Money supply decreased considerably between Black Tuesday and the Bank Holiday in March when there were massive bank runs across the United States. There are also various heterodox theories that downplay or reject the explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending.
Louis working papers are preliminary materials circulated to stimulate discussion and critical comment.
Recent Working Papers by Laura E. Kliesen, and Michael T.
Owyang Working Paper A updated November We consider the effects of uncertainty shocks in a nonlinear VAR that allows uncertainty to have amplification effects. When uncertainty is relatively low, fluctuations in uncertainty have small, linear effects.
In periods of high uncertainty, the effect of a further increase in uncertainty is magnified. We find that uncertainty shocks in this environment have a more pronounced effect on real economic variables.
We also conduct counterfactual experiments to determine the channels through which uncertainty acts. Uncertainty propagates through both the household consumption channel and through businesses delaying investment, providing substantial contributions to the decline in GDP observed after uncertainty shocks.
Finally, we find evidence of the ability of systematic monetary policy to mitigate the adverse effects of uncertainty shocks. Manuelli and Juan M. We assume that firms must access the bond market and they issue debt with a flexible structure coupon, face value, and maturity.
Since lenders do not refinance projects with positive but small net present value, firms may be forced to default in the first phase. We call this liquidity risk.
The technology is such that earnings can switch to a higher but riskier level. In this second phase firms have access to the equity market but they may default if this is the best option. We call this strategic default risk.
In the model optimal maturity balances these two risks. We show that firms with poor prospects and firms in more unstable industries will choose shorter maturities even if it is feasible to issue longer debt. The model also offers predictions on how asset maturity, asset salability, and leverage influence maturity.
Even though our model is extremely stylized we find that the predictions are roughly consistent with the evidence.
Moreover, it offers some insights into the factors that determine the structure of the debt. The empirical evidence also shows that a news shock has a significantly larger contemporaneous impact on sovereign credit spreads than a comparable shock to labor productivity.A Time-line for the History of Mathematics (Many of the early dates are approximates) This work is under constant revision, so come back later.
Please report any errors to me at [email protected] Get The Wall Street Journal’s Opinion columnists, editorials, op-eds, letters to the editor, and book and arts reviews.
The Wuhan Gang & The Chungking Gang, i.e., the offsprings of the American missionaries, diplomats, military officers, 'revolutionaries' & Red Saboteurs and the "Old China Hands" of the s and the herald-runners of the Dixie Mission of the s.
Turnitin provides instructors with the tools to prevent plagiarism, engage students in the writing process, and provide personalized feedback. BibMe Free Bibliography & Citation Maker - MLA, APA, Chicago, Harvard.
The English word "China" is first attested in Richard Eden's translation of the journal of the Portuguese explorer Duarte Barbosa. The demonym, that is, the name for the people, and adjectival form "Chinese" developed later on the model of Portuguese chinês and French chinois.
Portuguese China is thought to derive from Persian Chīn (), which may be traced further back to Sanskrit.