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• Comment on: A model of a systemic bank run by Harald Uhlig AI翻译
  作者：Keister, Todd
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
• Comment on: Is mark-to-market accounting destablizing? Analysis and implications for policy by John Heaton, Deborah Lucas and Robert McDonald AI翻译
  作者：Milbradt, Konstantin
  作者单位：Massachusetts Institute of Technology (MIT)
• Credit crises, money and contractions: An historical view AI翻译
  作者：Bordo, Michael D.; Haubrich, Joseph G.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; National Bureau of Economic Research; Rutgers University System; Rutgers University New Brunswick
  摘要：The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress arises as part of the transmission of monetary policy, and document the subsequent effect on output. Using turning points defined by the Harding-Pagan algorithm, we identify and compare the timing, durat...
• Deposit insurance and money market freezes AI翻译
  作者：Bruche, Max; Suarez, Javier
  摘要：in the presence of deposit insurance, a rise in counterparty risk may cause a freeze in interbank money markets. We show this in a general equilibrium model with regionally segmented bank-based retail financial markets, in which money markets facilitate the reallocation of funds across banks from different regions. Counterparty risk creates an asymmetry between banks in savings-rich regions, which remain marginally financed by the abundant regional insured deposits, and in savings-poor regions...
• Is mark-to-market accounting destabilizing? Analysis and implications for policy AI翻译
  作者：Heaton, John C.; Lucas, Deborah; McDonald, Robert L.
  作者单位：University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Northwestern University
  摘要：Fundamental economic principles provide a rationale for requiring financial institutions to use mark-to-market, or fair value, accounting for financial reporting. The recent turmoil in financial markets, however, has raised questions about whether fair value accounting is exacerbating the problems. In this paper, we review the history and practice of fair value accounting, and summarize the literature on the channels through which it can adversely affect the real economy. We propose a new mode...
• Comment on: Financial globalization, financial crises, and contagion by Enrique G. Mendoza and Vincenzo Quadrini AI翻译
  作者：Clementi, Gian Luca
  作者单位：New York University
• Optimal taxation in the presence of bailouts AI翻译
  作者：Panageas, Stavros
  作者单位：University of Chicago; National Bureau of Economic Research
  摘要：The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs. A government in the tradition of Ramsey (1927) may be inclined to provide transfers to the firm so as to prevent its liquidation and the associated deadweight costs. It is shown that the optimal taxation policy to finance such transfers exhibits procyclicality and history dependence, even in a complete market. These results are in contrast with pre-existing literature on optim...
• Credit crises, money and contractions: An historical view Comment AI翻译
  作者：Cole, Harold L.
  作者单位：University of Pennsylvania
• Comment on The Macroeconomics of Money Market Freezes by Max Bruche and Javier Suarez AI翻译
  作者：Acharya, Viral
  作者单位：New York University
• Comment on: Optimal taxation in the presence of bailouts AI翻译
  作者：Albuquerque, Rui
  作者单位：Boston University