Similar Search Results

Hassan, Tarek; Mertens, Thomas M. - C.E.P.R. Discussion Papers - 2014

to learn about the future affects their consumption-savings decision. The equity premium falls and the risk-free interest …, the correlation between consumption and investment growth is 0.29 when households have no information about the future …

Persistent link: https://www.econbiz.de/10011083546

Escaping Nash and Volatile Inflation

Ellison, Martin; Yates, Tony - C.E.P.R. Discussion Papers - 2007

inflation volatility, we unwind one of Sargent's simplifications and allow the monetary authority to react to some of the shocks … were also persuaded to stop using changes in inflation to offset shocks. Inflation and inflation volatility therefore …

Persistent link: https://www.econbiz.de/10005504556

Finance, Investment and Growth

Carlin, Wendy; Mayer, Colin - C.E.P.R. Discussion Papers - 1999

there is a relation in terms of both industry growth rates and shares of output devoted to R&D. Investment in R&D rather …

Persistent link: https://www.econbiz.de/10005114188

Medium Term Business Cycles in Developing Countries

Comin, Diego; Loayza, Norman; Pasha, Farooq; Servén, Luis - C.E.P.R. Discussion Papers - 2011

country, and (ii) adjustment costs to investment flows. Consistent with the model we observe that the flow of technologies …

Persistent link: https://www.econbiz.de/10009322501

Technology Diffusion: Measurement, Causes and Consequences

Comin, Diego; Mestieri, Martí - C.E.P.R. Discussion Papers - 2014

This chapter discusses different approaches pursued to explore three broad questions related to technology diffusion: what general patterns characterize the diffusion of technologies, and how have they changed over time; what are the key drivers of technology, and what are the macroeconomic...

Persistent link: https://www.econbiz.de/10011083490

Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System

Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011

between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders …, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real …

Persistent link: https://www.econbiz.de/10009144737

The Social Cost of Near-Rational Investment

Hassan, Tarek; Mertens, Thomas M. - C.E.P.R. Discussion Papers - 2014

increase in financial risk distorts the long-run level of capital accumulation, and causes costly (first-order) distortions in …

Persistent link: https://www.econbiz.de/10011083430

The Return of Financial Repression

Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012

Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression'. Consistent negative real interest rates are equivalent to...

Persistent link: https://www.econbiz.de/10011083679

The European Phillips Curve: Does the NAIRU Exist?

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003

This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...

Persistent link: https://www.econbiz.de/10005667015

Housing Wealth isn't Wealth

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2008

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a representative...

Persistent link: https://www.econbiz.de/10005792518