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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...
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...
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?
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...
Origins and Policy Implications of the Crisis.
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...
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...
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...
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...
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...
After the 1995 crisis, the Mexican banking system experienced significant changes in bank accounting standards. Most of these changes took place between 1996 and 2001, and had a significant impact in ...
The past does not simply provide conditions of possibility for capitalist finance; it also serves as a vital resource for those who might seek to understand or negotiate it in a particular present...
Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeo...
The financial crisis of 2007-9 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a ...

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