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is the most important driver of the European Great Recession and that this adverse shock persists throughout our sample …
Persistent link: https://www.econbiz.de/10011530229
response of employment and wages in ES, a high sensitivity of IT to investment-related shocks, and a comparatively strong …
Persistent link: https://www.econbiz.de/10012268789
response of employment and wages in ES, a high sensitivity of IT to investment-related shocks, and a comparatively strong …
Persistent link: https://www.econbiz.de/10012054993
This paper proposes a new model-based method to obtain a coincident indicator for the business cycle. A dynamic factor model with trend components and a common cycle component is considered which can be estimated using standard maximum likelihood methods. The multivariate unobserved components...
Persistent link: https://www.econbiz.de/10014075576
Structural models are a powerful tool for business cycle and monetary policy analysis because they are invariant to either policy changes or external shocks. In this paper, we derive a Sidrauski-type model in which both the demand and supply side are structural in the sense that the behavioral...
Persistent link: https://www.econbiz.de/10013320296
Persistent link: https://www.econbiz.de/10003835623
Persistent link: https://www.econbiz.de/10003854125
How do the business cycle effects of loan supply shocks depend on the state of prudential regulation in the euro area? To address this question, we first identify regulatory cycles from a cumulative prudential policy index that tracks the evolution of the regulatory stance in the euro area....
Persistent link: https://www.econbiz.de/10014636947
autoregres-sion (SVAR) framework, that, in response to an adverse financial shock, tangible in-vestment falls more than … intangible investment. This positive co-movement betweentangible and intangible investment as well as the relative resilience of … intangibleinvestment pose a challenge for the theoretical model. We show that investment-specific adjustment costs help in reconciling the …
Persistent link: https://www.econbiz.de/10012826228
autoregres-sion (SVAR) framework, that, in response to an adverse financial shock, tangible in-vestment falls more than … intangible investment. This positive co-movement betweentangible and intangible investment as well as the relative resilience of … intangibleinvestment pose a challenge for the theoretical model. We show that investment-specific adjustment costs help in reconciling the …
Persistent link: https://www.econbiz.de/10012256498