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Zombie Lending and Depressed Restructuring in Japan
- Ricardo J. Caballero, T. Hoshi, A. Kashyap
- Economics
- 8 March 2006
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most…
Collective Risk Management in a Flight to Quality Episode
- Ricardo J. Caballero, A. Krishnamurthy
- Economics
- 29 January 2007
We present a model of optimal intervention in a flight to quality episode. The reason for intervention stems from a collective bias in agents' expectations. Agents in the model make risk management…
The Cleansing Effect of Recessions
- Ricardo J. Caballero, M. Hammour
- Economics
- 1 December 1991
This paper investigates the response of industries to cyclical variations in demand in the context of a vintage model of ?creative destruction.? Due to process and product innovation, production…
International and Domestic Collateral Constraints in a Model of Emerging Market Crises
- Ricardo J. Caballero, A. Krishnamurthy
- Economics
- 1 September 2000
We build a model of emerging markets crises which features two types of collateral constraints. Firms in a domestic economy have limited borrowing capacity from international investors. They also…
On the Sign of the Investment-Uncertainty Relationship
- Ricardo J. Caballero
- Economics
- 1991
Understanding the effects of uncertainty over any decision variable has fascinated economists for a long time. Risk aversion and incomplete markets are likely to make the investment-uncertainty…
Plant-Level Adjustment and Aggregate Investment Dynamics
- Ricardo J. Caballero, Eduardo M. R. A. Engel, J. Haltiwanger, M. Woodford, R. Hall
- Economics
- 1995
THE EMPIRICAL INVESTMENT literature is full of disappointments. From time to time waves of new ideas challenge the aggregate investment equation, but these challenges are rarely successful, and…
The Safety Trap
- Ricardo J. Caballero, E. Farhi
- Economics
- 1 February 2014
In this article, we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a deflationary safety trap equilibrium with endogenous risk…
Irreversibility and Aggregate Investment
- G. Bertola, Ricardo J. Caballero
- Economics
- 1 October 1991
Investment is often irreversible, in that installed capital has little or no value unless used in production. In the presence of ongoing uncertainty, an individual firm's irreversible investment…
Target Zones and Realignments
- G. Bertola, Ricardo J. Caballero
- Economics
- 1 March 1990
Recent contributions emphasize that the presence of exchange-rate target zones has important effects on the within-band behavior of exchange rates when agents are forward-looking. The authors find…
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