메뉴 건너뛰기




Volumn 121, Issue 553, 2011, Pages 707-739

The Myth of Financial Innovation and the Great Moderation

Author keywords

[No Author keywords available]

Indexed keywords

BANKING; FINANCIAL CRISIS; FINANCIAL MARKET; FINANCIAL SYSTEM; INNOVATION; MORTGAGE LENDING;

EID: 79957955160     PISSN: 00130133     EISSN: 14680297     Source Type: Journal    
DOI: 10.1111/j.1468-0297.2010.02400.x     Document Type: Article
Times cited : (52)

References (25)
  • 1
    • 85016834058 scopus 로고
    • 'The federal funds rate and the channels of monetary transmission'
    • Bernanke, B.S. and Blinder, A.S. (1992). 'The federal funds rate and the channels of monetary transmission', American Economic Review, vol. 82, pp. 901-21.
    • (1992) American Economic Review , vol.82 , pp. 901-921
    • Bernanke, B.S.1    Blinder, A.S.2
  • 2
    • 0035628153 scopus 로고    scopus 로고
    • 'The long and large decline in US output volatility'
    • Blanchard, O. and Simon, J. (2001). 'The long and large decline in US output volatility', Brookings Papers on Economic Activity, vol. 1, pp. 135-64.
    • (2001) Brookings Papers on Economic Activity , vol.1 , pp. 135-164
    • Blanchard, O.1    Simon, J.2
  • 5
    • 79957960389 scopus 로고    scopus 로고
    • 'The role of collateralized household debt in macroeconomic stabilization', Federal Reserve Bank of Chicago Working Paper WP No. 2004-24.
    • Campbell, J.R. and Hercowitz, Z. (2006). 'The role of collateralized household debt in macroeconomic stabilization', Federal Reserve Bank of Chicago Working Paper WP No. 2004-24.
    • (2006)
    • Campbell, J.R.1    Hercowitz, Z.2
  • 6
    • 79957966927 scopus 로고    scopus 로고
    • 'Monetary Policy Shifts, Inflation Expectations and the Price Puzzle'
    • (forthcoming).
    • Castelnuovo, E. and Surico, P. (forthcoming). 'Monetary Policy Shifts, Inflation Expectations and the Price Puzzle', Economic Journal.
    • Economic Journal
    • Castelnuovo, E.1    Surico, P.2
  • 7
    • 79957966509 scopus 로고    scopus 로고
    • We need to sustain the ''Great Moderation"', The Financial Express, June 26, available at.
    • Cecchetti, S. (2008). 'We need to sustain the ''Great Moderation"', The Financial Express, June 26, available at.
    • (2008)
    • Cecchetti, S.1
  • 8
    • 79957967970 scopus 로고    scopus 로고
    • 'Assessing the sources of changes in the volatility of real growth'. NBER Working Paper.
    • Cecchetti, S., Flores-Lagunes, A. and Krause, S. (2006). 'Assessing the sources of changes in the volatility of real growth'. NBER Working Paper.
    • (2006)
    • Cecchetti, S.1    Flores-Lagunes, A.2    Krause, S.3
  • 9
    • 70449089152 scopus 로고    scopus 로고
    • 'Monetary policy shocks: what have we learned and to what end?'
    • in (J.B. Taylor and M. Woodford, eds.), North-Holland, Amsterdam: Elsevier.
    • Christiano, L.J., Eichenbaum, M. and Evans, C.L. (1999). 'Monetary policy shocks: what have we learned and to what end?', in (J.B. Taylor and M. Woodford, eds.), Handbook of Macroeconomics, pp. 65-148, North-Holland, Amsterdam: Elsevier.
    • (1999) Handbook of Macroeconomics , pp. 65-148
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.L.3
  • 10
    • 68149103129 scopus 로고    scopus 로고
    • 'Can financial frictions help explain the performance of the US fed?'
    • Article 1.
    • de Blas-Pérez, B. (2009). 'Can financial frictions help explain the performance of the US fed?', The B.E. Journal of Macroeconomics, vol. 9(1), Article 1.
    • (2009) The B.E. Journal of Macroeconomics , vol.9 , Issue.1
    • de Blas-Pérez, B.1
  • 11
    • 0002419435 scopus 로고    scopus 로고
    • 'The comovement between ouptut and prices'
    • Den Haan, W.J. (2000). 'The comovement between ouptut and prices', Journal of Monetary Economics, vol. 46, pp. 3-30.
    • (2000) Journal of Monetary Economics , vol.46 , pp. 3-30
    • Den Haan, W.J.1
  • 12
    • 79957936876 scopus 로고    scopus 로고
    • 'The myth of financial innovation and the great moderation', CEPR Discussion Paper No. 7507.
    • Den Haan, W.J. and Sterk, V. (2009).'The myth of financial innovation and the great moderation', CEPR Discussion Paper No. 7507.
    • (2009)
    • Den Haan, W.J.1    Sterk, V.2
  • 13
    • 31344441352 scopus 로고    scopus 로고
    • 'Can financial innovation help to explain the reduced volatility of economic activity?'
    • Dynan, K.E., Elmendorf, D.W. and Sichel, D.E. (2006). 'Can financial innovation help to explain the reduced volatility of economic activity?', Journal of Monetary Economics, vol. 53, pp. 123-50.
    • (2006) Journal of Monetary Economics , vol.53 , pp. 123-150
    • Dynan, K.E.1    Elmendorf, D.W.2    Sichel, D.E.3
  • 14
    • 61649088809 scopus 로고    scopus 로고
    • 'Money demand heterogeneity and the great moderation'
    • Guerron-Quintana, P.A. (2009). 'Money demand heterogeneity and the great moderation', Journal of Monetary Economics, vol. 56, pp. 255-66.
    • (2009) Journal of Monetary Economics , vol.56 , pp. 255-266
    • Guerron-Quintana, P.A.1
  • 15
    • 79957951116 scopus 로고    scopus 로고
    • 'Housing and debt over the life cycle and over the business cycle', unpublished manuscript, Boston: Boston College.
    • Iacoviello, M. and Pavan, M. (2008). 'Housing and debt over the life cycle and over the business cycle', unpublished manuscript, Boston: Boston College.
    • (2008)
    • Iacoviello, M.1    Pavan, M.2
  • 16
    • 79957949979 scopus 로고    scopus 로고
    • IMF. 'The influence of credit derivatives and structured credit markets on financial stability', Chapter II of the April Global Financial Stability Report, International Monetary Fund.
    • IMF (2006). 'The influence of credit derivatives and structured credit markets on financial stability', Chapter II of the April Global Financial Stability Report, International Monetary Fund.
    • (2006)
  • 17
    • 79957959870 scopus 로고    scopus 로고
    • 'Financial innovations and macro-economic volatility', NBER Working Paper No. 12308.
    • Jermann, U. and Quadrini, V. (2006). 'Financial innovations and macro-economic volatility', NBER Working Paper No. 12308.
    • (2006)
    • Jermann, U.1    Quadrini, V.2
  • 18
    • 79957943800 scopus 로고    scopus 로고
    • How should regulators respond to financial innovation?'
    • Speech for the Philadelphia Fed Policy Forum, December 1.
    • Lacker, J.M. (2006). 'How should regulators respond to financial innovation?', Speech for the Philadelphia Fed Policy Forum, December 1.
    • (2006)
    • Lacker, J.M.1
  • 19
    • 79957969555 scopus 로고    scopus 로고
    • Financial innovation and firm debt over the business cycle', unpublished manuscript, University of Amsterdam.
    • Lozej, M. (2010). 'Financial innovation and firm debt over the business cycle', unpublished manuscript, University of Amsterdam.
    • (2010)
    • Lozej, M.1
  • 20
    • 8644222818 scopus 로고    scopus 로고
    • 'Monetary policy transmission to residential investment'
    • McCarthy, J. and Peach, R.W. (2002). 'Monetary policy transmission to residential investment', FRBNY Economic Policy Review, vol. 8(1), pp. 139-58.
    • (2002) FRBNY Economic Policy Review , vol.8 , Issue.1 , pp. 139-158
    • McCarthy, J.1    Peach, R.W.2
  • 21
    • 55549126245 scopus 로고    scopus 로고
    • 'Deposit rate ceilings and monetary transmission in the US'
    • Mertens, K. (2008). 'Deposit rate ceilings and monetary transmission in the US', Journal of Monetary Economics, vol. 55, pp. 1290-302.
    • (2008) Journal of Monetary Economics , vol.55 , pp. 1290-1302
    • Mertens, K.1
  • 22
    • 33744536252 scopus 로고    scopus 로고
    • 'Housing, credit constraints, and macro stability: the secondary mortgage market and reduced cyclicality of residential investment'
    • Peek, J. and Wilcox, J. (2006). 'Housing, credit constraints, and macro stability: the secondary mortgage market and reduced cyclicality of residential investment', American Economic Association Paper and Proceedings, 96(2), pp. 135-40.
    • (2006) American Economic Association Paper and Proceedings , vol.96 , Issue.2 , pp. 135-140
    • Peek, J.1    Wilcox, J.2
  • 23
    • 79957939098 scopus 로고    scopus 로고
    • Financial stability', Speech at the Forum Financier Belge In Brussels, November 26.
    • Trichet, J.-C. (2003). 'Financial stability', Speech at the Forum Financier Belge In Brussels, November 26.
    • (2003)
    • Trichet, J.-C.1
  • 24
    • 79957948733 scopus 로고    scopus 로고
    • Supporting the financial system and the economy - key ECB policy actions in the crisis', Speech at a conference organised by Nueva Economia Forum and the Wall Street Journal Europe, Madrid June 22.
    • Trichet, J.-C. (2009). 'Supporting the financial system and the economy - key ECB policy actions in the crisis', Speech at a conference organised by Nueva Economia Forum and the Wall Street Journal Europe, Madrid June 22.
    • (2009)
    • Trichet, J.-C.1
  • 25
    • 79957967134 scopus 로고    scopus 로고
    • Financial innovations, idiosyncratic risk, and the joint evolution of real and financial volatilities', unpublished manuscript, Federal Reserve Bank of Boston.
    • Wang, C. (2006). 'Financial innovations, idiosyncratic risk, and the joint evolution of real and financial volatilities', unpublished manuscript, Federal Reserve Bank of Boston.
    • (2006)
    • Wang, C.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.