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aggregate output. An increase in the share of intangible capital in production reduces the borrowing capacity and increases the … rates caused by demographic forces. This insight is obtained in a model in which intangible capital cannot attract external …-intense economy, the ability of firms to purchase intangible capital using retained earnings is impaired by low interest rates …
Persistent link: https://www.econbiz.de/10011708126
liability side. The endogenously determined asset portfolio and capital structure interact to support credit extension, as well … joint implementation of a capital and a liquidity regulation …
Persistent link: https://www.econbiz.de/10011803125
This paper estimates the long run elasticity of the demand for fixed nonresidential capital (both equipment and … possibility that the capital demand curve is better identified in a small open economy because shocks to capital supply are more … of capital demand …
Persistent link: https://www.econbiz.de/10014225410
This paper examines the effects of credit availability on small firm survivability over the period 2004 to 2008 for non-publicly traded small enterprises. Using data from the 2003 Survey of Small Business Finances, we develop failure prediction models for a sample of small firms that were...
Persistent link: https://www.econbiz.de/10013118661
This paper examines the effects of credit availability on small firm survivability over the period 2004 to 2008 for non-publicly traded small enterprises. Using data from the 2003 Survey of Small Business Finances, we develop failure prediction models for a sample of small firms that were...
Persistent link: https://www.econbiz.de/10013106991
We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission - the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates,...
Persistent link: https://www.econbiz.de/10013128627
Stylized facts on U.S. output and interest rates have so far proved hard to match with DSGE models. But model predictions hinge on the joint specification of economic structure and a set of driving processes. In a model, different shocks often induce different comovements, such that the overall...
Persistent link: https://www.econbiz.de/10013128641
We employ empirical pricing models for mortgage-backed security (MBS) yields and for mortgage rates to measure deviations from normal market functioning in order to assess how the Federal Reserve MBS purchase program -- a 16 month program announced on November 25, 2008 and completed on March 31,...
Persistent link: https://www.econbiz.de/10013118623
Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption or to default on their mortgages. In this paper, we argue that these outcomes are more likely if ARM borrowers are borrowing constrained, and find that ARM borrowers...
Persistent link: https://www.econbiz.de/10013124982
Central banks typically control an overnight interest rate as their policy tool, and the transmission of monetary policy happens through the relationship of this overnight rate to the rest of the yield curve. The expectations hypothesis, that longer-term rates should equal expected future...
Persistent link: https://www.econbiz.de/10013124991