I investigate how the structure of the mortgage market influences macroeconomic dynamics,
using a general equilibrium framework with prepayable debt and a limit on the ratio of …

I model the equilibrium risk sharing between countries with varying financial development.
The most financially developed country takes greater risks because its financial …

During the pre‐crisis period, Europe experienced substantial cross‐country variation in
domestic credit growth and cross‐border capital flows. We investigate the inter‐relations …

The US dollar's dominance seems under threat. The near collapse of the US financial
system in 2008–2009, political paralysis that has blocked effective policymaking, and …

In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …

We use a quantitative equilibrium model with houses, collateralized debt and foreign
borrowing to study the impact of global imbalances on the US economy in the 2000s. Our …

Risk premia increase with government debt. Debt-to-GDP ratios positively predict stock
returns at short and long horizons in the US and other advanced economies. Higher debt is …

Natural resource reserves are exogenous in models of small commodity exporters. Changes
in the stock of reserves play no role in the macroeconomy including in business cycle …

Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships
between global imbalances, financial crises, and central bank policies, with a specific focus …

Purpose The study is intended to identify the macroeconomic factors that drive the use of
companies registered in tax havens to purchase properties in the UK housing market …