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This paper studies the role of credit supply factors in business cycle fluctuations using a dynamic stochastic general equilibrium (DSGE) model with financial frictions enriched with an imperfectly competitive banking sector. Banks issue collateralized loans to both households and firms, obtain...
Persistent link: https://www.econbiz.de/10008680848
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contribute little to the cyclical variability of the main macro variables.
Persistent link: https://www.econbiz.de/10011082072
Our main results are: (1) reducing tax distortions would entail significant welfare gains; (2) among expenditures, it is preferable to cut purchases of good and services or public employment than transfers to households; (3) it is preferable to cut taxes and expenditures at the same time: tax...
Persistent link: https://www.econbiz.de/10011081034
the contribution of housing booms and busts to business cycles.
Persistent link: https://www.econbiz.de/10010856655
This paper estimates the effects of technology shocks in Bayesian VAR models of the United States, Japan and West Germany, imposing restrictions on the sign of impulse responses. These restrictions are motivated with explicit priors on the parameters of a dynamic general equilibrium model...
Persistent link: https://www.econbiz.de/10005051443
Monetary growth targeting is often seen as an effective way of supporting macroeconomic stability. We scrutinize this property by checking whether multiplicity of equilibria, in the form of local indeterminacy (LI), can be both a possible and a plausible outcome of a basic model with an...
Persistent link: https://www.econbiz.de/10011099687
This paper describes a dynamic stochastic general equilibrium model featuring a fraction of non-Ricardian agents in order to estimate the effects of fiscal policy in the Euro area. The model takes into account distortionary taxation on labor and capital income and on consumption, while...
Persistent link: https://www.econbiz.de/10005306297
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