NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers in Monetary Economics


2012
w17838 Viral V. Acharya
Nada Mora

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis

w17836 Laurence M. Ball
Ben Bernanke and the Zero Bound

w17830 Atif R. Mian
Amir Sufi

What explains high unemployment? The aggregate demand channel

w17823 Lars E.O. Svensson
Practical Monetary Policy: Examples from Sweden and the United States

w17822 Shekhar Aiyar
Charles W. Calomiris
Tomasz Wieladek

Does Macro-Pru Leak? Evidence from a UK Policy Experiment

w17791 Daniel F. Waggoner
Tao Zha

Confronting Model Misspecification in Macroeconomics

w17787 Valerie A. Ramey
Government Spending and Private Activity

w17780 Joon-Ho Hahm
Frederic S. Mishkin
Hyun Song Shin
Kwanho Shin

Macroprudential Policies in Open Emerging Economies

w17778 Gary B. Gorton
Andrew Metrick

Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide

w17777 Gary B. Gorton
Stefan Lewellen
Andrew Metrick

The Safe-Asset Share

w17772 James D. Hamilton
Jing Cynthia Wu

Identification and Estimation of Gaussian Affine Term Structure Models

w17771 Gary B. Gorton
Guillermo Ordonez

Collateral Crises

w17769 Leonid Kogan
Dimitris Papanikolaou
Amit Seru
Noah Stoffman

Technological Innovation, Resource Allocation, and Growth

w17768 Arvind Krishnamurthy
Stefan Nagel
Dmitry Orlov

Sizing Up Repo

w17736 Sumit Agarwal
David Lucca
Amit Seru
Francesco Trebbi

Inconsistent Regulators: Evidence From Banking

w17723 Tim Landvoigt
Monika Piazzesi
Martin Schneider

The Housing Market(s) of San Diego


2011
w17717 Gregor Matvos
Amit Seru

Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates

w17691 Nicolas Coeurdacier
Hélène Rey

Home Bias in Open Economy Financial Macroeconomics

w17682 Charles Goodhart
Global Macroeconomic and Financial Supervision: Where Next?

w17670 Nicolas E. Magud
Carmen M. Reinhart
Esteban R. Vesperoni

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

w17662 Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki

Fiscal Devaluations

w17622 Fatih Guvenen
Macroeconomics With Heterogeneity: A Practical Guide

w17621 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

When Credit Bites Back: Leverage, Business Cycles, and Crises

w17617 Martin S. Feldstein
The Euro and European Economic Conditions

w17597 Douglas A. Irwin
Anticipating the Great Depression? Gustav Cassel’s Analysis of the Interwar Gold Standard

w17595 Douglas A. Irwin
Gold Sterilization and the Recession of 1937-38

w17594 Gita Gopinath
Oleg Itskhoki
Brent Neiman

Trade Prices and the Global Trade Collapse of 2008-2009

w17583 Veronica Guerrieri
Guido Lorenzoni

Credit Crises, Precautionary Savings, and the Liquidity Trap

w17525 George-Marios Angeletos
Jennifer La'O

Optimal Monetary Policy with Informational Frictions

w17566 Fernando E. Alvarez
Francesco Lippi

Persistent Liquidity Effects and Long Run Money Demand

w17555 Arvind Krishnamurthy
Annette Vissing-Jorgensen

The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy

w17516 John Y. Campbell
João F. Cocco

A Model of Mortgage Default

w17500 Yiting Li
Guillaume Rocheteau
Pierre-Olivier Weill

Liquidity and the Threat of Fraudulent Assets

w17492 Michael D. Bordo
Harold James

Reserves and Baskets

w17489 Florin O. Bilbiie
Ippei Fujiwara
Fabio Ghironi

Optimal Monetary Policy with Endogenous Entry and Product Variety

w17454 Tobias Adrian
Markus K. Brunnermeier

CoVaR

w17468 Efraim Benmelech
Eyal Dvir

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis

w17431 Gilles St. Paul
Toward a Political Economy of Macroeconomic Thinking

w17425 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995

w17424 Yuriy Gorodnichenko
Anna Mikusheva
Serena Ng

Estimators for Persistent and Possibly Non-Stationary Data with Classical Properties

w17391 Emi Nakamura
Jón Steinsson

Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions

w17380 Michael D. Bordo
Agnieszka Markiewicz
Lars Jonung

A Fiscal Union for the Euro: Some Lessons from History

w17379 Maurice Obstfeld
International Liquidity: The Fiscal Dimension

w17353 Pierre-Olivier Gourinchas
Hélène Rey
Kai Truempler

The Financial Crisis and The Geography of Wealth Transfers

w17344 Ivan Werning
Managing a Liquidity Trap: Monetary and Fiscal Policy

w17328 Robert J. Barro
José F. Ursua

Rare Macroeconomic Disasters

w17323 Stephen A. Ross
The Recovery Theorem

w17321 Marcin Kacperczyk
Philipp Schnabl

Implicit Guarantees and Risk Taking: Evidence from Money Market Funds

w17305 Takero Doi
Takeo Hoshi
Tatsuyoshi Okimoto

Japanese Government Debt and Sustainability of Fiscal Policy

w17274 Laurence M. Ball
Nicolás De Roux
Marc Hofstetter

Unemployment in Latin America and the Caribbean

w17272 Carlo Favero
Francesco Giavazzi
Jacopo Perego

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

w17240 Jonathan A. Parker
On Measuring the Effects of Fiscal Policy in Recessions

w17229 George-Marios Angeletos
Luigi Iovino
Jennifer La'O

Cycles, Gaps, and the Social Value of Information

w17197 Robin Greenwood
Samuel G. Hanson

Issuer Quality and the Credit Cycle

w17191 Francois Gourio
Leena Rudanko

Customer Capital

w17154 Jonathan H. Wright
What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?

w17144 Efraim Benmelech
Nittai K. Bergman
Amit Seru

Financing Labor

w17140 Hyungsik Roger Moon
Frank Schorfheide
Eleonora Granziera
Mihye Lee

Inference for VARs Identified with Sign Restrictions

w17133 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Risk, Monetary Policy and the Exchange Rate

w17129 Isaac Mbiti
David N. Weil

Mobile Banking: The Impact of M-Pesa in Kenya

w17123 Richard C.K. Burdekin
Kris James Mitchener
Marc D. Weidenmier

Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?

w17090 Lieven Baele
Geert Bekaert
Seonghoon Cho
Koen Inghelbrecht
Antonio Moreno

Macroeconomic Regimes

w17084 Jordi Galí
Frank Smets
Rafael Wouters

Unemployment in an Estimated New Keynesian Model

w17076 Deniz Igan
Prachi Mishra
Thierry Tressel

A Fistful of Dollars: Lobbying and the Financial Crisis

w17071 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

Is there a trade-off between inflation and output stabilization?

w17063 Rüdiger Bachmann
Eric R. Sims

Confidence and the Transmission of Government Spending Shocks

w17060 George-Marios Angeletos
Jennifer La'O

Decentralization, Communication, and the Origins of Fluctuations

w17029 N. Gregory Mankiw
Matthew C. Weinzierl

An Exploration of Optimal Stabilization Policy

w17045 Zheng Liu
Pengfei Wang
Tao Zha

Land-price dynamics and macroeconomic fluctuations

w17044 Laurence M. Ball
Sandeep Mazumder

Inflation Dynamics and the Great Recession

w17038 Rüdiger Fahlenbrach
Robert Prilmeier
René M. Stulz

This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Recent Financial Crisis

w17034 Olivier Coibion
Are the Effects of Monetary Policy Shocks Big or Small?

w17026 Francois Gourio
Credit Risk and Disaster Risk

w17024 Michael D. Bordo
Peter L. Rousseau

Historical Evidence on the Finance-Trade-Growth Nexus

w17021 Simon Gilchrist
Egon Zakrajšek

Credit Spreads and Business Cycle Fluctuations

w17005 Bennett T. McCallum
Should Central Banks Raise their Inflation Targets? Some Relevant Issues

w16996 Martin Lettau
Sydney C. Ludvigson

Shocks and Crashes

w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy

w16988 Igal Hendel
Aviv Nevo

Intertemporal Price Discrimination in Storable Goods Markets

w16979 Fiorella De Fiore
Harald Uhlig

Bank Finance Versus Bond Finance

w16967 Manju Puri
Jörg Rocholl
Sascha Steffen

Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects

w16965 Thomas Philippon
Virgiliu Midrigan

Household Leverage and the Recession

w16956 James D. Hamilton
Jing Cynthia Wu

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

w16946 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

U.S. Intervention During the Bretton Woods Era: 1962-1973

w16941 Isil Erel
Brandon Julio
Woojin Kim
Michael S. Weisbach

Macroeconomic Conditions and Capital Raising

w16931 James D. Hamilton
Jing Cynthia Wu

Testable Implications of Affine Term Structure Models

w16925 Gabriel P. Mathy
Christopher M. Meissner

Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression

w16911 Xavier Gabaix
A Sparsity-Based Model of Bounded Rationality

w16910 William Poole
Robert H. Rasche
David C. Wheelock

The Great Inflation: Did the Shadow Know Better?

w16903 Carolin E. Pflueger
Luis M. Viceira

Inflation-Indexed Bonds and the Expectations Hypothesis

w16893 Carmen M. Reinhart
M. Belen Sbrancia

The Liquidation of Government Debt

w16892 Carolin E. Pflueger
Luis M. Viceira

An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds

w16890 Lisa D. Cook
Were the Nigerian Banking Reforms of 2005 A Success ... And for the Poor?

w16883 Jeremy C. Stein
Monetary Policy as Financial-Stability Regulation

w16845 Paul Bloxham
Christopher Kent
Michael Robson

Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study

w16847 Stephanie Schmitt-Grohé
Martin Uríbe

Pegs and Pain

w16827 Carmen M. Reinhart
Kenneth S. Rogoff

A Decade of Debt

w16825 Eugene N. White
“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision

w16815 Carmen M. Reinhart
Vincent Reinhart

Pride Goes Before a Fall: Federal Reserve Policy and Asset Markets

w16805 Nicolas E. Magud
Carmen M. Reinhart
Kenneth S. Rogoff

Capital Controls: Myth and Reality - A Portfolio Balance Approach

w16787 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

w16781 Frank Schorfheide
Estimation and Evaluation of DSGE Models: Progress and Challenges

w16777 Nicolae Gârleanu
Lasse Heje Pedersen

Margin-Based Asset Pricing and Deviations from the Law of One Price

w16775 Hyunseung Oh
Ricardo Reis

Targeted Transfers and the Fiscal Response to the Great Recession

w16764 Alexander David
Pietro Veronesi

Investor and Central Bank Uncertainty and Fear Measures Embedded in Index Options

w16763 Michael D. Bordo
David C. Wheelock

The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933

w16759 James Feyrer
Bruce Sacerdote

Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Recovery and Reinvestment Act

w16758 Isabel Correia
Emmanuel Farhi
Juan Pablo Nicolini
Pedro Teles

Unconventional Fiscal Policy at the Zero Bound

w16755 Frederic S. Mishkin
Monetary Policy Strategy: Lessons from the Crisis

w16750 Emmanuel Farhi
Jean Tirole

Bubbly Liquidity

w16727 Thomas Philippon
Philipp Schnabl

Informational Rents, Macroeconomic Rents, and Efficient Bailouts

w16725 Jon Faust
Simon Gilchrist
Jonathan H. Wright
Egon Zakrajsek

Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach

w16707 Olivier Coibion
Yuriy Gorodnichenko

Why Are Target Interest Rate Changes So Persistent?

w16688 Charles W. Calomiris
Joseph Mason
David Wheelock

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach

w16684 Jonathan A. Parker
Nicholas S. Souleles
David S. Johnson
Robert McClelland

Consumer Spending and the Economic Stimulus Payments of 2008

w16681 Peter N. Ireland
Stochastic Growth in the United States and Euro Area

w16680 Judith A. Chevalier
Anil K Kashyap

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