Analyzing central bank communication during financial crises, we draw on a surprisingly informative parallel between management of natural disasters such as earthquakes on one hand, and the corresponding communication infrastructure and social interaction during financial turmoil, on the other. The role of social and emotional behavior thereof points to the importance of interpersonal comm...

Abstract The aim of this paper is to analyze the long-lasting dynamic relationship between credit default swap (CDS) premia and government bond spreads (GBS), with regard sovereign risk. practical focus evaluate whether CDS market effectively leading or lagging in risk price discovery process during last decade monetary easing. analysis extends all “sensitive” countries Eurozone, so-called “PII...

We model the world economy as one system of endogenous input-output relationships subject to frictions and study how world’s structure GDP change due changes in frictions. derive a sufficient statistic identify from observed matrix, which we fully match for year 2011. show internal impact whole that they have much larger effect on than external also use our approach role during Great Recession ...

Abstract This paper examines racial disparities in mortgage processing time prior to the global financial crisis. We find that Black borrowers are underrepresented and experience a longer than white among mortgages securitized by government-sponsored enterprises (GSEs). At same time, borrower overrepresented face similar privately (PLS) mortgages. Additionally, strongly associated with faster s...

ABSTRACT We investigate the effects of state economic activity on association changes in general fund (i.e., net revenue) and borrowing cost. Extant literature has established that revenue is associated with municipal bond market metrics (e.g., true interest cost, yield spreads). Little known, however, regarding relationship between cost when considered. Based a sample 1,970 obligations bonds i...

Credit spreads display occasional spikes and are more strongly countercyclical in times of elevated financial stress. Financial crises extreme cases this nonlinear behavior, featuring skyrocketing credit spreads, sharp losses bank equity, deep recessions. We develop estimate a macroeconomic model with banking sector which banks’ leverage constraints occasionally binding equity issuance is endog...

The helium effects in Chinese developed CN-G01 beryllium are important issues for its use nuclear energy systems. In this work, the samples were irradiated with ions to fluences of 5.0 × 1016 ions/cm2 1.0 1018 at room temperature and investigated by techniques scanning electron microscopy (SEM), transmission (TEM) nano-indentation. It was found that irradiation induced hardening nano-hardness i...

Is credit expansion a sign of desirable financial deepening or the prelude to an inevitable bust? We study this question in modern US data using structural VAR model 10 monthly frequency variables, identified by heteroskedasticity. Negative reduced-form responses output growth are caused endogenous monetary policy response shocks. On average, and remain positively associated. “Financial stress”...