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Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

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  1. Comment la zone euro aurait-elle pu éviter sa seconde récession ?
    by Martin Anota in D'un champ l'autre on 2015-02-01 04:37:00

Citations

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Cited by:

  1. Moritz Drechsel-Grau & Fabian Greimel, 2018. "Falling Behind: Has Rising Inequality Fueled the American Debt Boom?," 2018 Meeting Papers 1032, Society for Economic Dynamics.
  2. Vallés, Javier & Salas Fumás, Vicente & San Juan, Lucio, 2022. "Corporate economic profits in the euro area: The relevance of cost competitive advantage," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 569-585.
  3. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2017. "The Analytics of the Greek Crisis," NBER Macroeconomics Annual, University of Chicago Press, vol. 31(1), pages 1-81.
  4. Gabriel Chodorow-Reich & Loukas Karabarbounis & Rohan Kekre, 2023. "The Macroeconomics of the Greek Depression," American Economic Review, American Economic Association, vol. 113(9), pages 2411-2457, September.
  5. Andrade, Philippe & Ferroni, Filippo & Melosi, Leonardo, 2024. "Higher-Order Moment Inequality Restrictions for SVARs," The Warwick Economics Research Paper Series (TWERPS) 1537, University of Warwick, Department of Economics.
  6. Bazillier, Rémi & Héricourt, Jérôme & Ligonnière, Samuel, 2021. "Structure of income inequality and household leverage: Cross-country causal evidence," European Economic Review, Elsevier, vol. 132(C).
  7. Pia Hüttl & Matthias Kaldorf, 2022. "Real Effects of Financial Market Integration: Evidence from an ECB Collateral Framework Change," Discussion Papers of DIW Berlin 2012, DIW Berlin, German Institute for Economic Research.
  8. Andreas Fagereng & Magnus A. H. Gulbrandsen & Martin B. Holm & Gisle J. Natvik, 2021. "How does monetary policy affect household indebtedness?," Working Paper 2021/5, Norges Bank.
  9. Constantinescu, Mihnea & Nguyen, Anh Dinh Minh, 2021. "A century of gaps: Untangling business cycles from secular trends," Economic Modelling, Elsevier, vol. 100(C).
  10. repec:zbw:bofrdp:2020_009 is not listed on IDEAS
  11. Albonico, Alice & Tirelli, Patrizio, 2020. "Financial crises and sudden stops: Was the European monetary union crisis different?," Economic Modelling, Elsevier, vol. 93(C), pages 13-26.
  12. Christian Keuschnigg & Linda Kirschner & Michael Kogler & Hannah Winterberg, 2020. "Italy in the Eurozone," CESifo Working Paper Series 8416, CESifo.
  13. House, Christopher L. & Proebsting, Christian & Tesar, Linda L., 2020. "Austerity in the aftermath of the great recession," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 37-63.
  14. Felipe Benguria & Alan M. Taylor, 2020. "After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade," American Economic Review: Insights, American Economic Association, vol. 2(4), pages 509-526, December.
  15. Atif Mian & Amir Sufi & Emil Verner, 2017. "Household Debt and Business Cycles Worldwide," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(4), pages 1755-1817.
  16. Terzi, Alessio, 2020. "Macroeconomic adjustment in the euro area," European Economic Review, Elsevier, vol. 128(C).
  17. Jun, Bogang & Kim, Tai-Yoo, 2015. "A neo-Schumpeterian perspective on the analytical macroeconomic framework: The expanded reproduction system," Hohenheim Discussion Papers in Business, Economics and Social Sciences 11-2015, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
  18. Farboodi, Maryam & Kondor, Peter, 2018. "Heterogeneous global cycles," LSE Research Online Documents on Economics 118911, London School of Economics and Political Science, LSE Library.
  19. Philippe Martin & Thomas Philippon, 2017. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," American Economic Review, American Economic Association, vol. 107(7), pages 1904-1937, July.
  20. Christophe Blot & Jérôme Creel & Xavier Ragot, 2019. "The Euro at 20: a critical assessment," Working Papers hal-03403622, HAL.
  21. Keunbae Ahn, 2021. "Predictable Fluctuations in the Cross-Section and Time-Series of Asset Prices," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2021, January-A.
  22. Sophie Piton, 2017. "Economic Integration and the Non-tradable Sector: The European Experience," 2017 Papers ppi361, Job Market Papers.
  23. Batini, Nicoletta & Melina, Giovanni & Villa, Stefania, 2019. "Fiscal buffers, private debt, and recession: The good, the bad and the ugly," Journal of Macroeconomics, Elsevier, vol. 62(C).
  24. Thomas Philippon & Francisco Roldán, 2018. "On the Optimal Speed of Sovereign Deleveraging with Precautionary Savings," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 375-413, June.
  25. Michael Funke & Rongrong Sun & Linxu Zhu, 2022. "The credit risk of Chinese households: A micro‐level assessment," Pacific Economic Review, Wiley Blackwell, vol. 27(3), pages 254-276, August.
  26. Philippe Martin & Thomas Philippon, 2017. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," SciencePo Working papers hal-03391984, HAL.
  27. Ivan Jaccard & Frank Smets, 2020. "Structural Asymmetries and Financial Imbalances in the Eurozone," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 73-102, April.
  28. Emi Nakamura & Jón Steinsson, 2018. "Identification in Macroeconomics," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 59-86, Summer.
  29. Hartwell Christopher A., 2019. "Complexity, Uncertainty, and Monetary Policy: Can the ECB Avoid the Unconventional Becoming the ‘New Normal’?," The Economists' Voice, De Gruyter, vol. 16(1), pages 1-13, December.
  30. Radovan Kovačević, 2019. "The Export Performance Of The Euro Area: A Panel Quantile Regression Approach," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 64(222), pages 7-62, July – Se.
  31. Yun Jung Kim & Jing Zhang, 2021. "The Relationship Between Debt and Output," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 230-257, March.
  32. Servaas Storm & C.W.M. Naastepad, 2016. "Myths, Mix-ups, and Mishandlings: Understanding the Eurozone Crisis," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(1), pages 46-71, January.
  33. Joseba Martinez & Thomas Philippon & Markus Sihvonen, 2019. "Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets," NBER Working Papers 26026, National Bureau of Economic Research, Inc.
  34. Manuel Amador & Christopher Phelan, 2021. "Reputation and Sovereign Default," Econometrica, Econometric Society, vol. 89(4), pages 1979-2010, July.
  35. Fritz Breuss, 2015. "In Search of Growth in a Future with Diminished Expectations. The Case of Austria," WIFO Working Papers 493, WIFO.
  36. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
  37. repec:zbw:bofitp:2018_012 is not listed on IDEAS
  38. Marcin Bielecki & Michał Brzoza‐Brzezina & Marcin Kolasa & Krzysztof Makarski, 2019. "Could the Boom‐Bust in the Eurozone Periphery Have Been Prevented?," Journal of Common Market Studies, Wiley Blackwell, vol. 57(2), pages 336-352, March.
  39. Luigi Marattin & Tommaso Nannicini & Francesco Porcelli, 2022. "Revenue vs expenditure based fiscal consolidation: the pass-through from federal cuts to local taxes," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(4), pages 834-872, August.
  40. Filippo Balestrieri & Mr. Suman S Basu, 2018. "An Imperfect Financial Union With Heterogeneous Regions," IMF Working Papers 2018/205, International Monetary Fund.
  41. Lim, G.C. & McNelis, Paul D., 2018. "Unconventional monetary and fiscal policies in interconnected economies: Do policy rules matter?," Journal of Economic Dynamics and Control, Elsevier, vol. 93(C), pages 346-363.
  42. Atif Mian & Amir Sufi, 2018. "Finance and Business Cycles: The Credit-Driven Household Demand Channel," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 31-58, Summer.
  43. Nicoletta Batini & Mr. Giovanni Melina & Stefania Villa, 2016. "Fiscal Buffers, Private Debt, and Stagnation: The Good, the Bad and the Ugly," IMF Working Papers 2016/104, International Monetary Fund.
  44. Campos, Nauro F. & Macchiarelli, Corrado, 2021. "The dynamics of core and periphery in the European monetary union: A new approach," Journal of International Money and Finance, Elsevier, vol. 112(C).
  45. Philipp Hartman & Frank Smets, 2018. "The European Central Bank’s Monetary Policy during Its First 20 Years," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 1-146.
  46. Xiangfa Li & Zhe Zhang & Weixian Xue & Hua Wang, 2022. "The Effects of Household Debt and Oil Price Shocks on Economic Growth in the Shadow of the Pandemic," Sustainability, MDPI, vol. 14(22), pages 1-16, November.
  47. Rivero Wildemauwe, José Ignacio & Sanroman, Graciela, 2022. "Household debt and debt to income: The role of business ownership," The Quarterly Review of Economics and Finance, Elsevier, vol. 83(C), pages 52-68.
  48. Christophe Blot & Jérôme Creel & Xavier Ragot, 2019. "The Euro at 20: a critical assessment," Post-Print hal-03403622, HAL.
  49. Campos, Nauro F. & Jarko, Fidrmuc & Iikka, Korhonen, 2017. "Business cycle synchronisation in a currency union: Taking stock of the evidence," Bank of Finland Research Discussion Papers 28/2017, Bank of Finland.
  50. Maryam Farboodi & Péter Kondor, 2022. "Heterogeneous Global Booms and Busts," American Economic Review, American Economic Association, vol. 112(7), pages 2178-2212, July.
  51. Mirdala, Rajmund & Ruščáková, Anna, 2015. "On Origins and Implications of the Sovereign Debt Crisis in the Euro Area," MPRA Paper 68859, University Library of Munich, Germany.
  52. Silvia Gabrieli & Claire Labonne, 2018. "Bad Sovereign or Bad Balance Sheets? Euro Interbank Market Fragmentation and Monetary Policy, 2011-2015," Working papers 687, Banque de France.
  53. Maria‐Eleni K. Agoraki & Stella Kardara & Tryphon Kollintzas & Georgios P. Kouretas, 2023. "Debt‐to‐GDP changes and the great recession: European Periphery versus European Core," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 3299-3331, July.
  54. Michael Funke & Rongrong Sun & Linxu Zhu, 2022. "The credit risk of Chinese households: A micro‐level assessment," Pacific Economic Review, Wiley Blackwell, vol. 27(3), pages 254-276, August.
  55. Gourinchas, Pierre-Olivier & Philippon, Thomas & Vayanos, Dimitri, 2016. "The analytics of the Greek crisis: celebratory centenary issue," LSE Research Online Documents on Economics 67368, London School of Economics and Political Science, LSE Library.
  56. Ioannides, Yannis & Philippon, Presenter Thomas & Gourinchas, Pierre-Olivier & Blanchard, Olivier & Steinsson, Jon & Uhlig, Harald & Alvarez, Fernando & Reis, Ricardo & Klein, Michael, 2017. "The Analytics of the Greek Crisis Discussion," Department of Economics, Working Paper Series qt4z39g6vx, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  57. Christian Keuschnigg & Linda Kirschner & Michael Kogler & Hannah Winterberg, 2023. "Monetary union, asymmetric recession, and exit," Review of International Economics, Wiley Blackwell, vol. 31(5), pages 1833-1863, November.
  58. Verstegen, Loes & Meijdam, Lex, 2016. "The Effectiveness of a Fiscal Transfer Mechanism in a Monetary Union : A DSGE Model for the Euro Area," Other publications TiSEM 2963247d-7fe3-4b3a-80b5-c, Tilburg University, School of Economics and Management.
  59. Pappa, Evi & Sajedi, Rana & Vella, Eugenia, 2015. "Fiscal consolidation with tax evasion and corruption," Journal of International Economics, Elsevier, vol. 96(S1), pages 56-75.
  60. repec:hal:spmain:info:hdl:2441/5vh68vsbm9akb9r0rkcdi4tmi is not listed on IDEAS
  61. Campagne, Benoît & Poissonnier, Aurélien, 2018. "Structural reforms in DSGE models: Output gains but welfare losses," Economic Modelling, Elsevier, vol. 75(C), pages 397-421.
  62. Bazillier, Rémi & Héricourt, Jérôme & Ligonnière, Samuel, 2021. "Structure of income inequality and household leverage: Cross-country causal evidence," European Economic Review, Elsevier, vol. 132(C).
  63. Adam Guren & Alisdair McKay & Emi Nakamura & Jón Steinsson, 2021. "What Do We Learn from Cross-Regional Empirical Estimates in Macroeconomics?," NBER Macroeconomics Annual, University of Chicago Press, vol. 35(1), pages 175-223.
  64. Diego Anzoategui, 2019. "Sovereign Debt and the Effects of Fiscal Austerity," 2019 Meeting Papers 441, Society for Economic Dynamics.
  65. Callum Jones & Virgiliu Midrigan & Thomas Philippon, 2022. "Household Leverage and the Recession," Econometrica, Econometric Society, vol. 90(5), pages 2471-2505, September.
  66. Ngene, Geoffrey M. & Tah, Kenneth A., 2023. "How are policy uncertainty, real economy, and financial sector connected?," Economic Modelling, Elsevier, vol. 123(C).
  67. Hartmann, Philipp & Smets, Frank, 2018. "The first twenty years of the European Central Bank: monetary policy," Working Paper Series 2219, European Central Bank.
  68. David Aikman & Jonathan Bridges & Anil Kashyap & Caspar Siegert, 2019. "Would Macroprudential Regulation Have Prevented the Last Crisis?," Journal of Economic Perspectives, American Economic Association, vol. 33(1), pages 107-130, Winter.
  69. Mattia Osvaldo Picarelli & Willem Vanlaer & Wim Marneffe, 2019. "Does Public Debt Produce a Crowding Out Effect for Public Investment in the EU?," Working Papers 36, European Stability Mechanism.
  70. Şebnem Kalemli-Özcan & Luc Laeven & David Moreno, 2022. "Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis," Journal of the European Economic Association, European Economic Association, vol. 20(6), pages 2353-2395.
  71. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2021. "Fiscal policy in a monetary union with downward nominal wage rigidity," Working Papers 2021-16, Swiss National Bank.
  72. Philip R. Lane, 2019. "Macrofinancial Stability and the Euro," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 424-442, September.
  73. Mitchener, Kris & Trebesch, Christoph, 2021. "Sovereign Debt in the 21st Century: Looking Backward, Looking Forward," CEPR Discussion Papers 15935, C.E.P.R. Discussion Papers.
  74. Christophe Blot & Jérôme Creel & Xavier Ragot, 2019. "The Euro at 20: a critical assessment," Post-Print hal-03403622, HAL.
  75. Silvo, Aino & Verona, Fabio, 2020. "The Aino 3.0 model," Research Discussion Papers 9/2020, Bank of Finland.
  76. Ivan Jaccard & Frank Smets, 2020. "Structural Asymmetries and Financial Imbalances in the Eurozone," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 73-102, April.
  77. repec:hal:spmain:info:hdl:2441/59bp0vqv2b8k7a185vg2hert9v is not listed on IDEAS
  78. Yuan, Gecheng & Fang, Jie & Sun, Yongping, 2024. "The impact of Fintech on the nexus between household debt and financial crises: A global perspective," Economic Modelling, Elsevier, vol. 130(C).
  79. Caoyuan Ma & Pin Guo & Zhao Zhang, 2022. "Structural Deleveraging: Evidence from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(6), pages 137-162, November.
  80. repec:spo:wpmain:info:hdl:2441/59bp0vqv2b8k7a185vg2hert9v is not listed on IDEAS
  81. Marzinotto, Benedicta, 2022. "Euro area current account imbalances: A tale of two financial liberalizations," Journal of International Money and Finance, Elsevier, vol. 120(C).
  82. Clancy, Daragh & Merola, Rossana, 2017. "Countercyclical capital rules for small open economies," Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 332-351.
  83. François Langot, 2020. "Public Debt, Policy Mix and European Stability," Working Papers hal-02895635, HAL.
  84. Kuvshinov, Dmitry & Müller, Gernot J. & Wolf, Martin, 2016. "Deleveraging, deflation and depreciation in the euro area," European Economic Review, Elsevier, vol. 88(C), pages 42-66.
  85. Philip R. Lane, 2021. "The Resilience of the Euro," Journal of Economic Perspectives, American Economic Association, vol. 35(2), pages 3-22, Spring.
  86. Rohan Kekre, 2022. "Optimal Currency Areas with Labor Market Frictions," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(2), pages 44-95, April.
  87. Coeuré, B., 2015. "Completing the single market in capital," Financial Stability Review, Banque de France, issue 19, pages 15-24, April.
  88. Galindo-Martín, Miguel-Ángel & Castaño-Martínez, María-Soledad & Méndez-Picazo, María-Teresa, 2021. "The role of entrepreneurship in different economic phases," Journal of Business Research, Elsevier, vol. 122(C), pages 171-179.
  89. Maideu-Morera, Gerard, 2024. "Optimal Fiscal Rules and Macroprudential Policies with Sovereign Default Risk," TSE Working Papers 24-1534, Toulouse School of Economics (TSE).
  90. Avezum, Lucas & Huizinga, Harry & Raes, Louis, 2022. "The impact of bank regulation on firms’ capital structure: Evidence from multinationals," Journal of Banking & Finance, Elsevier, vol. 138(C).
  91. Anzoategui, Diego, 2022. "Sovereign spreads and the effects of fiscal austerity," Journal of International Economics, Elsevier, vol. 139(C).
  92. Almarina Gramozi & Theodore Palivos & Marios Zachariadis, 2019. "Talent Misallocation in Europe," University of Cyprus Working Papers in Economics 05-2019, University of Cyprus Department of Economics.
  93. repec:zbw:bofrdp:2017_028 is not listed on IDEAS
  94. Herman, Uroš & Lozej, Matija, 2021. "Cross-border bank funding and lending in a monetary union: Evidence from Slovenia," Journal of International Money and Finance, Elsevier, vol. 115(C).
  95. Uwe Vollmer, 2022. "Monetary policy or macroprudential policies: What can tame the cycles?," Journal of Economic Surveys, Wiley Blackwell, vol. 36(5), pages 1510-1538, December.
  96. Mathias Hoffmann & Egor Maslov & Bent E. Sørensen & Iryna Stewen, 2018. "Are banking and capital markets union complements? Evidence from channels of risk sharing in the eurozone," ECON - Working Papers 311, Department of Economics - University of Zurich.
  97. Funke, Michael & Li, Xiang & Zhong, Doudou, 2023. "Household indebtedness, financial frictions and the transmission of monetary policy to consumption: Evidence from China," Emerging Markets Review, Elsevier, vol. 55(C).
  98. Campos, Nauro F. & Jarko, Fidrmuc & Iikka, Korhonen, 2017. "Business cycle synchronisation in a currency union: Taking stock of the evidence," Bank of Finland Research Discussion Papers 28/2017, Bank of Finland.
  99. Mathias Hoffmann & Egor Maslov & Bent E. Sørensen & Iryna Stewen, 2019. "Channels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 443-495, September.
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