Macroeconomics and Financial Crises

Name: Macroeconomics and Financial Crises | Bound Together by Information Dynamics
Brand: Princeton University Press
Price: 33.99 EUR
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Bound Together by Information Dynamics

Gary B. Gorton Guillermo L. Ordoñez(Autor*in)

Princeton University Press

1. Auflage

Erschienen am 11. Juli 2023

208 Seiten

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Inhalt

Cover
Contents
List of Figures
List of Tables
Preface
Introduction
1. Crises, Credit, and Macro Facts
1.1 Chapter Overview
1.2 Financial Crises Are Not Rare
1.3 Credit Booms Are Not Rare Either
1.3.1 Data
1.3.2 Definition and Classification of Credit Booms
1.4 Properties of Good Booms and Bad Booms
1.4.1 How Do Booms Start?
1.4.2 The Effect of Productivity Growth on Crises
1.4.3 Types of Credit Granted during a Boom
1.5 Summary
2. Collateral and Information
2.1 Chapter Overview
2.2 A Collateralized Credit Market
2.2.1 Setting
2.2.2 Collateral
2.2.3 Information and Credit
2.2.4 Information Costs and the Choice of Collateral
2.2.5 Collateral Design
2.2.6 Aggregation
2.3 Summary
3. Credit Booms and Financial Crises
3.1 Chapter Overview
3.2 Dynamics
3.2.1 Extended Setting
3.2.2 No Aggregate Shocks
3.2.3 Aggregate Shocks
3.2.4 Dispersion of Beliefs
3.2.5 Numerical Illustration
3.3 Policy Implications
3.3.1 No Aggregate Shocks
3.3.2 Aggregate Shocks
3.4 Summary
4. Technology and Financial Crises
4.1 Chapter Overview
4.2 The Model
4.2.1 The Extended Setting
4.2.2 Information and Credit
4.3 Credit and Growth Accounting
4.4 Model Dynamics
4.4.1 Stationary Equilibria
4.4.2 Stationary Equilibria with Phase Diagrams
4.4.3 Transitions
4.4.4 Numerical Illustration
4.5 The Financial Crisis of 2007-2008: A Case of a Bad Boom
4.5.1 The Transformation of Banking
4.5.2 Buildup to the Crisis
4.5.3 Repo
4.5.4 The Panic
4.6 The Roaring Twenties: Another Case of a Bad Boom
4.7 Some Empirical Tests
4.7.1 Firm Default is a Component of TFP
4.7.2 Firms Default More during Bad Booms
4.7.3 GDP Grows Less during Bad Booms
4.8 Alternative Model with Mortgages
4.9 Summary
5. The Crisis Prevention Role of Stock Markets
5.1 Chapter Overview
5.2 Model
5.2.1 Environment
5.2.2 Timing and Equilibrium
5.2.3 The Stock Market
5.3 Credit and Stock Markets: Dynamic Interactions
5.3.1 Credit Booms, Busts, and the Evolution of Beliefs
5.3.2 The Stock Market as a Macroprudential Mechanism
5.3.3 Policy Implications
5.4 Testing Aggregate Information Dynamics
5.4.1 Measures of Information and Fragility
5.4.2 Data
5.4.3 Three Tests
5.5 Measures of Information and Business Cycles
5.5.1 What Is the "Business Cycle?
5.5.2 Information Measures over Business Cycles
5.6 Summary
6. The Crisis-Fighting Role of Central Banks
6.1 Chapter Overview
6.2 Model
6.2.1 Environment
6.2.2 Timing
6.3 Runs and Investments
6.3.1 Withdrawal Choices
6.3.2 Investment Choices
6.4 Crises and Interventions
6.4.1 Tools to Fight the Crisis: Lending Facilities
6.5 The Role of Opacity and Stigma in Fighting Crises
6.5.1 Ending a Crisis with Opacity
6.5.2 The Role of Stigma in Sustaining Opacity
6.5.3 Ending a Crisis with Transparency
6.5.4 Opacity or Transparency?
6.5.5 Additional Remarks
6.6 Summary
7. Final Thoughts
7.1 Where We Stand
7.2 Where to Go
7.3 Final Remarks
Appendix A: Proofs
A.1 Proof of Proposition 3
A.2 Proof of Proposition 4
A.3 Proof of Proposition 6
A.4 Proof of Proposition 7
A.5 Proof of Proposition 8
A.6 Proof of Proposition 17
A.7 Proof of Proposition 18
A.8 Proof of Lemma 4
A.9 Proof of Lemma 5
A.10 Proof of Lemma 6
A.11 Proof of Lemma 7
A.12 Proof of Lemma 8
A.13 Proof of Proposition 21
Appendix B: Additional Tables and Figures
Notes
Bibliography
Index

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