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The Effects of the Saving and Banking Glut on the U.S. Economy / Alejandro Justiniano, Giorgio Primiceri, Andrea Tambalotti.
- Format:
- Book
- Author/Creator:
- Justiniano, Alejandro.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19635.
- NBER working paper series no. w19635
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- 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.
- Notes:
- Print version record
- November 2013.
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