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Global environmental agreements and international trade : asymmetry of countries matters

Eichner, Thomas; Pethig, Rüdiger - 2014

climate damage asymmetry tends to discourage cooperation in the grand coalition. The effects of fuel-demand asymmetry depend … fuel demand asymmetry. If fuel is sufficiently scarce, low degrees of fuel demand asymmetry discourage cooperation whereas … higher degrees of asymmetry stabilize the grand coalition. …

Persistent link: https://www.econbiz.de/10010428830

The role of oil price shocks in causing U.S. recessions

Kilian, Lutz; Vigfusson, Robert J. - 2016

Although oil price shocks have long been viewed as one of the leading candidates for explaining U.S. recessions, surprisingly little is known about the extent to which oil price shocks explain recessions. We provide a formal analysis of this question with special attention to the possible role...

Persistent link: https://www.econbiz.de/10011421672

Forging a global environmental agreement through trade sanctions on free riders?

Eichner, Thomas; Pethig, Rüdiger - 2015

on the degree of asymmetry and other parameters. On some subset of parameters, the embargo stabilizes the otherwise …

Persistent link: https://www.econbiz.de/10011281297

Asymmetries in risk premia, macroeconomic uncertainty and business cycles

Görtz, Christoph; Yeromonahos, Mallory - 2019

measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in … which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk … accuracy. In addition to matching moments of the risk premium, the model is also successful in generating the growth asymmetry …

Persistent link: https://www.econbiz.de/10012129784

Measuring euro area monetary policy

Altavilla, Carlo; Brugnolini, Luca; Gürkaynak, Refet S.; … - 2019

We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...

Persistent link: https://www.econbiz.de/10012029090

The impacts of the dollar-renminbi exchange rate misalignment on the China-United States commodity trade : an asymmetric analysis

Ferjani, Sabrine; Saafi, Sami; Nouira, Ridha; Rault, … - 2022

Contrary to most existing studies of the literature that assumed that the effects of real exchange rate (RE) misalignment on trade flows are symmetric, this paper considers a more general and realistic framework allowing for possible asymmetric effects. We use monthly time-series data over the...

Persistent link: https://www.econbiz.de/10013177135

Sovereigns versus banks : credit, crises, and consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...

Persistent link: https://www.econbiz.de/10010199757

The great mortgaging : housing finance, crises, and business cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010412763

Homeownership and entrepreneurship : the role of mortgage debt and commitment

Bracke, Philippe; Hilber, Christian; Silva, Olmo - 2014

leverage makes a homeowner 10-12 percent less likely to become an entrepreneur. …

Persistent link: https://www.econbiz.de/10010425992

Credit booms, debt overhang and secular stagnation

Illing, Gerhard; Ono, Yoshiyasu; Schlegl, Matthias - 2017

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit booms? We present a model of persistent aggregate demand shortage based on strong liquidity preferences of households, in which we incorporate financial imperfections to study...

Persistent link: https://www.econbiz.de/10011774952