Similar Search Results

Gersbach, Hans; Haller, Hans - 2014 - This Version: August 2014

favorable conditions for matching on the one hand, and for global collective decisions on the other hand. We establish …

Persistent link: https://www.econbiz.de/10010399075

Changing dynamics at the zero lower bound

Bäurle, Gregor; Kaufmann, Daniel; Kaufmann, Sylvia; … - 2016

The interaction of macroeconomic variables may change as the nominal shortterm interest rates approaches zero. In this paper, we propose an empirical model capturing these changing dynamics with a time-varying parameter vector autoregressive process. State-dependent parameters are determined by...

Persistent link: https://www.econbiz.de/10011440078

Factor augmented VAR revisited : a sparse dynamic factor model approach

Beyeler, Simon; Kaufmann, Sylvia - 2016

We combine the factor augmented VAR framework with recently developed estimation and identification procedures for sparse dynamic factor models. Working with a sparse hierarchical prior distribution allows us to discriminate between zero and non-zero factor loadings. The non-zero loadings...

Persistent link: https://www.econbiz.de/10011558192

K-state switching models with time-varying transition distributions : does credit growth signal stronger effects of variables on inflation?

Kaufmann, Sylvia - 2014

Two Bayesian sampling schemes are outlined to estimate a K-state Markov switching model with time-varying transition probabilities. Data augmentation for the multinomial logit model of the transition probabilities is alternatively based on a random utility and a difference in random utility...

Persistent link: https://www.econbiz.de/10010493611

Bank lending in Switzerland: capturing crosssectional heterogeneity and asymmetry over time

Beutler, Toni; Gubler, Matthias; Hauri, Simona; … - 2020

We study the bank lending channel in Switzerland over three decades using unbalanced quarterly bank-individual data spanning 1987 to 2016. In contrast to the usual empirical approach, we take an agnostic stance on which bank characteristic drives the heterogenous lending response to interest...

Persistent link: https://www.econbiz.de/10012264674

Factor augmented VAR revisited : a sparse dynamic factor model approach

Beyeler, Simon; Kaufmann, Sylvia - 2018

Persistent link: https://www.econbiz.de/10012039045

Campaigns, political mobility, and communication

Gersbach, Hans - 2009

We present a model of elections in which interest group donations allow candidates to shift policy positions. We show that if donations were prohibited, then a unique equilibrium regarding the platform choices of candidates would exist. Our game with financing of political campaigns exhibits two...

Persistent link: https://www.econbiz.de/10003897539

Democratic provision of divisible public goods

Gersbach, Hans - 2010

In this paper we examine the potential of democratic constitutions for the provision of divisible public goods in a large economy. Our main insights are as follows: When aggregate shocks are absent, the combination of the following rules yields first-best allocations: a supermajority rule, equal...

Persistent link: https://www.econbiz.de/10003937264

Information markets, elections and contracts

Gersbach, Hans; Müller, Markus - 2011

problem, we introduce a triple mechanism involving political information markets, reelection threshold contracts, and … democratic elections. An information market is used to predict the long-term performance of a policy, while threshold contracts … stipulate a price level on the political information market that a politician must reach to have the right to stand for …

Persistent link: https://www.econbiz.de/10009009663

Modeling two Macro policy instruments : interest rates and aggregate capital requirements

Gersbach, Hans; Hahn, Volker - 2011 - This Version: September 2011

We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...

Persistent link: https://www.econbiz.de/10009307956