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Uncovering the Mechanism(s): Financial Constraints and Wages
Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020
How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment and explore their effect on wages. First, the financial...
Persistent link: https://www.econbiz.de/10012497880
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Volatility and Growth: Governments are Key
Jetter, Michael - 2013
There exists a persistent disagreement in the literature over the effect of business cycles on economic growth. This paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a negative indirect effect, operating through the insurance...
Persistent link: https://www.econbiz.de/10010328920
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Volatility and Growth: Governments are Key
Jetter, Michael - Institute for the Study of Labor (IZA) - 2013
There exists a persistent disagreement in the literature over the effect of business cycles on economic growth. This paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a negative indirect effect, operating through the insurance...
Persistent link: https://www.econbiz.de/10010959641
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Crises, what crises?
Campos, Nauro F.; Hsiao, Cheng; Nugent, Jeffrey B. - 2006
Recent research convincingly shows that crises beget reform. Although the consensus is that economic crises foster macroeconomic stabilization, it is silent on which types of crises cause which types of reform. Is it economic or political crises that are the most important drivers of structural...
Persistent link: https://www.econbiz.de/10010267978
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Crises, What Crises?
Campos, Nauro F.; Hsiao, Cheng; Nugent, Jeffrey B. - Institute for the Study of Labor (IZA) - 2006
Recent research convincingly shows that crises beget reform. Although the consensus is that economic crises foster macroeconomic stabilization, it is silent on which types of crises cause which types of reform. Is it economic or political crises that are the most important drivers of structural...
Persistent link: https://www.econbiz.de/10005763747
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How Does the Economic Uncertainty Affect Asset Prices under Normal and Financial Distress Times?
Balcilar, Mehmet; Ozdemir, Zeynel Abidin; Ozdemir, Huseyin - 2022
By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....
Persistent link: https://www.econbiz.de/10013351835
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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10010282516
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, Hashem; Xu, TengTeng - Institute for the Study of Labor (IZA) - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10009325438
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Families in Macroeconomics
Doepke, Matthias; Tertilt, Michèle - 2016
Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision-making in families) is...
Persistent link: https://www.econbiz.de/10011479320
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Produce or speculate? Asset bubbles, occupational choice and efficiency
Cahuc, Pierre; Challe, Edouard - 2009
We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …
Persistent link: https://www.econbiz.de/10010269510