Financial predictors of real activity and the propagation of aggregate shocks

Bond yield and retail interest rate spreads are presumed to lead real activity on the basis of financial accelerator mechanisms, markup cyclicality or simply because they are forward-looking. Empirical results for Austria show that retail rate spreads outperform many other indicators in this respect. Nevertheless, there is no evidence for a financial accelerator being behind this finding.

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Year of publication:	2006
Authors:	Burgstaller, Johann
Publisher:	Linz : Johannes Kepler University of Linz, Department of Economics
Subject:	Konjunkturindikator \| Spillover-Effekt \| Konjunktur \| Schock \| Österreich \| Leading indicator \| business cycle \| shock propagation \| financial accelerator \| bank markup

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Series:	Working Paper ; 0616
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	747216819 [GVK] hdl:10419/73318 [Handle] RePEc:jku:econwp:2006_16 [RePEc]
Classification:	E32 - Business Fluctuations; Cycles ; E44 - Financial Markets and the Macroeconomy ; G12 - Asset Pricing ; G21 - Banks; Other Depository Institutions; Mortgages
Source:	EconStor

Persistent link: https://www.econbiz.de/10010294615