Please approximate the research paper to be a total of about 15-20 pages including graphs and models and/or formulas all throughou the body sections. Please format as a typical research paper starting with the abstract (1 page) introduction (1-2 pages), body paragraphs (12-15 pages) – as it should be the bulk of the paper- and a conclusion (1-2 pages) and finally a reference page. The research paper is to focus on the topic: globalization, financial markets and instability. Application will be to the US, Europe and Emerging markets.
Please use the sources with a red asterik as they are required and important. The ones without are not so much but still can be used and referenced as they are helpful. However, please feel free to use as many as possible that are listed. For basic knowledge and concepts please reference the Olivier Blanchard textbook titled: Macroeconomics, 7th ed. or 8th Edition. Note that many of the professors research papers are on SSRN and can also be used. His name is Willi Semmler. Another important textbook to use is titled:
*C. Chiarella, P. Flaschel and W. Semmler (2015), “Reconstructing Keynesian Macroeconomics, Macroeconomic Activity, Banking, and Financial Markets”, vol III, Routledge, London/New York.
The following with the asterik are required and important to reference in the paper for this topic (#7 in the syllabus).
*W. Semmler and M. Toure: Financial Fragility, Regime Switching and Monetary Policy – With Application to Emerging Markets (November 25, 2020). Available at SSRN: https://ssrn.com/abstract=3741410 or http://dx.doi.org/10.2139/ssrn.3741410
*W. Semmler (2011), Asset Prices, Booms and Recessions, New York, Springer Publishing House, chs. 18-22
W. Semmler and L. Bernard (2012), Boom-Bust Cycles: Leveraging, Complex Securities, and Asset Prices, Journal of Economic Behavior and Organization, 2012
T. Adrian, A. Muench and H.S. Shin (2010), “Macro Risk Premium…” FED NY, Staff Report, no 428.
*C. Chiarella, P. Flaschel and W. Semmler (2015), “Reconstructing Keynesian Macroeconomics, vol III, chs. 1-5, 10.
*Stein, J. L. (2011), US Financial Debt Crisis: A Stochastic Optimal Control Approach, → And other papers by Jerome Stein, website at Brown University.
R. Caballero, see the diverse working papers on his website, MIT
O. Ebisiki and W. Semmler (2014), “Leveraging, Overleveraging and Banking Crisis,” …
*S. Mittnik, and W. Semmler (2011): The Instability of the Banking Sector and Macrodynamics: Theory and Empirics, www. newschool.edu/nssr/cem, also SSRN paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1871043
*S. Mittnik, and W. Semmler (2013): “The Real Consequences of Financial Stress,” cited above.
S. Mittnik and W. Semmler (2014), “Overleveraging, cited above.
M. Gross, J. Henry, S. Mittnik and W. Semmler (2016): “Destabilizing Effects of Bank Overleveraging on Real Activity…”, ECB working paper and in MD.
O. Blanchard and S. Fischer (1989), Lectures on Macroeconomics, op.cit. chs 2 and 10
F. Schleer and W. Semmler (2015): “Financial Sector-Output Dynamics: Nonlinearities Reconsidered”, see above.
*W. Semmler and C. Proano (2014): “Escape Routes from Sovereign Default Risk in the Euro Area”, ZEW discussion paper No 15020
F. Schleer, W. Semmler, and J. Illner (2014): “Overleveraging in the Banking Sector: Evidence from Europe”, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2503838, forthcoming, Journal of Economics and Statistics, 2017
P. De Grauwe and C. Macchiarelli, “Animal Spand C. Macchiarelli, “Animal Spirit and Credit Cycles, CESIFO Working Paper, No 4480, and
other recent papers by P. De Grauwe
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