In den sechziger Jahren lag das reale Wachstum in Europa noch über dem der USA. Danach sanken in beiden Teilen der Welt tendentiell die Wachstumsraten. Anfang der achtziger Jahre folgte allerdings in den USA eine Phase hohen Wirtschaftswachstums, so dass die Wachstumsraten und die...

How do differences in the creit channel affect investment behavior in the U.S. and the Euro area? To analyze this question, we calibrate an agency cost model of business cycles. We focus on two key components of the lending channel, the default premium associated with bank loans and bankruptcy...

This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a...