Read e-book online Financial Markets and Financial Crises (National Bureau of PDF

By R. Glenn Hubbard

Warnings of the specter of an coming near near monetary difficulty are usually not new, yet will we rather comprehend what constitutes a precise episode of main issue and the way, as soon as started, it may be avoided from escalating right into a full-blown fiscal collapse?Using either historic and modern episodes of breakdowns in monetary exchange, members to this quantity draw insights from idea and empirical facts, from the adventure of closed and open economies world wide, and from exact case reports. They discover the susceptibility of yankee businesses to fiscal downturns; the origins of banking panics; and the habit of economic markets in periods of obstacle. Sever papers particularly deal with the present thrift crisis—including a close research of the over 500 FSLIC-insured thrifts within the southeast—and heavily problem the price of contemporary measures aimed toward combating destiny cave in in that undefined. executive economists and coverage makers, students of and banking, and lots of within the enterprise group will locate those well timed papers a useful reference.

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See Kashyap, Stein, and Wilcox 1991). As well, in part, an increase in the riskless rate of interest (resulting from a tightening of monetary policy) lowers the value of firms' collateralizable net worth, increasing agency costs of external finance. That is, the effect on investment and output of a change in the riskless rate associated with contractionary monetary policy is magnified through the information-related channel we have stressed. While more careful research on these transmission mechanisms is needed, we believe that our approach and that taken by Bernanke are complementary.

That is, the firstorder condition for the choice of the capital stock (from maximizing [12], subject to the constraints mentioned above) is given by (14) V,+ iE,{FK, ~ AK(K,Jt+1) + (1 - 8) [A,(KJt+x) -A,(K,_M -P', + p't+x]} = 0- To obtain an equation for investment, it is necessary to parameterize the adjustment cost function A. ) + (a, I 2)((/, / K,_x) - where (x is the average (normal) investment rate. jt / 2). ^)2]Kt_v 21 Interest Rate Spreads and Investment Fluctuations Substituting (16) and (17) into (14) yields the Euler equation: (18) & + .

Hines, Jr. 1987. Anticipated tax changes and the timing of investment. In The Effects of Taxation on Capital Accumulation, ed. M. Feldstein. Chicago: University of Chicago Press. Bagehot, Walter. 1873. Lombard Street. London: Henry S. King. Berle, Adolph, and Gardiner Means. 1932. The Modern Corporation and Private Property. New York: Macmillan. Bernanke, Ben. 1983. Non-monetary effects of the financial crisis in the propagation of the Great Depression. American Economic Review 73 (June): 257-76.

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