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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10013119292
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Sequential Bargaining in a New-Keynesian Model with Frictional Unemployment and Staggered Wage Negotiation
de Walque, Gregory - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10012764242
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Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment
Bodart, Vincent; de Walque, Gregory; Pierrard, Olivier; … - 2021
In this paper, we propose a search and matching model with nominal stickiness à la Calvo in the wage bargaining. We analyze the properties of the model, first, in the context of a typical real business cycle model driven by stochastic productivity shocks and second, in a fully specified...
Persistent link: https://www.econbiz.de/10013317263
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How Does Financial Globalization Affect Risk Sharing? : Patterns and Channels
Terrones, Marco - 2007
In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international...
Persistent link: https://www.econbiz.de/10014400319
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China's Emergence in the World Economy and Business Cycles in Latin America
Pesaran, M. Hashem - 2011
world have altered the transmission mechanism of international business cycles to Latin America. Evidence based on a Global … world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … associated with a deceleration in China's economic growth in the future for both Latin America and the rest of the world economy …
Persistent link: https://www.econbiz.de/10013121741
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The Importance of Hiring Frictions in Business Cycles
Faccini, Renato - 2020
Hiring is a costly activity reflecting firms' investment in their workers. Micro-data shows that hiring costs involve production disruption. Thus, cyclical fluctuations in the value of output, induced by price frictions, have consequences for the optimal allocation of hiring activities. We...
Persistent link: https://www.econbiz.de/10012843182
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Amerisclerosis? The Puzzle of Rising U.S. Unemployment Persistence
Coibion, Olivier - 2014
The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future U.S. recessions might look more like the Eurosclerosis experience of the 1980s than traditional V-shaped recoveries of the past. In this paper, we revisit possible explanations...
Persistent link: https://www.econbiz.de/10013061955
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How do business and financial cycles interact?
Claessens, Stijn; Kose, M. Ayhan; Terrones, Marco E. - 2011
Persistent link: https://www.econbiz.de/10009486294
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Regionalization vs. globalization
Hirata, Hideaki; Kose, M. Ayhan; Otrok, Christopher M. - 2013
Abstract: Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles...
Persistent link: https://www.econbiz.de/10009707567
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House price synchronicity, banking integration, and global financial conditions
Alter, Adrian; Dokko, Jane; Seneviratne, Dulani - 2018
domestic housing markets to the rest of the world …
Persistent link: https://www.econbiz.de/10011978387