Download Brookings Papers on Economic Activity: Spring 2009 by David H. Romer, Justin Wolfers PDF

By David H. Romer, Justin Wolfers

Brookings Papers on monetary task (BPEA) offers educational and company economists, executive officers, and individuals of the monetary and enterprise groups with well timed study on present financial issues.


Editors' Summary

The monetary main issue: An inside of View via Phillip Swagel

Understanding Inflation-Indexed Bond Markets via John Y. Campbell, Robert J. Shiller, and Luis M. Viceira

Do Tax Cuts Starve the Beast? The impact of Tax alterations on executive Spending through Christina D. Romer and David H. Romer

Causes and effects of the Oil surprise of 2007-08 via James D. Hamilton

Why does not Capitalism movement to terrible international locations? by means of Rafael Di Tella and Robert MacCulloch, reviewing a prior version or volume

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Extra resources for Brookings Papers on Economic Activity: Spring 2009

Example text

In well-publicized meetings with Secretary Paulson, Chairman Bernanke, and FHFA Director James Lockhart, both firms acceded to conservatorship, which was announced on Sunday, September 7, 2008. The Treasury announced three measures jointly with the conservatorship decision: so-called keepwells, under which the Treasury committed to inject up to $100 billion of capital each into Fannie and Freddie as needed to ensure their positive net worth; a Treasury lending facility if needed; and a program under which the Treasury would purchase the GSEs’ MBSs in the open market.

The GSEs later adopted much of the approach of the IndyMac protocol in putting out their own streamlined approach to modifications on November 11, 2008. The second FDIC proposal for foreclosure avoidance was a loss-sharing insurance plan, under which the federal government would make good on half of the loss suffered by a lender that modified a loan according to the IndyMac protocol but later saw the loan go into default and foreclosure. This was an innovative margin on which to push: there was a great deal of anecdotal evidence, later confirmed by statistical evidence from the Office of the Comptroller of the Currency, that many loans were going bad even 28 Brookings Papers on Economic Activity, Spring 2009 after they had been modified to reduce the payment.

By then it could well be too late. For several months in the second quarter of 2008, things seemed to be improving. The housing adjustment appeared to be proceeding. Prices continued to fall and construction and sales were still in decline, but the rate of descent appeared to be slowing, and our view was that by the end of 2008 housing would no longer be subtracting from GDP. The second half of 2008 looked to be difficult, but we expected the rebate checks to support 34 Brookings Papers on Economic Activity, Spring 2009 consumption until the drags from housing and the credit disruption eased and growth rebounded in 2009.

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