Author/Editor: Woon Gyu Choi, David Cook.

Release Date:April, 2018

This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps more...

Author/Editor: Woon Gyu Choi, David Cook.

Release Date:June, 2010

During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous more...

Author/Editor: David Cook, Woon Gyu Choi.

Release Date:September, 2008

Using the theory of optimal local currency pricing, this paper constructs a structural equation to estimate the rate at which foreign producer prices pass through the local currency prices of more...

Author/Editor: David Cook, Woon Gyu Choi.

Release Date:April, 2007

This paper examines empirically U.S. broad money demand emphasizing the role of financial market risk. We find that money demand rises with the liquidity risk of stock markets or the credit risk of more...

Author/Editor: Woon Gyu Choi, David Cook.

Release Date:January, 2005

In a liquid financial market, investors are able to sell large blocks of assets without substantially changing the price. We document a steep drop in the liquidity of the Japanese stock market in the more...

Author/Editor: David Cook, Woon Gyu Choi.

Release Date:August, 2002

Banks in developing economies often face a mismatch in the currency denomination of their liabilities (foreign currency denominated debt) and assets (domestic currency loans to domestic borrowers). more...