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Visualitza Departament d'Economia i Empresa per autoria

Visualitza Departament d'Economia i Empresa per autoria "Martin, Alberto"

Ara mostrant els elements 1-11 de 11

Asset bubbles and sudden stops in a small open economy

Martin, Alberto; Ventura, Jaume (2014-09-01)

We live in a new world economy characterized by financial globalization and historically low interest rates. This paper presents a simple analytical framework that helps us understand how this new world economy works from ...
Banks vs. firms: who benefits from credit guarantees?

Martin, Alberto; Mayordomo, Sergio; Vanasco, Victoria (2023-12-11)

Governments often support private credit with guarantee schemes, compensating lenders for borrower defaults. Such schemes often rely on banks to allocate guarantees among borrowers, but how banks do so is not well understood. ...
Banks, government bonds, and default: what do the data say?

Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano (2013-07-01)

We analyze empirically the holdings of sovereign bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. We document two robust facts. First, banks hold many ...
Collateral booms and information depletion

Asriyan, Vladimir; Laeven, Luc; Martin, Alberto (2018-11-20)

We develop a new theory of information production during credit booms. In our model, entrepreneurs need credit to undertake investment projects, some of which enable them to divert resources towards private consumption. ...
Fiscal multipliers and foreign holdings of public debt

Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, Alberto (2021-04)

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...
Fiscal multipliers and foreign holdings of public debt

Broner, Fernando; Clancy, Daragh; Martin, Alberto; Erce, Aitor (2017-12-01)

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...
Monetary policy for a bubbly world

Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto; Ventura, Jaume (2016-07-01)

What is the role of monetary policy in a bubbly world? To address this question, we study an economy in which financial frictions limit the supply of assets. The ensuing scarcity generates a demand for â unbackedâ assets, ...
On Public Spending and Unions

Broner, Fernando; Martin, Alberto; Ventura, Jaume (2020-02-01)

We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an ...
The financial transmission of housing booms: evidence from Spain

Martin, Alberto; Moral-Benito, Enrique; Schmitz, Tom (2018-06-01)

What are the effects of a housing boom on credit to non-housing firms? We show that when banks face financial constraints, rising demand for housing initially crowds out non-housing credit. As the boom continues, however, ...
The macroeconomics of rational bubbles: a user's guide

Martin, Alberto; Ventura, Jaume (2017-09-01)

This paper provides a guide to macroeconomic applications of the theory of rational bubbles. It shows that rational bubbles can be easily incorporated into standard macroeconomic models, and illustrates how they can be ...
Winners and losers from Sovereign debt inflows: evidence from the stock market

Broner, Fernando; Martin, Alberto; Pandolfi, Lorenzo; Williams, Tomás (2019-12-01)

This paper analyzes the effects on firms of sovereign debt inflows in emerging countries. To deal with the endogeneity between capital inflows and economic activity, we focus on capital inflows driven by countries inclusions ...