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Economic Conditions

New PDF release: Brookings Papers on Economic Activity: Spring 2009

By David H. Romer, Justin Wolfers

ISBN-10: 0815703376

ISBN-13: 9780815703372

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

Contents:

Editors' Summary

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

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

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

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

Why does not Capitalism movement to negative nations? by way 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

The confusion over what the Treasury could and could not do was evident in the writings of outside observers. ” Krugman wondered whether this reflected politics. No politics were involved: the Treasury did not do this because it was not legal. Although the criticism of the Bush administration was off target, the Treasury had not explained the situation clearly. The long-term status of the GSEs remains at this writing to be decided by Congress. Each of the GSEs before conservatorship could be thought of as two related entities under one roof: a securitizer and monoline insurer that packaged and guaranteed mortgages with relatively good underwriting standards, and a hedge fund that leveraged the funding advantage from its implicit guarantee.

Even though the public balance sheet was effectively behind the firms, this could change in the future, and the spread over Treasuries seemed to reflect this uncertainty. The confusion over what the Treasury could and could not do was evident in the writings of outside observers. ” Krugman wondered whether this reflected politics. No politics were involved: the Treasury did not do this because it was not legal. Although the criticism of the Bush administration was off target, the Treasury had not explained the situation clearly.

The agreements struck with the GSEs took one small step in the direction of fostering future competition, in that the companies would have to pay a fee to the government for the explicit backing of the securities they issued starting in 2009. The details remain to be determined, but one could imagine over time allowing banks to pay such a fee and receive government backing on their securitizations of conforming loans. This would allow entry, which, one hopes, would drive innovation for the benefit of American homebuyers.

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


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