scholarly journals Tracking the Pandemic in Real Time: Administrative Micro Data in Business Cycles Enters the Spotlight

2021 ◽  
Vol 35 (3) ◽  
pp. 47-66
Author(s):  
Joseph Vavra
Keyword(s):  
Business Cycles ◽  
Real Time ◽  
Administrative Data ◽  
Great Recession ◽  
Crucial Role ◽  
Micro Data ◽  
The Great Recession

In this paper I discuss the increasingly prominent role of administrative micro data in macroeconomics research. This type of data proved important for interpreting the causes and consequences of the Great Recession, and it has played a crucial role in shaping economists’ understanding of the COVID-19 pandemic in near real-time. I discuss a number of specific insights from this research while also illustrating some of the broader opportunities and challenges of working with administrative data.

Real Estate

2017 ◽  
Author(s):  
Stefan Homburg
Keyword(s):  
Real Estate ◽  
Great Recession ◽  
House Prices ◽  
Borrowing Constraints ◽  
Macroeconomic Models ◽  
Land Prices ◽  
The Great Recession ◽  
Quantitative Importance

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.

scholarly journals Evaluating the Effects of the Home Affordable Modification Program

2021 ◽  
Author(s):  
Richard Cóndor
Keyword(s):  
General Equilibrium ◽  
Great Recession ◽  
Heterogeneous Agents ◽  
Idiosyncratic Risk ◽  
The Great Recession ◽  
Heterogeneous Agents Model ◽  
The U.S

The Home Affordable Modification Program (HAMP) was a loan modification program introduced in 2009, in the U.S., to assist highly indebted homeowners with avoiding foreclosure. This program also encouraged private lenders to offer more sustainable modifications. This paper studies the role of HAMP in preventing higher foreclosures rates during and after the Great Recession, in the context of a general-equilibrium heterogeneous-agents model with two types of households (Borrowers and Savers), uninsurable idiosyncratic risk, and both private and HAMP modifications. The main result is that, without HAMP, the peak in the foreclosure rate could have been 50% larger (3.2 percent vs 2.2 percent in data).

The Role of Policy in the Great Recession and the Weak Recovery

2014 ◽  
Vol 104 (5) ◽  
pp. 61-66 ◽  
Author(s):  
John B. Taylor
Keyword(s):  
Economic Performance ◽  
Great Recession ◽  
Regulatory Policy ◽  
Poor Performance ◽  
Economic Policies ◽  
Slow Recovery ◽  
The Great Recession ◽  
The Past ◽  
Severe Recession

This paper reports on recent research showing that the severe recession of 2007-2009 and the weak recovery have been due to poor economic policies and the failure to implement good policies during the past decade. Monetary policy, fiscal policy, and regulatory policy became more discretionary, more interventionist, and less predictable in comparison with the previous two decades of better economic performance. At best these policies led to growth spurts, but were followed by retrenchments, averaging to poor performance. The paper also considers alternative views-that the equilibrium interest rate declined during the decade and that the seriousness of financial crisis caused the slow recovery.

Is a European “Hidden Investment State” Emerging in Spain? The Role of Instituto de Crédito Oficial

2021 ◽  
pp. 199-223
Author(s):  
Clifton Judith ◽  
Fuentes Daniel Díaz ◽  
Clara García ◽  
Ana Lara Gómez
Keyword(s):  
European Integration ◽  
Great Recession ◽  
Policy Making ◽  
Financial Information ◽  
Financial Instruments ◽  
European Level ◽  
The Great Recession ◽  
Evolving Networks ◽  
Low Levels

In the context of protracted low levels of investment following the 2008 Great Recession and, with the launch of the European Commission’s “Investment Plan for Europe,” scholars have argued a new dimension of European integration may be emerging: a “hidden investment state.” Interlocking institutions through European-level policy making, and increased and innovative loans, are interpreted as a means of setting up a multilevel infrastructure for further investment. This chapter investigates how Spain and its state-owned bank, the Instituto de Crédito Oficial (ICO), has navigated—and responded to—this changing scenario. We map evolving networks, portray ICO’s institutional trajectory, compile financial information on borrowing and loans, and categorize the financial instruments deployed, in order to assess whether ICO is becoming part of this investment state. We find that, whilst the ICO reacted vigorously to the Great Recession, since then, its activities have largely returned to pre-crisis normality. We conclude that developments around a hidden investment state in Spain are modest to date.

Theatricalizing the National Housing Crisis in Mike Bartlett’s Game and Philip Ridley’s Radiant Vermin

2018 ◽  
Vol 6 (1) ◽  
pp. 55-68
Author(s):  
William C. Boles
Keyword(s):  
Great Britain ◽  
Great Recession ◽  
Status Quo ◽  
Housing Crisis ◽  
National Crisis ◽  
The Great Recession ◽  
The Status ◽  
Verbatim Theatre ◽  
Great Game

AbstractSince the start of the new millennia, the words ‘national crisis’ have not been far removed from many of the plays on the British stage. The aftermath of 9/11 and the British government’s decision to aid George Bush’s Middle East invasion plans sparked plays by David Hare, Roy Williams, and the Tricycle Theatre’s The Great Game as well as verbatim theatre pieces. The Great Recession unleashed works by David Hare (again), Laura Wade, and Lucy Prebble, among others. The increasing threats of floods across Great Britain and Europe placed the crisis of climate change front and centre in plays by Mike Bartlett and Steve Waters. The housing crisis, while not as provocative a theatrical topic as the ones above, has also inspired theatrical responses, including Mike Bartlett’s Game and Philip Ridley’s Radiant Vermin, and these two works are the focus of my paper. More specifically, I will examine each playwright’s focus on the role of the homeless in regards to the housing crisis. Interestingly, both playwrights posit that the victimization of the homeless is the crucial solution to not only solving the housing crisis in Britain, but also maintaining the status quo of Britain’s affluent population.

Sign in / Sign up

Export Citation Format

Share Document