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Recession ; fundamental inflation ; DSGE models ; Bayesian estimation …
Persistent link: https://www.econbiz.de/10009744674
We examine the dynamic effects of credit shocks using a large data set of U.S. economic and financial indicators in a structural factor model. The identified credit shocks, interpreted as unexpected deteriorations of credit market conditions, immediately increase credit spreads, decrease rates...
Persistent link: https://www.econbiz.de/10009744685
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