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Gertler, Mark

Overview
Works: 89 works in 117 publications in 2 languages and 225 library holdings
Roles: Author, Editor, Illustrator
Classifications: HB1.A2, 336.31
Publication Timeline
Key
Publications about Mark Gertler
Publications by Mark Gertler
Most widely held works by Mark Gertler
Technology innovation and diffusion as sources of output and asset price fluctuations by Diego Comin( file )
8 editions published in 2009 in English and held by 42 libraries worldwide
We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The framework shares the emphasis of the recent" new shock" literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. As we show, the model also has reasonable implications for stock prices. We estimate our model for data post-1984 and show that the innovations shock accounts for nearly a third of the variation in output at business cycle frequencies. The estimated model also accounts reasonably well for the large gyration in stock prices over this period. Finally, the endogenous adoption mechanism plays a significant role in amplifying other shocks
Banking, liquidity and bank runs in an infinite-horizon economy by Mark Gertler( file )
5 editions published between 2013 and 2014 in English and held by 29 libraries worldwide
We develop a variation of the macroeconomic model with banking in Gertler and Kiyotaki (2011) that allows for liquidity mismatch and bank runs as in Diamond and Dybvig (1983). As in Gertler and Kiyotaki, because bank net worth fluctuates with aggregate production, the spread between the expected rates of return on bank assets and deposits fluctuates counter-cyclically. However, because bank assets are less liquid than deposits, bank runs are possible as in Diamond and Dybvig. Whether a bank run equilibrium exists depends on bank balance sheets and an endogenously determined liquidation price for bank assets. While in normal times a bank run equilibrium may not exist, the possibility can arise in a recession. We also analyze the effects of anticipated bank runs. Overall, the goal is to present a framework that synthesizes the macroeconomic and microeconomic approaches to banking and banking instability
Monetary policy surprises, credit costs and economic activity by Mark Gertler( file )
7 editions published in 2014 in English and held by 20 libraries worldwide
We provide evidence on the nature of the monetary transmission mechanism. To identify policy shocks in a setting with both economic and financial variables, we combine traditional monetary vector autoregression (VAR) analysis with high frequency identification (HFI) of monetary policy shocks. We first show that the shocks identified using HFI surprises as external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary VAR analysis. We also find, however, that monetary policy surprises typically produce "modest movements" in short rates that lead to "large" movements in credit costs and economic activity. The large movements in credit costs are mainly due to the reaction of both term premia and credit spreads that are typically absent from the standard model of monetary policy transmission. Finally, we show that forward guidance is important to the overall strength of the transmission mechanism
Banking in General Equilibrium by Ben Bernanke( Book )
6 editions published in 1985 in English and Undetermined and held by 17 libraries worldwide
This paper attempts to provide a step towards understanding the role of financial intermediaries ("banks") in aggregate economic activity. We first develop a model of the intermediary sector which is highly simplified, but rich enough to motivate several special features of bauks. Of particular importance in our model is the assumption that banks are more efficient than the public in evaluating and auditing certain information --intensive loan projects. Banks are also assumed to have private information about their investments, which motivates the heavy reliance of banks on debt rather than equity finance and their need for buffer stock capital. We embed this intermediary sector in a general equilibrium framework, which includes consumers and a non-banking investment sector. Mainly because banks have superior access to some investments, factors affecting the size or efficiency of banking will also have an impact on the aggregate economy. Among the factors affecting intermediation, we show, are the adequacy of bank capital, the riskiness of bank investments, and the costs of bank monitoring. We also show that our model is potentially useful for understanding the macroeconomic effects of phenomena such as financial crises, disintermediation, banking regulation, and certain types of monetary policy
Unemployment fluctuations with staggered Nash bargaining ( Computer File )
1 edition published in 2006 in English and held by 14 libraries worldwide
The backing of government bonds and monetarism by Sudhakar Rao Aiyagari( Book )
2 editions published in 1984 in English and held by 6 libraries worldwide
The Bathers : Trees at a Sanatorium by Mark Gertler( Book )
1 edition published in 2010 in English and held by 4 libraries worldwide
Agency costs, net worth, and business fluctuations by Ben Bernanke( Book )
2 editions published in 1987 in English and held by 3 libraries worldwide
The backing of government bonds and monetarism ( Article )
1 edition published in 1985 in English and held by 3 libraries worldwide
This paper examines the implications of the fiscal backing of government bonds for the effects of conventional macroeconomic policies and, in particular, for certain monetarist propositions. It shows that the validity of some basic monetarist hypotheses requires a considerable degree of accomodation by the fiscal authority, relative to the central bank.--SCAD summary
Paintings & drawings by Mark Gertler( Book )
1 edition published in 1992 in English and held by 3 libraries worldwide
Financial fragility and economic performance by Ben Bernanke( Article )
1 edition published in 2001 in English and held by 2 libraries worldwide
Endogenous technology diffusion by Ana Maria Santacreu( Book )
2 editions published in 2009 in English and held by 2 libraries worldwide
In the second chapter of my thesis, we explore the effect of endogenous technology diffusion in a standard RBC setting. We develop a model in which innovations in an economy's growth potential are an important source of business fluctuations. The framework shares the emphasis of the recent "new shock" literature, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. The model also has reasonable implications for stock prices. We estimate our model for data post-1984 and show that the innovations shock accounts for nearly a third of the variation in output at business cycle frequencies. The estimated model also accounts reasonably well for the large gyration in stock prices over this period. Finally, the endogenous adoption mechanism plays a significant role in amplifying other shocks
A simple framework for international monetary policy analysis [Special Topic] by Richard H Clarida( Article )
1 edition published in 2002 in English and held by 2 libraries worldwide
Essays in international finance by Nestor Azcona( Book )
2 editions published in 2008 in English and held by 2 libraries worldwide
In the third chapter I study the role of non-traded goods in explaining real exchange rate volatility. First, using a structural VAR model I find that asymmetric productivity shocks across traded and non-traded goods can explain a large fraction of the variation in real exchange rates. Second, I develop a model with sticky prices and endogenous monetary policy in which asymmetric productivity shocks are able to generate real exchange rate volatilities as high as observed in the data
Agency costs, net worth and business fluctuations by Ben Bernanke( Article )
1 edition published in 1995 in English and held by 2 libraries worldwide
Monetary randomness and Investment by Mark Gertler( Book )
1 edition published in 1979 in English and held by 2 libraries worldwide
Three essays on savings, inflation, and the channels of monetary transmission in Colombia by Juan Carlos Echeverry Garzón( file )
1 edition published in 1996 in English and held by 2 libraries worldwide
Colombian inflation. This paper tests the validity of a theoretical model for explaining Colombia's inflation, the longest moderate inflation in the world. The model stresses two elements: the effect of shocks and the type of policy designed to respond to them. The empirical examination uses the event-study methodology and finds that the model successfully accounts for the main stylized facts. Foreign exchange reserves, agricultural and policy shocks, as well as lack of commitment to low inflation by the authorities are the main causes behind the sustained high/moderate level of inflation. A striking result is that the positive relationship between inflation and price variability, widely documented for other countries, is not found during the periods of high but stable inflation in Colombia
Fluctuations in output and inflation in an uncertain environment by Mark Gertler( Book )
2 editions published between 1980 and 1981 in English and held by 2 libraries worldwide
Struttura finanziaria e attività economica: una panoramica by Mark Gertler( Article )
1 edition published in 1995 in Italian and held by 2 libraries worldwide
NBER macroeconomics annual 2005 ( file )
2 editions published in 2006 in English and held by 2 libraries worldwide
 
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Languages
English (48)
Italian (1)
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