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Flight to Liquidity and the Great Recession

Radde, Sören - 2014

This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their inter- mediation activity....

Persistent link: https://www.econbiz.de/10013048760

Monetary Policy and Stock Market Boom-Bust Cycles

Christiano, Lawrence J.; Ilut, Cosmin L.; Motto, Roberto; … - 2021

overoptimistic. We find that it is difficult to generate a boom-bust cycle (a period in which stock prices, consumption, investment …

Persistent link: https://www.econbiz.de/10013316465

Globalisation, Domestic Inflation and Global Output Gaps : Evidence from the Euro Area

Calza, Alessandro - 2015

This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the global output gap (the quot;global output gap hypothesisquot;) holds for the euro area. The empirical analysis uses quarterly data over the period 1979-2003. Measures of the...

Persistent link: https://www.econbiz.de/10012750226

Assessing the Factors Behind Oil Price Changes

Dées, Stéphane; Gasteuil, Audrey; Kaufmann, Robert Kurt; … - 2021

The rapid rise in the price of crude oil between 2004 and the summer of 2006 are the subject of debate. This paper investigates the factors that might have contributed to the oil price increase in addition to demand and supply for crude oil, by expanding a model for crude oil prices to include...

Persistent link: https://www.econbiz.de/10013316635

Shocking Stuff : Technology, Hours, and Factor Substitution

Cantore, Cristiano - 2010

The reaction of hours worked to technology shocks represents a key controversy between RBC and New Keynesian explanations of the business cycle. It sparked a large empirical literature with contrasting results. We demonstrate that, with a more general and data coherent supply and production...

Persistent link: https://www.econbiz.de/10013135284

Search in the Product Market and the Real Business Cycle

Pierrard, Olivier - 2009

We develop a search-matching model, where firms search for customers (e.g. in form of advertising). Firms use long-term contracts and bargain over prices, resulting in a price mark up above marginal cost, which is procyclical and depends on firms' relative bargaining power. Product market...

Persistent link: https://www.econbiz.de/10012764517

On the Empirical Evidence of the Intertemporal Current Account Model for the Euro Area Countries

Ca'Zorzi, Michele; Rubaszek, Michał - 2022

, though cannot equally well capture differences in the investment ratios. The conclusion that we draw is that consumption …

Persistent link: https://www.econbiz.de/10014218841

Macroeconomic Rates of Return of Public and Private Investment : Crowding-In and Crowding-Out Effects

Afonso, António; St. Aubyn, Miguel - 2009

macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to assess … the extent of crowding-in or crowding-out of both components of investment. We also compute the associated macroeconomic … rates of return of public and private investment for each country. The results point mostly to the existence of positive …

Persistent link: https://www.econbiz.de/10014220513

Corporate Debt and Investment : A Firm Level Analysis for Stressed Euro Area Countries

Gebauer, Stefan - 2017

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area … countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive … thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt …

Persistent link: https://www.econbiz.de/10012947848

Debt Overhang and Investment Eﬃciency

Popov, Alexander A. - 2018

, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive … banks and investment efficiency …

Persistent link: https://www.econbiz.de/10012906647