Download A Flow-of-Funds Perspective on the Financial Crisis: Volume by A. Van Riet , Peter Bull Bernhard Winkler PDF

By A. Van Riet , Peter Bull Bernhard Winkler

In line with the obstacle adventure, the e-book deals an summary of classes for macrofinancial research and monetary balance. It illustrates the interlinkages among the monetary aspect and the true facet of the financial system and highlights the function of stability sheet variables and sectoral stability sheet positions within the evolution of the monetary predicament.

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Additional resources for A Flow-of-Funds Perspective on the Financial Crisis: Volume II: Macroeconomic Imbalances and Risks to Financial Stability

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017IFAt−1 /yt + 0. 055(HLIt−1 )HAt−1 /yt (7. 6) (8. 6) (5. 6, HLI is given by a smooth spline plus the change in the scaled ten-year US treasury minus Aaarated corporate bond yield spread as an indicator of a general risk premium. 6 While consumption in this equation is conditional on end of previous period portfolios, asset prices and current income, many useful insights into both long-run trends and short to medium-term policy issues can be obtained from a graphical decomposition of the long-run solution for the log ratio of consumption to non-property income.

And M. Gertler (1989) ‘Agency costs, net worth, and business fluctuations’, American Economic Review, 79 (1), 14–31. S. and M. Gertler (1995) ‘Inside the black box: the credit channel of monetary policy transmission’, Journal of Economic Perspectives, 9 (4), 27–48. , Gertler, M. and S. B. Taylor and M. Woodford (eds), Handbook of Modern Macroeconomics, Volume 1A (Amsterdam: Elsevier), 1341–93. Tobin LIVES 37 Blake, D. (2004) ‘Modelling the composition of personal sector wealth in the UK’, Applied Financial Economics, 14 (9), 611–30.

Brainard and Tobin emphasise the accounting consistency for the holdings by banks with the private sector, given overall balance sheet constraints. They argue that the main pitfall in financial modelling at the time was the widespread failure to impose explicitly the financial identities in model building, so missing the complex interdependencies of the whole system. Tobin (1969) contrasts somewhat more ‘monetarist’ special cases, with money and equities as the only assets, with a multiple asset model.

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