Search Results - subject:"temporary shocks"

Asset prices with temporary shocks to consumption

Pohl, Walter; Schmedders, Karl; Wilms, Ole - 2014

Most standard asset-pricing models assume that all shocks to consumption are permanent. We relax this assumption and allow also for non-permanent shocks. In our specification, the long-run mean of consumption growth is constant; consumption levels are subject to short-run deviations from their...

Persistent link: https://www.econbiz.de/10010412663

Permanent vs Temporary Fiscal Expansion in a Two-Sector Small Open Economy Model

Cardi, Olivier; Restout, Romain - Groupe d'Analyse et de Théorie Économique Lyon … - 2007

This contribution shows that the duration of a fisscal shock together with sectoral capital intensity matter in determining the dynamic and steady-state effects in an intertemporal-optimizing two-sector small open economy model. First, unlike a permanent shock, net foreign asset position always...

Persistent link: https://www.econbiz.de/10005029822

Vulnerability to Shocks in EMU: 1991–2004 (in English)

Bajo-Rubio, Oscar; Díaz-Roldán, Carmen - In: Czech Journal of Economics and Finance (Finance a uver) 57 (2007) 5-6, pp. 225-234

The authors analyze the nature of economic shocks hitting European Economic and Monetary Union (EMU) member countries from 1991 to 2004, as well as for two sub-periods before and after the launch of EMU. To this end, they first evaluate the relative importance of symmetric versus asymmetric...

Persistent link: https://www.econbiz.de/10005536968

Permanent vs Temporary Fiscal Expansion in a Two-Sector Small Open Economy Model

Cardi, Olivier; Restout, Romain - HAL - 2007

Persistent link: https://www.econbiz.de/10008792684

CHARACTERIZING MACROECONOMIC SHOCKS IN THE CEECs

Bajo-Rubio, Oscar; Díaz-Roldán, Carmen - Asociación Española de Economía y Finanzas … - 2005

In this paper we analyze the nature of the shocks hitting the CEECs over the recent years. To this end, we first evaluate the relative importance of symmetric vs. asymmetric shocks, and then extract their temporary component. Our final aim would be assessing the vulnerability of the CEECs to...

Persistent link: https://www.econbiz.de/10008498172

VULNERABILITY TO SHOCKS IN EMU: 1991-2004

Bajo-Rubio, Oscar; Díaz-Roldán, Carmen - Asociación Española de Economía y Finanzas … - 2005

In this paper we analyze the nature of the shocks hitting the EMU member countries over the period 1991-2004, as well as for the two subperiods before and after 1999, i.e., the start of EMU. To this end, we first evaluate the relative importance of symmetric vs. asymmetric shocks, and then...

Persistent link: https://www.econbiz.de/10008498175

House prices, disposable income and permanent and temporary shocks

Fraser, Patricia; Hoesli, Martin; McAlevey, Lynn - In: Journal of European Real Estate Research 5 (2012) 1, pp. 5-28

permanent and temporary shocks to income. It additionally decomposes each historical house price series into its permanent … shocks to income, while the US market reacts to temporary shocks with the permanent component having a largely insignificant …) and the United States of America (USA). Findings – NZ and UK housing markets are sensitive to both permanent and temporary …

Persistent link: https://www.econbiz.de/10014862662

Heterogeneity in Price Rigidity: Evidence from a Case Study Using Microlevel Data

Levy, Daniel; Dutta, Shantanu; Bergen, Mark - In: Journal of Money, Credit and Banking 34 (2002) 1, pp. 197-220

We combine two data sets to study price rigidity. The first consists of weekly time series of retail, wholesale, and spot prices for twelve products. These time series contain two exogenous cost shocks. We find that prices exhibit more rigidity in response to the second shock than the first. The...

Persistent link: https://www.econbiz.de/10012140580

Characterizing macroeconomic shocks in the CEECs

Bajo-Rubio, Oscar; Díaz-Roldán, Carmen - In: Economic Change and Restructuring 38 (2005) 3, pp. 227-234

In this paper we analyze the nature of the shocks hitting the Central and Eastern European countries (CEECs) over the recent years. To this end, we first evaluate the relative importance of symmetric versus asymmetric shocks, and then extract their temporary component. Our final aim would be...

Persistent link: https://www.econbiz.de/10005808877

Chapter 3 Monetary policy regimes and economic performance: The historical record

Bordo, Michael D.; Schwartz, Anna J. - In: Handbook of macroeconomics : volume 1, part A, (pp. 149-234). 1999

Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This chapter surveys the historical experience of both international and domestic (national)...

Persistent link: https://www.econbiz.de/10014024247