903 research outputs found
How Debt Markets have Malfunctioned in the Crisis
No full textThis article explains how debt markets have malfunctioned in the crisis, with deleterious consequences for the real economy. I begin with a quick overview of debt markets. I then discuss three areas that are crucial in all debt markets decisions: risk capital and risk aversion, repo financing and haircuts, and counterparty risk. In each of these areas, feedback effects can arise, so that less liquidity and a higher cost for finance can reinforce each other in a contagious spiral. I document the remarkable rise in the premium that investors placed on liquidity during the crisis. Next, I show how these issues caused debt markets to break down: fundamental values and market values seemed to diverge across several markets and products that were far removed from the “toxic” subprime mortgage assets at the root of the crisis. Finally, I discuss briefly four steps that the Federal Reserve took to ease the crisis, and how each was geared to a specific systemic fault that arose during the crisis.
Emerging market chrises : an asset markets perspective
No full textAdditional author listed in caption title on p. 1: Arvind KrishnamurthyOctober, 1998--t.p. -- This draft: Novebmer 5, 1998--P.
Compiler Analyses and System Support for Optimizationing Shared Address Space Programs
No full textby Arvind Krishnamurth
Coordinated control and maneuvering of a network of micro-satellites in formation
No full textArvind KrishnamurthyPaderborn, Univ., Diss., 200
Essays in macroeconomics and finance
No full textThesis (Ph.D.)--Massachusetts Institute of Technology, Sloan School of Management, 1998.Includes bibliographical references.by Arvind Krishnamurthy.Ph.D
Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
No full textFirms in emerging markets are exposed to severe financial frictions and credit constraints that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial equilibrium), the expansionary effect of monetary policy vanishes during severe external crises. The exchange rate jumps to reduce the dollar value of domestic collateral until equilibrium in domestic financial markets is consistent with the external constraint. An expansionary monetary policy in this context raises the value of domestic collateral, but it exacerbates the exchange rate depreciation (beyond the standard interest parity effect) and has little effect on aggregate activity. However, there is a dynamic linkage between monetary policy and sudden stops. The anticipation of a dogged defense of the exchange rate worsens the consequences of sudden stops by distorting the private sector incentive to take precautions against these shocks. For similar general equilibrium reasons, dollarization of liabilities has limited impact during a sudden stop, but it has significant underinsurance consequences.
The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy
No full textWe evaluate the effect of the Federal Reserve’s purchase of long-term Treasuries and other long-term bonds ("QE1" in 2008-2009 and "QE2" in 2010-2011) on interest rates. Using an event-study methodology we reach two main conclusions. First, it is inappropriate to focus only on Treasury rates as a policy target because QE works through several channels that affect particular assets differently. We find evidence for a signaling channel, a unique demand for long-term safe assets, and an inflation channel for both QE1 and QE2, and an MBS pre-payment channel and a corporate bond default risk channel for QE1. Second, effects on particular assets depend critically on which assets are purchased. The event-study suggests that (a) mortgage-backed securities purchases in QE1 were crucial for lowering mortgage-backed security yields as well as corporate credit risk and thus corporate yields for QE1, and (b) Treasuries-only purchases in QE2 had a disproportionate effect on Treasuries and Agencies relative to mortgage-backed securities and corporates, with yields on the latter falling primarily through the market’s anticipation of lower future federal funds rates.
Additional_file_2_revised_13-06-2018 – Supplemental material for Association of DFNA5, SYK, and NELL1 variants along with HPV infection in oral cancer among the prolonged tobacco-chewers
No full textSupplemental material, Additional_file_2_revised_13-06-2018 for Association of DFNA5, SYK, and NELL1 variants along with HPV infection in oral cancer among the prolonged tobacco-chewers by Sharbadeb Kundu, Vijayalakshmi Ramshankar, Akalesh Kumar Verma, Soundara Viveka Thangaraj, Arvind Krishnamurthy, Rajeev Kumar, Ravi Kannan and Sankar Kumar Ghosh in Tumor Biology</p
Supplementary_Information_revised_13-06-2018 – Supplemental material for Association of DFNA5, SYK, and NELL1 variants along with HPV infection in oral cancer among the prolonged tobacco-chewers
No full textSupplemental material, Supplementary_Information_revised_13-06-2018 for Association of DFNA5, SYK, and NELL1 variants along with HPV infection in oral cancer among the prolonged tobacco-chewers by Sharbadeb Kundu, Vijayalakshmi Ramshankar, Akalesh Kumar Verma, Soundara Viveka Thangaraj, Arvind Krishnamurthy, Rajeev Kumar, Ravi Kannan and Sankar Kumar Ghosh in Tumor Biology</p
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