NBER WORKING PAPER SERIES THE EFFECTS OF THE SAVING AND BANKING GLUT ON THE U.S. ECONOMY
NBER WORKING PAPER SERIES THE EFFECTS OF THE SAVING AND BANKING GLUT ON THE U.S. ECONOMY
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NBER 工作论文系列：储蓄和银行业过剩对美国经济的影响
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Todd Messer
中科院分区：
文献类型：
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作者：
Alejandro Justiniano;Giorgio E Primiceri;Andrea Tambalotti;Klaus Adam;F. Signoretti;Martin Uribe;Efrem Castelnuovo;Gianluca Benigno;Andrea Ferrero;Andrea Raffo;A. Kirkman;Todd Messer
我们使用包含房屋、抵押债务和外国借款的定量均衡模型来研究 2000 年代全球失衡对美国经济的影响。我们的研究结果表明，外国资本流动的动态占金融危机前美国房价和家庭债务增长的四分之一到三分之一。这些发现的关键在于，该模型产生了该时期观察到的持续低利率水平。 Alejandro Justiniano 经济研究部 芝加哥联邦储备银行 230 S. LaSalle Street Chicago, IL 60604 ajustiniano@frbchi.org Giorgio Primiceri 西北大学经济系 318 Andersen Hall 2001 Sheridan Road Evanston, IL 60208-2600 和 NBER g-primiceri@northwestern.edu Andrea Tambalotti 联邦研究与统计组纽约储备银行 33 Liberty Street, 3rd Floor New York, NY 10045 a.tambalotti@gmail.com 储蓄和银行业过剩对美国经济的影响 ALEJANDRO JUSTINIANO、GIORGIO E. PRIMICERI 和 ANDREA Tambalotti 摘要。我们使用包含房屋、抵押债务和外国借款的定量均衡模型来研究 2000 年代全球失衡对美国经济的影响。我们的研究结果表明，外国资本流动的动态占金融危机前美国房价和家庭债务增长的四分之一到三分之一。这些发现的关键在于，该模型产生了该时期观察到的持续低利率水平。我们使用包含房屋、抵押债务和外国借款的定量均衡模型来研究 2000 年代全球失衡对美国经济的影响。我们的研究结果表明，外国资本流动的动态占金融危机前美国房价和家庭债务增长的四分之一到三分之一。这些发现的关键在于，该模型产生了该时期观察到的持续低利率水平。
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period. Alejandro Justiniano Economic Research Department Federal Reserve Bank of Chicago 230 S. LaSalle Street Chicago, IL 60604 ajustiniano@frbchi.org Giorgio Primiceri Department of Economics Northwestern University 318 Andersen Hall 2001 Sheridan Road Evanston, IL 60208-2600 and NBER g-primiceri@northwestern.edu Andrea Tambalotti Research and Statistics Group Federal Reserve Bank of New York 33 Liberty Street, 3rd Floor New York, NY 10045 a.tambalotti@gmail.com THE EFFECTS OF THE SAVING AND BANKING GLUT ON THE U.S. ECONOMY ALEJANDRO JUSTINIANO, GIORGIO E. PRIMICERI, AND ANDREA TAMBALOTTI Abstract. We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period. We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period.
DOI：
10.3386/w17224
发表时间：
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期刊：
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影响因子：
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作者：
Adam K
通讯作者：
Adam K