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The Macroeconomics of Intensive Agriculture

Boppart, Timo; Kiernan, Patrick; Krusell, Per; … - National Bureau of Economic Research - 2023

Developing countries employ a very large share of their workforce in agriculture, a sector in which their labor productivity is particularly low. We take a macroeconomic approach to analyze the role of agriculture in development. We construct a new database with systematic measures of inputs and...

Persistent link: https://www.econbiz.de/10014250119

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

I provide a novel theory to account for these phenomena and use it to shed light on the data. I break new ground … suspension of convertibility exceeds some agent-specific threshold. The implications of the theory are highlighted in an … analytically tractable example. The theory is then used as a guide to examine and interpret the data, using bi-hourly observations …

Persistent link: https://www.econbiz.de/10013334473

The Impacts of Crises on the Trilemma Configurations

Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022

The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...

Persistent link: https://www.econbiz.de/10013362059

Restoring Confidence in Troubled Financial Institutions After a Financial Crisis

Calomiris, Charles W.; Carlson, Mark - National Bureau of Economic Research - 2022

After an unprecedented number of banks suspended operations during the Panic of 1893, the head regulator of banks chartered by the United States government allowed about 100 banks to reopen after certifying their solvency. We evaluate whether actions by bank owners to change management, contract...

Persistent link: https://www.econbiz.de/10013334444

Loans for the "Little Fellow : " Credit, Crisis, and Recovery in the Great Depression

Quincy, Sarah - National Bureau of Economic Research - 2023

This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to diversify away local liquidity shortfalls, allowing it...

Persistent link: https://www.econbiz.de/10014421204

Globalization and Global Crises : Rest of the World vs. Israel

Razin, Asaf - National Bureau of Economic Research - 2021

Post WWII globalization forces are facing headwinds in the form of global crises-the "The Great Recession" and the "The Pandemic Recession". Israel's trade and financial globalization, however, is steadily rising. The pandemic-induced slump in economic activity is deep, as consumer spending,...

Persistent link: https://www.econbiz.de/10012482557

The Recovery From The Great Recession : A Long, Evolving Expansion

Shambaugh, Jay C.; Strain, Michael R. - National Bureau of Economic Research - 2021

Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the...

Persistent link: https://www.econbiz.de/10012482669

Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in the UK

Svensson, Lars E. O. - National Bureau of Economic Research - 2021

The "debt-overhang hypothesis" - that households cut back more on their spending in a crisis when they have higher levels of outstanding mortgage debt (Dynan, 2012) - seems to be taken for granted by macroprudential authorities in several countries in their policy decisions, as well as by the...

Persistent link: https://www.econbiz.de/10012533355

The Puzzling Behavior of Spreads during Covid

Fourakis, Stelios S.; Karabarbounis, Loukas - National Bureau of Economic Research - 2024

Advanced economies borrowed substantially during the Covid recession to fund their fiscal policy. The Covid recession differed from the Great Recession in that sovereign debt markets remained calm and spreads barely responded. We study the experience of Greece, the most extreme manifestation of...

Persistent link: https://www.econbiz.de/10014468244

Is This Time Different? : The Safety Net Response to the Pandemic Recession

Hembre, Erik A.; Moffitt, Robert A.; Ziliak, James P. - National Bureau of Economic Research - 2023

The federal government enacted massive spending in the Pandemic Recession. But was this spending scaled to the magnitude of the economic downturn? We examine the responsiveness of the safety net to the Pandemic Recession and compare it to that in the Great Recession. Using monthly state-level...

Persistent link: https://www.econbiz.de/10014322904

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