 | Macro-prudential Policy in a Fisherian Model of Financial Innovation Author/Editor: Javier Bianchi, Emine Boz, Enrique G. Mendoza. Release Date:July, 2012 The interaction between credit frictions, financial innovation, and a switch from optimistic to
pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a
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 | A General Equilibrium Model of Sovereign Default and Business Cycles Author/Editor: Zhanwei Z. Yue, Enrique G. Mendoza. Release Date:July, 2011 Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment more...
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| How Big (Small?) Are Fiscal Multipliers? Author/Editor: Ethan Ilzetzki, Enrique G. Mendoza, Carlos A. Végh Gramont. Release Date:March, 2011 We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the more...
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| Overborrowing, Financial Crises and ‘Macro-Prudential' Policy? Author/Editor: Enrique G. Mendoza, Javier Bianchi. Release Date:February, 2011 This paper studies overborrowing, financial crises and macro-prudential policy in an equilibrium model of business cycles and asset prices with collateral constraints. Agents in a decentralized more...
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| On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints? Author/Editor: Enrique G. Mendoza, Marco Terrones, Ceyhun Bora Durdu. Release Date:February, 2010 Theory predicts that a nation's stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual more...
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| An Anatomy of Credit Booms : Evidence From Macro Aggregates and Micro Data Author/Editor: Marco Terrones, Enrique G. Mendoza. Release Date:September, 2008 We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real more...
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