Author: deepforestio

Keenan Viney Introduction ​The Great Depression happened at a time when relatively little was understood about the interface between financial markets and the macro-economy functioned.  The result was a poor monetary policy response which served to prolong and deepen the downturn.  Bernanke’s (2004) speech highlights that central bankers paradoxically constricted the money supply and politicians… Continue reading Neo-Wicksellian Model and Central Bank Policy in GAMs: Three lessons from the 2008 recession

Keenan Viney  One of the most iconic asset price bubbles in recent history was experienced by Japan during the 1980s. Several factors contributed to the bubble, but the main focus of this paper will be the effects on real estate. During the bubble, the housing prices of Japan became disconnected from rental prices. In this… Continue reading ​​Dynamics of the Japanese Real Estate Bubble

Keenan Viney   ​“Do matching frictions explain unemployment? Not in Bad Times?” by Pascal Michaillat adds to the standard search theoretic model in order to better match the empirical facts of unemployment during recessions.  Previous search models of unemployment were able to show that the costs associated with matching hiring firms to unemployed workers were significant… Continue reading ​​Referee Report: “Do matching frictions explain unemployment? Not in Bad Times?” by Pascal Michaillat (2012)