The role of government and private institutions in credit cycles in the U.S. mortgage market

Boom and bust cycles are recurring features in housing markets. These episodes are often associated with significant expansions in the amount of mortgage debt households incur. The mortgage crisis of 2008 was no exception, with a near doubling of outstanding household mortgage debt between 2000 and 2008 in the United States. In this paper, we […]

Surviving the Perfect Storm: Exports, Fiscal Austerity, and Firm Heterogeneity

Courtesy of Manuel Adelino, Paulo Fagandini, Miguel Ferreira, and Francisco Queiro How do economically depressed areas recover following a recession? Our recent paper uses the 2010–2011 European sovereign debt crisis and a Euro area periphery country as a laboratory to answer this question. The 2010–2011 European sovereign debt crisis led to a severe recession in […]