As a response to the recent global financial crisis, we witnessed a period of unprecedented central bank activism. This situation contrasts with what we experienced during the “great moderation”. This dramatic change has led many observers to discuss reevaluating the role of central banks in the new era. On the one hand, some arguments posit that central banks had forgotten a crucial task in th...

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Wage Policies of a Russian Firm and the Financial Crisis of 1998: Evidence from Personnel Data – 1997 to 2002 We use a rich personnel data set from a Russian firm for the years 1997 to 2002 to analyze how the financial crisis in 1998 and the resulting change in external labor market conditions affect the wages and the welfare of workers inside a firm. We provide evidence that large shocks to ex...

The financial crisis that swept across northern Europe in 1763 bears an uncanny resemblance to more recent episodes of financial market turbulence in particular, to the events of autumn 1998 when mature financial markets were caught in a severe liquidity crisis, culminating in the near collapse of Long-Term Capital Management. We highlight the salient features of the 1763 crisis, propose a styl...

The Federal Reserve (the Fed) is responsible for monitoring, analyzing and ultimately stabilizing US financial markets. It also has unrivalled access to economic data, high-level connections to financial institutions, and a large staff of professionally trained economists. Why then was it apparently unconcerned by the financial developments that are now widely recognized to have caused the 2008...

The financial crisis that swept across northern Europe in 1763 bears an uncanny resemblance to more recent episodes of financial market turbulence in particular, to the events of autumn 1998 when mature financial markets were caught in a severe liquidity crisis, culminating in the near collapse of Long-Term Capital Management. We highlight the salient features of the 1763 crisis, propose a styl...

Given the volatility of exchange rates, there is a reemergence of interest in the effect of such volatility, in particular of large currency shocks, on the domestic financial markets and the output and investment decisions of firms. We use a portfolio approach to model the occurrence of large exchange rate shocks as deriving from the asset allocation decisions of the households of a small open ...

The study is basically an extension of the k-day Vol ratio analysis on Nifty Index, proposed by Viswanathan and Maheswaran (2016). It examines the impact of the global financial crisis of 2008 on the structure of volatility of global indices (S&P500, FTSE100 and DAX). The global indices did not experience a significant change in volatility structure. On comparison, the behavior of volatility of...

 Beijing’s industrial structure is service-oriented with a high degree of economic openness, and GDP has maintained rapid growth. This paper analyzes the international financial crisis and the impact of China’s anti-crisis policies on Beijing’s economic development as well as its transmission mechanism. Impact Index (excluding seasonal factors) and ARMA Model are employed in the empirical...