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Big Banks and Macroeconomic Outcomes : Theory and Cross-Country Evidence of Granularity
Bremus, Franziska - 2013
. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate … sector for many countries is indeed granular, as the right tail of the bank size distribution follows a power law. We then … concentration is associated with a positive and significant relationship between bank-level credit growth and aggregate growth of …
Persistent link: https://www.econbiz.de/10013081202
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Does Management Matter in Schools
Bloom, Nicholas - 2014
outcomes. The UK, Sweden, Canada and the US obtain the highest management scores closely followed by Germany, with a gap to … Italy, Brazil and then finally India. We also show that autonomous government schools (i.e. government funded but with …
Persistent link: https://www.econbiz.de/10013044342
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Nonlinearities in Sovereign Risk Pricing : The Role of CDS Index Contracts
Delatte, Anne-Laure - 2014
Is the pricing of sovereign risk linear during bearish episodes? Or can initial shocks on economic fundamentals be exacerbated by endogenous factors that create nonlinearities? We test for nonlinearities in the sovereign bond market of European peripheral countries during the debt crisis and...
Persistent link: https://www.econbiz.de/10013056598
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Covid-19 and SME Failures
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2021
We estimate the impact of COVID-19 on business failures for small and medium sized enterprises (SMEs) using firm-level data in seventeen countries. Absent government support, the failure rate of SMEs would have increased by 9.1 percentage points, representing 4.6 percent of private sector...
Persistent link: https://www.econbiz.de/10013244116
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What Calls to Arms? International Evidence on Interest Rates and the Choice of Adjustable-Rate Mortgages
Badarinza, Cristian - 2014
The relative popularity of adjustable-rate mortgages (ARMs) and fixed-rate mort- gages (FRMs) varies considerably both across countries and over time. We ask how movements in current and expected future interest rates affect the share of ARMs in total mortgage issuance. Using a nine-country...
Persistent link: https://www.econbiz.de/10013048590
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Political Credit Cycles : The Case of the Euro Zone
Fernández-Villaverde, Jesús - 2013
process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …
Persistent link: https://www.econbiz.de/10013084731
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Implications of Dynamic Factor Models for VAR Analysis
Stock, James H.; Watson, Mark W. - 2022
econometric issues are addressed including estimation of the number of dynamic factors and tests for the factor restrictions …
Persistent link: https://www.econbiz.de/10013322868
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Monetary Policy in a Data-Rich Environment
Bernanke, Ben; Boivin, Jean - 2021
Most empirical analyses of monetary policy have been confined to frameworks in which the Federal Reserve is implicitly assumed to exploit only a limited amount of information, despite the fact that the Fed actively monitors literally thousands of economic time series. This article explores the...
Persistent link: https://www.econbiz.de/10013226548
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Modest Policy Interventions
Leeper, Eric M.; Zha, Tao A. - 2021
We present a framework for computing and evaluating linear projections of macro variables conditional on hypothetical paths of monetary policy. A modest policy intervention is a change in policy that does not significantly shift agents' beliefs about policy regime and does not generate...
Persistent link: https://www.econbiz.de/10013247250
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Effects of Employment Protection on Worker and Job Flows : Evidence from the 1990 Italian Reform
Kugler, Adriana D. - 2019
This paper uses the Italian Social Security employer-employee panel to study the effects of the Italian reform of 1990 on worker and job flows. We exploit the fact that this reform increased unjust dismissal costs for firms below 15 employees, while leaving dismissal costs unchanged for bigger...
Persistent link: https://www.econbiz.de/10012903630