Showing 1 - 10 of 5,906
Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to gauge their contribution to short-run investment...
Persistent link: https://www.econbiz.de/10010969200
This paper provides a simple model of deleveraging that surfaces the contradictions inherent in neoliberal financialization and explains the pattern of US business cycles over the past thirty years. Deleveraging involves a two step correction. The first step is when a borrowing boom ends. The...
Persistent link: https://www.econbiz.de/10010854875
Results from cointegration tests clearly suggest that TFP and the relative price of investment (RPI) are not cointegrated. Evidence on the alternative possibility that they may nonetheless contain a common I(1) component generating long-horizon co-variation between them crucially depends on the...
Persistent link: https://www.econbiz.de/10010906784
This paper investigates the properties of distortions that manifest themselves as wedges in the equilibrium conditions of the neoclassical growth model across a sample of 22 OECD countries for the 1970–2011 period. The quantitative relevance of each wedge and its robustness in generating...
Persistent link: https://www.econbiz.de/10010939756
This paper provides a rational expectations equilibrium framework to organize the following observations about the U.S. housing market from 1975 to 2007: (i) housing occupancy patterns were approximately constant, (ii) rents were stable, and (iii) house prices appreciated considerably in the...
Persistent link: https://www.econbiz.de/10010945613
economic activity and inflation. We also find that the short-term interest rate rises in response to expectations of good times …
Persistent link: https://www.econbiz.de/10011010021
Economic growth involves metamorphosis of the financial system. Forms of banks and bank money change. These changes, if not addressed, leave the banking system vulnerable to crisis. There is no greater challenge in economics than to understand and prevent financial crises. The financial crisis...
Persistent link: https://www.econbiz.de/10010950636
We investigate the synchronization of growth cycles between China, Japan, the United States and other Asia …-Pacific countries using wavelet analysis. While we find that the growth cycles of China, Japan, and the United States are synchronized … between Japan and most other Asia-Pacific economies increases at long-run fluctuations, however, for the entire sample period …
Persistent link: https://www.econbiz.de/10011263547
What fraction of the business cycle volatility of government purchases is accounted for as endogenous reactions to overall macroeconomic conditions? We answer this question in the framework of a neoclassical representative household model where the provision of a public consumption good is...
Persistent link: https://www.econbiz.de/10009223328
Based on a time-varying factor-augmented vector autoregression, we demonstrate that the propagation mechanism of monetary policy disturbances differs across disaggregate components of personal consumption expenditures. While many disaggregate prices rise temporarily in response to a monetary...
Persistent link: https://www.econbiz.de/10010608463