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Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2014

The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending … constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …

Persistent link: https://www.econbiz.de/10010441166

The mortgage rate conundrum

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2017

We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to...

Persistent link: https://www.econbiz.de/10011774955

The role of news about TFP in U.S. recessions and booms

Faccini, Renato; Melosi, Leonardo - 2018

We develop a general equilibrium model to study the historical contribution of TFP news to the U.S. business cycle. Hiring frictions provide incentives for firms to start hiring ahead of an anticipated improvement in technology. For plausibly calibrated hiring costs, employment gradually rises...

Persistent link: https://www.econbiz.de/10011822212

The cost of business cycles under endogenous growth

Barlevy, Gadi (contributor) - 2003 - [Elektronische Ressource]

"In his famous 1987 monograph, Robert Lucas argued that further stabilizing the business cycles that persisted in the post-War era was pointless, because these cycles had a negligible effect on societal well- being. In particular, Lucas demonstrated that society should be willing to pay only a...

Persistent link: https://www.econbiz.de/10001915579

Firm-specific capital, nominal rigidities and the business cycle

Altig, David; Christiano, Lawrence J.; Eichenbaum, Martin S. - 2005

Persistent link: https://www.econbiz.de/10002685179

The role of collateralized household debt in macroeconomic stabilization

Campbell, Jeffrey R. (contributor); … - 2004

"Market innovations following the financial reforms of the early 1980's relaxed collateral constraints on households' borrowing. This paper examines the implications of this development for macroeconomic volatility. We combine collateral constraints on households with heterogeneity of thrift in...

Persistent link: https://www.econbiz.de/10002550523

Revenue bubbles and structural deficits : what's a state to do?

Mattoon, Richard H. (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003786286

Can structural small open economy models account for the influence of foreign disturbances?

Justiniano, Alejandro; Preston, Bruce - 2009

This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...

Persistent link: https://www.econbiz.de/10003914665

Import protection, business cycles, and exchange rates : evidence from the great recession

Bown, Chad P.; Crowley, Meredith A. - 2011

This paper uses highly detailed, quarterly data for five major industrialized economies to estimate the impact of macroeconomic fluctuations on import protection policies over 1988:Q1 - 2010:Q4. First, estimates on a pre-Great Recession sample of data provide evidence of two key relationships....

Persistent link: https://www.econbiz.de/10009383481

Can intangible capital explain cyclical movements in the labor wedge?

Gourio, François; Rudanko, Leena - 2014

Intangible capital is an important factor of production in modern economies that is generally neglected in business cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially if the intangible is complementary with production...

Persistent link: https://www.econbiz.de/10010242906