Financial crises: A survey

A Sufi, AM Taylor - Handbook of international economics, 2022‏ - Elsevier
Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

Impact of housing policies on the real estate market-Systematic literature review

C Zhao, F Liu - Heliyon, 2023‏ - cell.com
Real estate majorly contributes to the national gross domestic product (GDP) growth,
occupying an important position in the national economy. It is the largest fixed asset for …

The global financial cycle

S Miranda-Agrippino, H Rey - Handbook of international economics, 2022‏ - Elsevier
We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

The unequal economic consequences of carbon pricing

DR Känzig - 2023‏ - nber.org
This paper studies the economic impacts of carbon pricing. Exploiting institutional features of
the European carbon market and high-frequency data, I document that a tighter carbon …

Local projections and VARs estimate the same impulse responses

M Plagborg‐Møller, CK Wolf - Econometrica, 2021‏ - Wiley Online Library
We prove that local projections (LPs) and Vector Autoregressions (VARs) estimate the same
impulse responses. This nonparametric result only requires unrestricted lag structures. We …

Identification and estimation of dynamic causal effects in macroeconomics using external instruments

JH Stock, MW Watson - The Economic Journal, 2018‏ - academic.oup.com
External sources of as‐if randomness—that is, external instruments—can be used to identify
the dynamic causal effects of macroeconomic shocks. One method is a one‐step …

Exchange arrangements entering the twenty-first century: Which anchor will hold?

E Ilzetzki, CM Reinhart, KS Rogoff - The Quarterly Journal of …, 2019‏ - academic.oup.com
This article provides a comprehensive history of anchor or reference currencies, exchange
rate arrangements, and a new measure of foreign exchange restrictions for 194 countries …

The rate of return on everything, 1870–2015

Ò Jordà, K Knoll, D Kuvshinov… - The quarterly journal …, 2019‏ - academic.oup.com
What is the aggregate real rate of return in the economy? Is it higher than the growth rate of
the economy and, if so, by how much? Is there a tendency for returns to fall in the long run …

Monetary policy according to HANK

G Kaplan, B Moll, GL Violante - American Economic Review, 2018‏ - aeaweb.org
We revisit the transmission mechanism from monetary policy to household consumption in a
Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic …

Macrofinancial history and the new business cycle facts

Ò Jordà, M Schularick… - NBER macroeconomics …, 2017‏ - journals.uchicago.edu
In advanced economies, a century-long, near-stable ratio of credit to GDP gave way to rapid
financialization and surging leverage in the last forty years. This “financial hockey stick” …