The Non‐Bank Credit Cycle
In a new working paper "The Non‐Bank Credit Cycle", researchers Esti Kemp, René van Stralen, Alexandros Vardoulakis, and Peter Wierts tried to look into the cyclical properties of non‐bank credit and its relevance for financial stability.
Macroprudential Policy – how does it differ from rate hikes?
Macroprudential policies, it is argued, are more targeted and can complement central bank’s use of interest rate policy.
What Macroeconomists agree with each others, according to Blanchard
Olivier Blanchard a list of things that macroeconomists normally agreed on and need no further discussions.
How to use the Fed’s FIMA Repo — the case of Hong Kong
Hong Kong Monetary Authority, the de facto central bank of Hong Kong, announced on April 22 that it will utilize the Fed's FIMA Repo facility to borrow USD 10 billion of cash.
The Fed’s Interest Rate Policy Regime – Corridor System or Floor System
The Fed has changed it interest rate policy regime since 2008, from the so-called Corridor system, to the Floor system it is using right now. What is the different?
Hysteresis – An Underrated Macroeconomics Question
Hysteresis is referred to the hypothesis that recessions may have permanent effects on the level of output relative to trend.
Nonbank Lending
In their recent working paper "Nonbank Lending", economists Sergey Chernenko, Isil Erel, and Robert Prilmeier provided an insightful overview of the sources and terms of private debt financing during the post-crisis period.
Media Sentiment and International Asset Prices
A new working paper from the IMF which tries to assess the impact of media sentiment on equity markets.
Central Bank’s Balance Sheet and the Rise of Reserves
The above figure shows the balance sheet of four major central banks from 2005 to 2015. Above the horizontal axis is the asset side...
Canada GDP: an Up-to-date checkup on the Canadian economy
While GDP rebounded by 0.65% in Q3 (2.6% annualized), the expansion was driven almost entirely by a 2.2% drop in imports.
