covariance matrix estimation techniques yields standard error estimates that are robust to very general forms of spatial and temporal dependence as the time dimension becomes large.
Book ChapterDOI
Chapter 21 The financial accelerator in a quantitative business cycle framework
TL;DR: The authors developed a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint, in which endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy.
ReportDOI
The Financial Accelerator in a Quantitative Business Cycle Framework
TL;DR: This paper developed a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint, in particular, the framework exhibits a "financial accelerator", in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy.
Related Papers (5)
Dilemma not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows
Emmanuel Farhi,Iván Werning +1 more
International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma
Xuehui Han,Shang-Jin Wei +1 more