This paper integrates a financial accelerator mechanism à la Bernanke et al. (1999) and time-varying uncertainty into a medium-scale Dynamic New Keynesian model. In our model, uncertainty emerges from monetary policy (policy uncertainty) as well as from financial risks (micro uncertainty) and...

This paper integrates a financial accelerator mechanism à la Bernanke et al. (1999) and time-varying uncertainty into a Dynamic New Keynesian model. We examine the extent to which uncertainty and credit conditions interact with one another. The idea is that uncertainty aggravates the...

In this paper, we identify exogenous shocks to credit demand, financial inter-mediation, and supply of funds, and determine the contribution of these shocks to fluctuations in the credit market and overall economic activity. We estimate a structural vector auto-regression model where the three...

We employ a threshold vector autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy, and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...

We employ a threshold vector autoregression (TVAR) methodology in order to examine the nonlinear nature of the interactions among credit market conditions, monetary policy, and economic activity. We depart from the existing literature on the subject along two dimensions. First, we focus on a...

Bimetal PtFe 3 nanoparticles were synthesized to obtain the 5.8% PtFe 3 -CeO 2 catalyst, which showed a high toluene oxidation activity (T 100 =226 ℃), an excellent catalytic stability (125 h, 99.5%) and a good water resistance ability (70h, 99.5%). To clarify the coupling effect of lattice...

This paper examines how foreign portfolio investment (FPI) in the US and its components affect the US macroeconomic conditions. We estimate a Dynamic Factor Model to extract comovements from 31 indicators to obtain three composite measures of the US market conditions, which correspond to real...

Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme financial stress in 2008, and the labor market has yet to...

We build from (mainly) publicly available national sources a database of (nominal and real) house prices—complemented with data on private disposable income (PDI)—for 19 advanced countries at a quarterly frequency, starting in the first quarter of 1975. We select a house price index for each...