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The effects of the saving and banking glut on the US economy

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013

We use a quantitative equilibrium model with houses, collateralized debt, and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one-fourth and one-third of the increase...

Persistent link: https://www.econbiz.de/10010202659

Investment shocks and the relative price of investment

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2009

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...

Persistent link: https://www.econbiz.de/10003948199

Credit supply and the housing boom

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2015

The housing boom that preceded the Great Recession was the result of an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices,...

Persistent link: https://www.econbiz.de/10010482958

Global trends in interest rates

Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2018

The trend in the world real interest rate for safe and liquid assets fluctuated close to 2 percent for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries have...

Persistent link: https://www.econbiz.de/10011904671

Menu costs at work : restaurant prices and the introduction of the Euro

Hobijn, Bart (contributor); Ravenna, Federico (contributor); … - 2004 - [Elektronische Ressource]

"Restaurant prices in the Euro area saw an unprecedented increase after the introduction of the Euro. We use an … costs. The extension we use involves the state-dependent decision of firms about when to adopt the Euro. Two main mechanisms … drive the result. First, our model concentrates otherwise staggered price increases around the introduction of the Euro …

Persistent link: https://www.econbiz.de/10002521760