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Global Banks and Crisis Transmission
Banking Integration Co-movement Financial Globalization
2015/9/21
We study the e ect of nancial integration (through banks) on the transmission of international
business cycles. In a sample of 20 developed countries between 1978 and 2009 we nd that, in periods
w...
The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong
Financial Crisis the Policy Responses
2015/8/3
What caused the financial crisis? What prolonged it? Why did it worsen so dramatically
more than a year after it began? Rarely in economics is there a single answer to such
questions, but the empiri...
Remarks at a Panel on the Monetary Policy Implications of the Global Crisis
Monetary Policy Global Crisis
2015/8/3
These remarks examine the implications of the global financial crisis for monetary
policy. I speak mainly from the perspective of monetary policy in the United States where I have
done most of my re...
Does the Crisis Experience Call for a New Paradigm in Monetary Policy?
New Paradigm Monetary Policy
2015/8/3
Does the Crisis Experience Call for a New Paradigm in Monetary Policy?
Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis
Macroeconomic Policy Financial Crisis
2015/8/3
This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons
for future macroeconomic policy. It shows that policy deviated from what had worked well in the
...
Lessons from the Financial Crisis for Monetary Policy in Emerging Markets
Monetary Policy Emerging Markets
2015/8/3
I am honored to give this lecture in memory of L.K. Jha. It is a particular privilege to
deliver it at this Platinum Jubilee celebration of the Reserve Bank of India. L. K. Jha was a truly
outstandi...
Comments on the ‘Global Effects of Fiscal Stimulus During the Crisis’ by Charles Freedman, Michael Kumhof, Douglas Laxton, Dick Muir, Susanna Mursula
Douglas Laxton Dick Muir
2015/8/3
The paper by Freedman, Kumhof, Laxton, Muir, and Mursula makes effective use of simulations of a very
large macroeconomic model to estimate the impact of discretionary fiscal policies, including the ...
Origins and Policy Implications of the Crisis.
A key lesson is that FERC must regulate, rather than
simply monitor, wholesale electricity markets. Rather
than focusing its attention on monitoring market
performance, FERC should instead concentr...
Should the Monetary Policy Rule Be Different in a Financial Crisis?
Financial Crisis Monetary Policy Rule
2015/7/23
It’s a pleasure to read and discuss this very nice and well-written paper by NikolskoRzhevskyy, Papell and Prodan. Let me begin with a summary of what the paper does, and then
discuss some of the is...
Off the cliff and back? Credit conditions and international trade during the global financial crisis
International trade Financial crisis Credit constraints
2015/7/21
We study the collapse of international trade flows during the global financial crisis using detailed data on
monthly US imports. We show that credit conditions were an important channel t...
Why Does the Economy Fall to Pieces after a Financial Crisis?
Economy Fall Financial Crisis
2015/7/20
Existing macroeconomic models account successfully for the immediate effects of a financial crisis on output and employment. I will lay out a simple macro model that captures the most important featur...
Financial Repression in the European Sovereign Debt Crisis
Credit Cycles Sovereign Debt Financial Repression Sovereign Finance Greece
2015/4/29
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the dom...
Never Waste A Good Crisis? Growth and Decentralization in the Great Recession
Business Strategy Financial Crisis
2015/4/28
We argue that decentralization is particularly beneficial to firm performance in “bad times.” We present a model where bad times increase the importance of rapid action, and improve the alignment of i...
Surviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance
Financial Crisis International Finance Foreign Direct Investment Local Range
2015/4/23
We examine in this paper the differential response of establishments to the global financial crisis, with particular emphasis on the role of foreign direct investment (FDI) in determining micro econom...