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Social and Behavioral Sciences Commons™
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Articles 1 - 3 of 3
Full-Text Articles in Social and Behavioral Sciences
The Financial Crisis And Macroeconomic Activity: 2008-2013, Ray C. Fair
The Financial Crisis And Macroeconomic Activity: 2008-2013, Ray C. Fair
Cowles Foundation Discussion Papers
This paper provides estimates of the effects of the fall in financial and housing wealth in 2008-2009 on overall macroeconomic activity. These effects are large and account for a large fraction of the slowdown in activity. Much of the 2008-2009 recession is estimated to be simply standard wealth effects at work.
Irving Fisher, Debt Deflation And Crises, Robert J. Shiller
Irving Fisher, Debt Deflation And Crises, Robert J. Shiller
Cowles Foundation Discussion Papers
It is the 100th anniversary of Irving Fisher’s 1911 book The Purchasing Power of Money . But, more important than that, it is a good time, during the current financial turmoil, to reconsider some of his theories again, in light of current events. And I think that some of his theories about variations in the purchasing power of money are very important today, have been underappreciated, and are worthy of considering anew.
Catalytic Finance: When Does It Work?, Stephen Morris, Hyun Song Shin
Catalytic Finance: When Does It Work?, Stephen Morris, Hyun Song Shin
Cowles Foundation Discussion Papers
In a simple model of currency crises caused by creditor coordination failure, we show that bailouts that reduce ex post inefficiency will sometimes create ex ante moral hazard but will sometimes enhance the incentives for governments to take preventative actions. This model helps us understand a debate about the role of the IMF in catalyzing lending to developing countries.