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A Note on Learning in a Credit Economy
Kuang, Pei - Department of Economics, University of Birmingham - 2013
This paper studies the interaction of agents' collateral price beliefs, credit constraint and aggregate economic activity over the business cycle. Learning strengthens the role of collateral constraints in aggregate fluctuations. Under Heterogeneous learning rules, numerical simulations...
Persistent link: https://www.econbiz.de/10010797808
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Comment on Assenza and Berardi "Learning in a Credit Economy" (2009, JEDC)
Kuang, Pei - Department of Economics, University of Birmingham - 2012
This comment shows that the "optimality" conditions in Assenza and Berardi (2009, JEDC) "Learning in a Credit Economy" imply that agents' "optimal" choices are either suboptimal or infeasible. It presents the correct optimality conditions and discusses the effect on the E-stability condition of...
Persistent link: https://www.econbiz.de/10010616671
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Towards an explanation of cross-country asymmetries in monetary transmission
Georgiadis, Georgios - Deutsche Bundesbank - 2012
I quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models...
Persistent link: https://www.econbiz.de/10010957093
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Towards an explanation of cross-country asymmetries in monetary transmission
Georgiadis, Georgios - Deutsche Bundesbank - 2012
I quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models...
Persistent link: https://www.econbiz.de/10010535439
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Inefficient or just different? Effects of heterogeneity on bank efficiency scores
Bos, Jaap W. B.; Heid, Frank; Koetter, Michael; Kolari, … - Deutsche Bundesbank - 2005
In this paper, we show the importance of accounting for heterogeneity among sample firms in stochastic frontier … assumptions regarding the nature of heterogeneity can be modeled and the extent to which the respective empirical specifications … studies in particular should account for heterogeneity across sample firms. Especially when efficiency measures are employed …
Persistent link: https://www.econbiz.de/10005082784