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The Macroeconomic Consequences of the Savings and Loan Debacle

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  • Manchester, Joyce
  • McKibbin, Warwick J

Abstract

This paper used a general equilibrium framework to examine the macroeconomic consequences of the recent failures and subsequent bailout in the savings and loan industry. We distinguish between the losses in the capital stock, the economic effects of alternative methods of funding those real losses, and the intertemporal transfer of real resources implicit in backing the financial assets used. We then embed the analysis in a general equilibrium, multi-country model with intertemporal budget constraints that allows for the interaction of intertemporal adjustment and expectation revisions. The more complete model is used to explore the consequences of the S&L debacle on the evolution of the U.S. economy during the 1980s and 1990s. Copyright 1994 by MIT Press.

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  • Manchester, Joyce & McKibbin, Warwick J, 1994. "The Macroeconomic Consequences of the Savings and Loan Debacle," The Review of Economics and Statistics, MIT Press, vol. 76(3), pages 579-584, August.
    • Handle: RePEc:tpr:restat:v:76:y:1994:i:3:p:579-84
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    Cited by:

    1. van Tuijl, M.A. & de Groof, R.J. & Kolnaar, A.H.J.J., 1997. "Fiscal policy and public capital in interdependent economies," Other publications TiSEM 73665e5e-5bf5-4d07-b647-b, Tilburg University, School of Economics and Management.
    2. van Tuijl, Martin A. & de Groof, Robert J. & Kolnaar, Ad H. J., 1997. "Fiscal policy and public capital in interdependent economics," Economic Modelling, Elsevier, vol. 14(2), pages 279-300, April.
    3. Shigeru Otsubo*Masahiko Tsutsumi, 1996. "Is the"Japan Problem"real? How problems in Japan's financial sector could affect developing regions," Policy Research Working Paper Series 1682, The World Bank.
    4. Kane, Edward J. & Yu, Min-Teh, 1996. "Opportunity cost of capital forbearance during the final years of the FSLIC mess," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(3), pages 271-290.
    5. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 995-1068, Elsevier.

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