Zobrazeno 1 - 10
of 71
pro vyhledávání: '"Nobuhiro Kiyotaki"'
Publikováno v:
Review of Economic Dynamics. 37:S8-S33
We develop a model of banking panics which is consistent with two important features of the data: First, banking crises are usually preceded by credit booms. Second, credit booms often do not result in crises. That is, there are “bad booms” as we
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0ce6ba6acffd714cf00caa0f308777fb
https://doi.org/10.1016/j.red.2020.06.004
https://doi.org/10.1016/j.red.2020.06.004
Publikováno v:
AEA Papers and Proceedings. 110:463-469
We study the welfare effects of macroprudential policy in a macroeconomic model of banking instability. Banking panics are endogenous economic disasters caused by banks' excessive leverage during credit booms. The model matches the frequency and seve
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::557df098a3d816d04c515b38ed3e4b63
https://doi.org/10.1257/pandp.20201022
https://doi.org/10.1257/pandp.20201022
Autor:
John Moore, Nobuhiro Kiyotaki
Publikováno v:
Kiyotaki, N & Moore, J 2019, ' Liquidity, business cycles, and monetary policy ', Journal of Political Economy, vol. 127, no. 6, pp. 2926-2966 . https://doi.org/10.1086/701891
The paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. There is a spectrum of returns on assets,
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::cb3f008777ef579b6616fe515257abd6
https://doi.org/10.1086/701891
https://doi.org/10.1086/701891
Publikováno v:
The Review of Economic Studies. 87:240-288
This article incorporates banks and banking panics within a conventional macroeconomic framework to analyse the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::eb7530e38a61c318048e7979471ac42d
https://doi.org/10.1093/restud/rdz032
https://doi.org/10.1093/restud/rdz032
Publikováno v:
SSRN Electronic Journal.
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::201a357cc3896d96f0b0f9c947a56bca
https://doi.org/10.2139/ssrn.3734844
https://doi.org/10.2139/ssrn.3734844
Publikováno v:
SSRN Electronic Journal.
Housing is a long-lived asset whose value is sensitive to variations in long-term growth and interest rates. When a large fraction of the population is leveraged, housing price fluctuations cause large-scale redistribution and consumption volatility.
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::b3f354388bd569d31978683b24888dbf
https://doi.org/10.2139/ssrn.3584351
https://doi.org/10.2139/ssrn.3584351
Publikováno v:
American Economic Review. 107:824-857
We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities, explicitly incorporating the zero bound on the short-term nominal interest rate. Within this framework, we ask: Can a shock to the liquidity of p
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::5000d979881e0e8c4acda9d2dc55a2cf
https://doi.org/10.1257/aer.20121660
https://doi.org/10.1257/aer.20121660
Publikováno v:
American Economic Review. 106:554-559
We develop a macroeconomic model with banking instability. Sunspot runs can arise that are harmful to the economy. However, whether a run equilibrium exists depends on fundamentals. In contrast to earlier work, the probability of a sunspot run is the
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::8bb0a954c82adaa92b4037141f9969ff
https://doi.org/10.1257/aer.p20161089
https://doi.org/10.1257/aer.p20161089