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Asset Prices and Macroeconomic Outcomes : A Survey

Claessens, Stijn - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10012942461

Macroeconomic Implications of Financial Imperfections : A Survey

Claessens, Stijn - 2017

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...

Persistent link: https://www.econbiz.de/10012942465

Global demographic change and international capital flows : Theory and empirics

Liu, Weifeng - 2021

While population has been aging globally, regions and countries are significantly asymmetric in the timing and speed of the demographic transitions, especially between developed and developing regions. This paper explores the impacts of asymmetric demographic change on international capital...

Persistent link: https://www.econbiz.de/10013212954

Stuck at Home : Housing Demand during the COVID-19 Pandemic

Gamber, William L.; Graham, James; Yadav, Anirudh - 2022

prices. We then study various pandemic shocks using a heterogeneous agent model with general equilibrium in housing markets …. We find that young households and first-time home buyers account for much of the increase in housing demand during the … pandemic, but they are largely crowded out of the housing market by the equilibrium rise in house prices …

Persistent link: https://www.econbiz.de/10013312258

Revisiting the macroeconomic effects of monetary policy shocks

Doko Tchatoka, Firmin; Haque, Qazi - 2021

We shed new light on the effects of monetary policy shocks in the US. Gertler and Karadi (2015) suggest that movements in credit costs may result in substantial impact of monetary policy shocks on economic activity. Using the proxy SVAR framework, we show that once the Volcker disinflation...

Persistent link: https://www.econbiz.de/10013219833

American Business Cycles 1889-1913 : An Accounting Approach

Jiang, Dou; Weder, Mark - 2021

This paper quantitatively investigates the Depression of the 1890s and the 1907 recession in the United States. Business Cycle Accounting decomposes economic fluctuations into their contributing factors. The results suggest that both the 1890s and the 1907 recessions were primarily caused by...

Persistent link: https://www.econbiz.de/10013237709

The 'Matthew Effect' and Market Concentration : Search Complementarities and Monopsony Power

Fernández-Villaverde, Jesús; Mandelman, Federico S.; … - 2021

This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor...

Persistent link: https://www.econbiz.de/10013241380

Financial Frictions and the Role of Investment Specific Technology Shocks in the Business Cycle

Kamber, Güneş - 2012

Various papers have identified shocks to investment as major drivers of output, investment, hours, and interest rates. These investment shocks have been linked to financial frictions because financial markets are instrumental in transforming consumption goods into installed capital. However, the...

Persistent link: https://www.econbiz.de/10013105098

Indonesian Macro Policy Through Two Crises

Azwar, Prayudhi - 2016

Indonesia fielded shocks due to the Asian financial crisis (AFC) and the global financial crisis (GFC) quite differently. Financial contagion, policy misdirection, panic and political upheaval saw the AFC bring economic collapse. The decade-later GFC, however, brought real growth of 6.1% (2008)...

Persistent link: https://www.econbiz.de/10013004674

Empirical Evidence on the Dynamics of Investment under Uncertainty in the US

Haque, Qazi - 2019

We study the effects of financial uncertainty on investment dynamics in the U.S. using a vector autoregression with drifting parameters and stochastic volatilities. We find time-varying negative effects of financial uncertainty shocks on investment. These effects have declined in the post-WWII...

Persistent link: https://www.econbiz.de/10012857964