G Lorenzoni - The Review of Economic Studies, 2008 - restud.oxfordjournals.org
Abstract This paper studies the welfare properties of competitive equilibria in an economy
with financial frictions hit by aggregate shocks. In particular, it shows that competitive
financial contracts can result in excessive borrowing ex ante and excessive volatility ex ...
G Lorenzoni - 2006 - nber.org
This paper presents a model of business cycles driven by shocks to consumer expectations
regarding aggregate productivity. Agents are hit by heterogeneous productivity shocks, they
observe their own productivity and a noisy public signal regarding aggregate productivity. ...
FA Broner, G Lorenzoni… - 2007 - nber.org
We argue that emerging economies borrow short term due to the high risk premium charged
by bondholders on long-term debt. First, we present a model where the debt maturity
structure is the outcome of a risk sharing problem between the government and ...
A Marcet, G Lorenzoni… - 1998 - recercat.net
Abstract: We discuss some practical issues related to the use of the Parameterized
Expectations Approach (PEA) for solving non-linear stochastic dynamic models with rational
expectations. This approach has been applied in models of macroeconomics, financial ...
C Hellwig… - 2006 - nber.org
We characterize equilibria with endogenous debt constraints for a general equilibrium
economy with limited commitment in which the only consequence of default is losing the
ability to borrow in future periods. First, we show that equilibrium debt limits must satisfy a ...
[CITATION] Why do emerging markets borrow short term
FA Broner, G Lorenzoni… - World Bank Policy Research Working Paper, 2004
G Lorenzoni… - 2007 - nber.org
We develop a model of investment with financial constraints and use it to investigate the
relation between investment and Tobin's q. A firm is financed partly by insiders, who control
its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate ...
OJ Blanchard, JP L'Huillier… - 2009 - nber.org
We explore empirically models of aggregate fluctuations with two basic ingredients: agents
form anticipations about the future based on noisy sources of information; these
anticipations affect spending and output in the short run. Our objective is to separate ...
RJ Caballero… - 2007 - nber.org
Most economies experience episodes of persistent real exchange rate appreciations, when
the question arises whether there is a need for intervention to protect the export sector. In
this paper we present a model of irreversible destruction where exchange rate ...
G Lorenzoni - Review of Economic Studies, 2010 - Wiley Online Library
This paper studies optimal monetary policy in a model where aggregate fluctuations are
driven by the private sector's uncertainty about the economy's fundamentals. Information on
aggregate productivity is dispersed across agents and there are two aggregate shocks: a ...
G Lorenzoni - Unpub lished, 2005 - istituti.unicatt.it
Abstract This paper presents a model of business cycles driven by shocks to consumers'
expectations regarding aggregate productivity. Agents are hit by heterogeneous productivity
shocks, they observe their own productivity and a noisy public signal regarding aggregate ...
V Guerrieri… - 2011 - nber.org
We study the effects of a credit crunch on consumer spending in a heterogeneous-agent
incomplete-market model. After an unexpected permanent tightening in consumers'
borrowing capacity, some consumers are forced to deleverage and others increase their ...
V Guerrieri… - 2007 - nber.org
How do financial frictions affect the response of an economy to aggregate shocks? In this
paper, we address this question, focusing on liquidity constraints and uninsurable
idiosyncratic risk. We consider a search model where agents use liquid assets to smooth ...
The arrival of new, unfamiliar, investment opportunities is often associated with “exuberant”
movements in asset prices and real economic activity. During these episodes of high
uncertainty, financial markets look at the real sector for signals about the profitability of the ...
M Golosov, G Lorenzoni… - 2009 - nber.org
The paper studies asset pricing in informationally decentralized markets. These markets
have two key frictions: trading is decentralized (bilateral), and some agents have private
information. We analyze how uninformed agents acquire information over time from their ...
G Lorenzoni - 2007 - nber.org
This paper studies monetary policy in a model where output fluctuations are caused by
shocks to public beliefs on the economy's fundamentals. I ask whether monetary policy can
offset the effect of these shocks and whether this offsetting is socially desirable. I consider ...
G Lorenzoni - American Economic Review, 2010 - chicagofed.org
This paper presents a model of business cycles driven by shocks to consumer expectations
regarding aggregate productivity. The public signal gives rise to'noise shocks,'which have
the features of aggregate demand shocks: they increase output, employment and inflation ...
C Hellwig… - Unpublished paper, Princeton University, 2003 - nd.edu
Abstract We study an economy with limited enforcement of financial contracts where the
punishment for defaulting agents is the loss of future borrowing privileges. Bulow and Rogoff
(1989) have shown that this" soft punishment" is not sufficient to sustain any level of ...
F Castiglionesi, F Feriozzi… - Manuscript, Tilburg University, …, 2010 - nbp.gov.pl
Abstract This paper analyzes the effects of international financial integration on the stability
of the banking system. Financial integration allows banks in different countries to smooth
local liquidity shocks by borrowing on the international interbank market. We show that, ...
[CITATION] Interest rate stabilization and monetary control: A reconciliation
G Lorenzoni - manuscript, Princeton University, 2001
[CITATION] Persistent appreciations, overshooting, and optimal exchange rate interventions
R Caballero… - 2006 - MIT, mimeo
G Lorenzoni - Computing in Economics and Finance 2006, 2006 - ideas.repec.org
This paper studies the effects of monetary policy in a model with demand shocks driven by
shifts in consumer expectations. I ask wether monetary policy can offset these aggregate
demand disturbances and wether this offsetting is socially desirable. I consider an ...
[CITATION] Excess Interest Rate Volatility in an Intermediated Economy
G Lorenzoni - 2001 - MIT economics working paper
[CITATION] forthcoming B. Optimal monetary policy with uncertain fundamentals and dispersed information
G Lorenzoni - Review of Economic Studies
[CITATION] forthcoming A. A theory of demand shock
G Lorenzoni - American Economic Review
[CITATION] nA Theory of Demand Shocks. oManuscript
G Lorenzoni - 2006 - MIT
Abstract The arrival of new, unfamiliar, investment opportunitiesp eg, internet commerce,
emerging markets, novel financial instrumentsp is often associated with large, mexuberant,
nmovements in asset prices and real investment. While irrational explanations of these ...
[CITATION] oA Theory of Demand Shocks, punpublished
G Lorenzoni - 2008 - MIT
V Guerrieri… - 2007 - econ.ucla.edu
Abstract How do financial frictions affect the response of an economy to aggregate shocks?
In this paper, we address this question, focusing on liquidity constraints and uninsurable
idiosyncratic risk. We consider a search model where agents use a liquid asset to smooth ...
[CITATION] Optimal Debt Management in Developing Countries: Supply of Funds and Debt Maturity
F Broner, G Lorenzoni… - 2002 - mimeo, University of Maryland
[CITATION] Excess Interest Rate Volatility in an Intermediated System of Liquidity Provision
G Lorenzoni - 2000 - mimeo MIT, November
[CITATION] Beauty Contests
GM Angeletos, G Lorenzoni… - 2006 - mimeo MIT
[CITATION] nA Theory of Demand Shocks, omimeo
G Lorenzoni - 2008 - MIT
[CITATION] Ine! cient Credit Booms
G Lorenzoni - Review of Economic Studies, 2008
F Castiglionesi, F Feriozzi… - Unpublished working paper. …, 2009 - cepr.org
Abstract This paper investigates how financial integration affects bankslliquidity holding and
the depth of systemic crises. We model a two $ region economy, where each region is
charac $ terized by idiosyncratic liquidity shocks that cannot be insured in autarky. ...
[CITATION] Supply of funds, maturity, and spreads on emerging market sovereign bonds
F Broner… - F. Broner, Essays on Balance of Payment Crises, PhD …, 2000
[CITATION] International Borrowing, Investment and Default
V Guerrieri, G Lorenzoni… - 2009 - MIT Work in Progess
A Costinot, G Lorenzoni… - 2011 - nber.org
This paper develops a simple theory of capital controls as dynamic terms-of-trade
manipulation. We study an infinite horizon endowment economy with two countries. One
country chooses taxes on international capital flows in order to maximize the welfare of its ...
G Lorenzoni - Annu. Rev. Econ., 2011 - annualreviews.org
In this review, I look at the recent literature on news as a source of economic fluctuations.
The main question in this literature is: how does the aggregate economy respond to a shock
that raises consumers' and firms' expectations about future productivity growth? I discuss ...
[CITATION] Imperfect Information and Aggregate Demand
G Lorenzoni - Princeton Univer-sity mimeo, 2003
G Lorenzoni - Rivista di Politica Economica, 2006 - faronet.it
A traditional objective of macroeconomic models is to provide a unified account of business
cycles and of the effects of monetary policy, in order to provide a basis for policy analysis
and evaluation. This requires both to identify what shocks de-
A Costinot, G Lorenzoni… - Manuscript, MIT, 2011 - faculty.chicagobooth.edu
Abstract This paper develops a theory of optimal capital controls in which the only motive for
capital controls is the manipulation of inter-temporal and intra-temporal terms of trade.
Among other things, we show that for a country that is catching up with the rest of the world ...
G Lorenzoni - 2002 - fic.wharton.upenn.edu
Abstract This paper presents a simple model of a credit expansion driven by an expected
increase in the productivity of the entrepreneurial sector. We study how the presence of
financial constraints affects the welM fare properties of the equilibrium. In particular we ...
FA Broner, G Lorenzoni… - 2007 - cepr.org
We argue that emerging economies borrow short term due to the high risk premium charged
by bondholders on long-term debt. First, we present a model where the debt maturity
structure is the outcome of a risk sharing problem between the government and ...
G Lorenzoni - 2001 - en.scientificcommons.org
Abstract Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2001..
Includes bibliographical references.. This thesis includes four essays on the macroeconomic
effects of financial market imperfections. The first essay studies the incentives for banks ...
G Lorenzoni - NBER International Seminar on Macroeconomics 2010, 2010 - nber.org
There is a growing literature exploring how news about future economic developments can
produce business cycle fluctuations in the short run. This paper and its immediate
predecessor, Den Haan and Kaltenbrunner (2009), explore whether search frictions in the ...
[CITATION] ECON5984: Advanced Macroeconomics: Empirics and Theory–Spring 2010
R Caballero, G Lorenzoni, TGD Brandão - 2008 - dspace.mit.edu
This dissertation consists of three chapters on international capital flows. Chapter 1
emphasizes the importance of innovations in the investment opportunity set, captured by
changes in expected asset returns, as an important mechanism to explain international ...
G Lorenzoni - 2005 - dspace.mit.edu
Introduction to the theory of international trade and finance with applications to current policy
issues. From the course home page: Course Description The course will help us understand
what determines the flow of goods across countries, ie international trade, and what ...
G Lorenzoni - 2001 - dandelion-patch.mit.edu
Abstract This paper presents a reconciliation of the real-bills doctrine with the notion of
control of monetary aggregates. We consider an overlapping generations model with banks
that trade currency on a competitive money market. Because of market incompleteness ...
RJ Caballero, A Costinot, G Lorenzoni… - 2011 - dspace.mit.edu
In this thesis, I study the interactions between various aspects of the financial system and
macroeconomic volatility in a globally integrated environment. In Chapter 1, I illustrate that
an efficient allocation of liquidity across projects mitigates the economy's responsiveness ...
G Lorenzoni, R Caballero, F Giavazzi… - 2010 - 18.7.29.232
This dissertation studies the role of signaling concerns in discouraging access to liquidity
facilities like the IMF contingent credit lines (CCL) and the Discount Window (DW). In
Chapter 1, I analyze the introduction of IMF CCL in an economy with asymmetric ...
OJ Blanchard, G Lorenzoni, SS Basu - 2009 - dspace.mit.edu
This dissertation is a collection of three essays on public and private borrowing on
international capital markets, with a focus on optimal policy for the government and
international financial institutions. Chapter 1 focuses on sovereign debt and default. ...
R Caballero, G Lorenzoni - 2001 - dspace.mit.edu
This thesis includes four essays on the macroeconomic effects of financial market
imperfections. The first essay studies the incentives for banks that participate in an interbank
market to keep a sufficient level of reserves. It presents a model where, in presence of ...
This dissertation consists of three essays on the relation between investors' trading horizon
and stock prices. The first chapter explores the theoretical relation between the horizon of
traders and the negative externality generated by their activity on the information revealed ...
G Lorenzoni, F Giavazzi, M Alessandro - 2011 - dspace.mit.edu
This dissertation analyzes different aspects of the actions of borrowing and repaying debts
by governments in both domestic and international financial markets. In Chapter 1, which is
co-authored with Guido Sandleris and Alejandro Van der Ghote, we use a unique dataset ...
K Jacob, A Lunn, R Porter, W Rousse, B Summers… - Policy, 2007 - chicagofed.org
Before joining the Chicago Fed, Jacob was the research director of the Center for Financial Services
Innovation (CFSI), an affiliate of ShoreBank Corporation. Prior to her work at CFSI, she served
as project director of the Woodstock Institute. Jacob has published more than 25 papers ...
G Lorenzoni - 2005 Meeting Papers, 2005 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Monetary
Policy and Consumer Expectations. Guido Lorenzoni. No 376, 2005 Meeting Papers from Society
for Economic Dynamics. Date: 2005 Track citations by RSS feed. ...
G Corsetti, L Dedola, L Christiano, M Trabandt… - se1.isn.ch
PIERRE WERNER CHAIR PROGRAMME, ROBERT SCHUMAN FOR ADVANCED STUDIES
CO-ORGANIZED WITH THE NORTHWESTERN UNIVERSITY ... Villa La Fonte Via delle
Fontanelle, 10 San Domenico di Fiesole ... ① Are industrial countries consumption risks ...
G Lorenzoni - 2001 - dandelion-patch.mit.edu
Abstract This paper presents evidence of a decreasing relationship between household
wealth and consumption variability using PSID data. This relationship offers evidence in
favor of models of precautionary savings vs. models of full insurance and vs. standard ...
G Lorenzoni - Liquidity and Crises, 2011 - books.google.com
In the past two decades, both developed and emerging economies have experienced
episodes of rapid credit expansion followed, in some cases, by a financial crisis with a
collapse in asset prices, credit, and investment. 1 This experience has led policy makers ...
G Lorenzoni, F Giavazzi… - 2008 - 18.7.29.232
This dissertation consists of three chapters on persistence and interactions of policies of
different governments in various settings. Chapter 1 studies government policy persistence
when firms face capital installation costs. In an environment, where the government is ...
G Lorenzoni - 2008 - faculty.chicagobooth.edu
Abstract This paper studies monetary policy in a model where output fluctuations are caused
by shocks to public beliefs on the economy's fundamentals. I ask whether monetary policy
can offset the effect of these shocks and whether this offsetting is socially desirable. I ...
[CITATION] SAGGIO AD INVITO-Recent Developments in Business Cycle Theory: News, Expectations and Demand Shocks
G Lorenzoni - Rivista di Politica Economica (Terza Serie), 2006
Create email alert
About Google Scholar - All About Google - My Citations
©2012 Google