Booms Crises And Recoveries A New Paradigm Of The Business Cycle And Its Policy Implications PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Booms Crises And Recoveries A New Paradigm Of The Business Cycle And Its Policy Implications PDF full book. Access full book title Booms Crises And Recoveries A New Paradigm Of The Business Cycle And Its Policy Implications.
Author | : Ms.Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2017-11-16 |
Genre | : Business & Economics |
ISBN | : 1484329392 |
Download Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications Book in PDF, ePub and Kindle
All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for shifts in trend output and the puzzling inconsistency of output dynamics with other cyclical components of production. The ‘output gap’ can be ill-conceived, poorly measured, and inconsistent over time. Persistent losses require more buffers and crisis-avoidance policies, affecting tradeoffs in prudential, macroeconomic, and reserve management policies. The frequency and depth of crises are key determinants of long-term growth and drive a new stylized model of economic development.
Author | : Ms.Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 2020-05-29 |
Genre | : Business & Economics |
ISBN | : 1513536990 |
Download Hysteresis and Business Cycles Book in PDF, ePub and Kindle
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2013-01-30 |
Genre | : Business & Economics |
ISBN | : 1475561008 |
Download Financial Crises Explanations, Types, and Implications Book in PDF, ePub and Kindle
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author | : Dick K. Nanto |
Publisher | : DIANE Publishing |
Total Pages | : 127 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : 1437919847 |
Download The Global Financial Crisis Book in PDF, ePub and Kindle
Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
Author | : Laurent Ferrara |
Publisher | : Springer |
Total Pages | : 298 |
Release | : 2018-06-13 |
Genre | : Business & Economics |
ISBN | : 3319790757 |
Download International Macroeconomics in the Wake of the Global Financial Crisis Book in PDF, ePub and Kindle
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Author | : Joseph Stiglitz |
Publisher | : Cambridge University Press |
Total Pages | : 356 |
Release | : 2003-09-04 |
Genre | : Business & Economics |
ISBN | : 9780521008051 |
Download Towards a New Paradigm in Monetary Economics Book in PDF, ePub and Kindle
A pioneer treatment of monetary economics written by two of world's leading authorities.
Author | : Ms. Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 2021-06-25 |
Genre | : Business & Economics |
ISBN | : 1484325273 |
Download Financial Crises, Investment Slumps, and Slow Recoveries Book in PDF, ePub and Kindle
One of the most puzzling facts in the wake of the Global Financial Crisis (GFC) is that output across advanced and emerging economies recovered at a much slower rate than anticipated by most forecasting agencies. This paper delves into the mechanics behind the observed slow recovery and the associated permanent output losses in the aftermath of the crisis, with a particular focus on the role played by financial frictions and investment dynamics. The paper provides two main contributions. First, we empirically document that lower investment during financial crises is the key factor leading to permanent loss of output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions and capital-embodied technological change capable of reproducing the empirical facts. We also evaluate the role of financial policies in stabilizing output and TFP in response to disruptions in financial markets.
Author | : Ms.Wenjie Chen |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2019-04-26 |
Genre | : Business & Economics |
ISBN | : 1498305423 |
Download The Global Economic Recovery 10 Years After the 2008 Financial Crisis Book in PDF, ePub and Kindle
This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.
Author | : Mr.Jiaqian Chen |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2020-02-07 |
Genre | : Business & Economics |
ISBN | : 151352786X |
Download Measuring Output Gap: Is It Worth Your Time? Book in PDF, ePub and Kindle
We apply a range of models to the U.K. data to obtain estimates of the output gap. A structural VAR with an appropriate identification strategy provides improved estimates of output gap with better real time properties and lower sensitivity to temporary shocks than the usual filtering techniques. It also produces smaller out-of-sample forecast errors for inflation. At the same time, however, our results suggest caution in basing policy decisions on output gap estimates.
Author | : Ms.Sweta Chaman Saxena |
Publisher | : International Monetary Fund |
Total Pages | : 18 |
Release | : 2018-06-18 |
Genre | : Business & Economics |
ISBN | : 1484380827 |
Download IMF Research Perspectives Book in PDF, ePub and Kindle
IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.