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Time-varying risk shocks and the zero lower bound
Strobel, Johannes; Lee, Gabriel S.; Salyer, Kevin Duff - 2019
This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero...
Persistent link: https://www.econbiz.de/10012231163
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex - 2011
This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...
Persistent link: https://www.econbiz.de/10013122330
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The Failure of Financial Macroeconomics and What to Do About It
Chatelain, Jean-Bernard - 2012
The bargaining power of international banks is currently still very high as compared to what it was at the time of the Bretton Woods conference. As a consequence, systemic financial crises are likely to remain recurrent phenomena with large effects on macroeconomic aggregates. Mainstream...
Persistent link: https://www.econbiz.de/10013103661
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Understanding the Great Recession : Some Fundamental Keynesian and Post-Keynesian Insights, with an Analysis of Possible Mechanisms to Achieve a Sustained Recovery
Seccareccia, Mario - 2017
Fears of deflation and long-term stagnation have become more commonplace since the Great Recession. Yet, within the mainstream, economists are divided into two camps: those who see the benefits of downward wage and price adjustment, as a private sector stabilizer, and those who fear deflationary...
Persistent link: https://www.econbiz.de/10012969983
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Capital and the Business Cycle – A Synthesis (With a Didactic Exposition)
Mueller, Antony P. - 2019
This paper presents a synthesis of capital theory and business cycle analysis. Capital is the neglected child of macroeconomics. Despite its obvious importance, capital has not received the attention that it deserves in modeling the business cycle. While many business cycle models pay no or very...
Persistent link: https://www.econbiz.de/10012899774
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Chapter 2. Macroeconomic Shocks and Their Propagation
Ramey, V.A. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 71-162). 2016
This chapter reviews and synthesizes our current understanding of the shocks that drive economic fluctuations. The chapter begins with an illustration of the problem of identifying macroeconomic shocks, followed by an overview of the many recent innovations for identifying shocks. It then...
Persistent link: https://www.econbiz.de/10014024291
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Gewaltiger Einbruch und nur allmähliche Erholung: IW-Konjunkturprognose Frühsommer 2020
Bardt, Hubertus; Beznoska, Martin; Demary, Markus; … - 2020
. 2021 ist ein Plus beim globalen Güteraustausch in Höhe von 8 Prozent zu erwarten. Die Erholung der deutschen Konjunktur … Erholungsphase zu erwarten. Eine entscheidende Rolle spielen dabei die Perspektiven für die Weltwirtschaft, denn das schwache globale … liegen. Die Corona-Pandemie hinterlässt tiefe Spuren auf dem deutschen Arbeitsmarkt. Trotz umfas-sender Nutzung des …
Persistent link: https://www.econbiz.de/10012222251
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Gewaltiger Einbruch und nur allmähliche Erholung : IW-Konjunkturprognose Frühsommer 2020
Bardt, Hubertus; Beznoska, Martin; Demary, Markus; … - 2020
. 2021 ist ein Plus beim globalen Güteraustausch in Höhe von 8 Prozent zu erwarten. Die Erholung der deutschen Konjunktur … Erholungsphase zu erwarten. Eine entscheidende Rolle spielen dabei die Perspektiven für die Weltwirtschaft, denn das schwache globale … liegen. Die Corona-Pandemie hinterlässt tiefe Spuren auf dem deutschen Arbeitsmarkt. Trotz umfas-sender Nutzung des …
Persistent link: https://www.econbiz.de/10012221053
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The Post-Crisis Slump in the Euro Area and the Us : Evidence from an Estimated Three-Region DSGE Model
Kollmann, Robert - 2017
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences—in particular, the EA slump has been markedly more...
Persistent link: https://www.econbiz.de/10012969881
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The Post-Crisis Slump in the Euro Area and the US : Evidence from an Estimated Three-Region DSGE Model
Kollmann, Robert - 2016
The global financial crisis (2008-09) led to a sharp contraction in both Euro Area (EA) and US real activity, and was followed by a long-lasting slump. However, the post-crisis adjustment in the EA and the US shows striking differences - in particular, the EA slump has been markedly more...
Persistent link: https://www.econbiz.de/10012998137