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Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows that the optimized simple interest-rate rule features virtually no response to...
Persistent link: https://www.econbiz.de/10011265258
Using a dynamic stochastic general equilibrium model with banking, this paper first provides evidence that, during the Great Moderation, monetary policy leaned against the wind blowing from the loan market in the US. It then shows that the extent to which this occurred delivers a small welfare...
Persistent link: https://www.econbiz.de/10010886287
This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these...
Persistent link: https://www.econbiz.de/10010790417
type="main" xml:lang="en" <p>This paper studies how fiscal policy affects loan market conditions in the United States. First, it conducts a structural vector-autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending...</p>
Persistent link: https://www.econbiz.de/10011037396
This paper studies how fiscal policy affects loan market conditions. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results...
Persistent link: https://www.econbiz.de/10010550239
In addition to containing stable information to explain inflation, state-local expenditures have also a larger share of the forecast error variance of US inflation than the Federal funds rate. Non-defense federal expenditures are useful in predicting real output variations and, starting from the...
Persistent link: https://www.econbiz.de/10009323073
We apply graphical modelling theory to identify fiscal policy shocks in SVAR models of the US economy. Unlike other econometric approaches of which achieve identification by relying on potentially contentious a priori assumptions of graphical modelling is a data based tool. Our results are in...
Persistent link: https://www.econbiz.de/10008615327
In this paper we explore the information content of a large set of fiscal indicators for US real output growth and inflation. We provide evidence that fluctuations in certain fiscal variables contain valuable information to predict fluctuations in output and prices. The distinction between...
Persistent link: https://www.econbiz.de/10008458412
This paper conducts a multivariate time series analysis of output growth rate, investment and government consumption in Italy from 1950 to 2005. The empirical results are consistent with the prediction of the Solow growth model, while they do not support the family of endogenous growth models,...
Persistent link: https://www.econbiz.de/10005427259
This paper investigates the macro-determinants of growth in Italy in a time series framework, from 1950 till 2004. The analysis of economic growth, started with the Solows (1956) and Swans (1956) famous contributions, has developed rapidly since the mid 1980s. The empirical literature follows...
Persistent link: https://www.econbiz.de/10005434734