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Working Paper
Sowing the Seeds of Financial Imbalances: The Role of Macroeconomic Performance
The seeds of financial imbalances are sown in times of buoyant economic growth. We study the link between macroeconomic performance and financial imbalances, focusing on the experience of the United States since the 1960s. We first follow a narrative approach to review historical episodes of significant financial imbalances and find that the onset of financial disturbances typically occurs when the economy is running hot. We then look for evidence of a statistical link between measures of macroeconomic conditions and financial imbalances. In our in-sample analysis, we find that strong ...
Discussion Paper
Inequality and financial sector vulnerabilities
In recent decades, income and wealth inequality have risen notably in the United States and other countries around the world. Importantly, such rises in inequality have been shown to predict financial crises.
Discussion Paper
Inequality and financial sector vulnerabilities
In recent decades, income and wealth inequality have risen notably in the United States and other countries around the world. Importantly, such rises in inequality have been shown to predict financial crises.