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Chapter 12. Housing, Finance, and the Macroeconomy
Davis, Morris A.; Van Nieuwerburgh, Stijn - In: Handbook of regional and urban economics : volume 5, (pp. 753-811). 2015
In this chapter, we review and discuss the large body of research that has developed over the past 10-plus years that explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business cycle, housing and portfolio choice, and housing...
Persistent link: https://www.econbiz.de/10014025303
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Expenditure, Confidence, and Uncertainty: Identifying Shocks to Consumer Confidence Using Daily Data
Lachowska, Marta - W.E. Upjohn Institute for Employment Research - 2013
The importance of consumer confidence in stimulating economic activity is a disputed issue in macroeconomics. Do changes in confidence represent autonomous fluctuations in optimism, independent of information on economic fundamentals, or are they a reflection of economic news? I study this...
Persistent link: https://www.econbiz.de/10010665206
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The role of consumer confidence in forecasting consumption, evidence from Florida
Sandoval, Hector H.; Walsh, Anita N. - In: Southern economic journal 88 (2021) 2, pp. 757-788
Persistent link: https://www.econbiz.de/10013190290
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Does consumer confidence affect durable goods spending during bad and good economic times equally?
Ahmed, M. Iqbal; Cassou, Steven Peter - In: Journal of macroeconomics 50 (2016), pp. 86-97
Persistent link: https://www.econbiz.de/10011707869
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Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10010951247
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Wiedergewinnung von Vertrauen oder Rueckkehr der Vertrauensillusion? Ein Plaedoyer fuer gesundes Misstrauen gegenueber systematischen Tautologien (Regain of Trust or the Return of...
Weber-Berg, Christoph - In: Zeitschrift für Wirtschafts- und Unternehmensethik - … 11 (2010) 2, pp. 126-138
Moral, sondern mehr ethische Kompetenz auf allen Gestaltungsebenen des Wirtschaftens gefordert. (The loss of trust in the … context of the actual crisis is widely deplored. But how deep were the roots of trust after all? This article argues that the … financial system, even in times of well functioning, was affected by deep mistrust, masked by a mere illusion of trust, evolving …
Persistent link: https://www.econbiz.de/10008765273
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Does wage rigidity make firms riskier? : evidence from long-horizon return predictability
Favilukis, Jack; Lin, Xiaoji - 2012
We explore the relationship between sticky wages and risk. Like operating leverage, sticky wages are a source of risk for the firm. Firms, industries, regions, or times with especially high or rigid wages are especially risky. If wages are sticky, then wage growth should negatively forecast...
Persistent link: https://www.econbiz.de/10009697776
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Credit, Bankruptcy, and Aggregate Fluctuations
Nakajima, Makoto; Ríos-Rull, José-Víctor - National Bureau of Economic Research (NBER) - 2014
We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data?...
Persistent link: https://www.econbiz.de/10010969312
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Leveraged Borrowing and Boom-Bust Cycles
Pintus, Patrick; Wen, Yi - In: Review of Economic Dynamics 16 (2013) 4, pp. 617-633
Investment booms and asset "bubbles" are often the consequence of heavily leveraged borrowing and speculations of persistent growth in asset demand. We show theoretically that dynamic interactions between elastic credit supply (due to leveraged borrowing) and persistent credit demand (due to...
Persistent link: https://www.econbiz.de/10010856604
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Keynesian systems with rigidity and flexibility of prices and inflation–deflation expectations
Murakami, Hiroki - In: Structural Change and Economic Dynamics 30 (2014) C, pp. 68-85
In this paper, by utilizing the Poincaré–Bendixson theory and the Hopf bifurcation theory, we analyze both rigid-price and flexible-price nonlinear disequilibrium Keynesian macroeconomic systems, prove the existence of a persistent business cycle and derive the conditions for global...
Persistent link: https://www.econbiz.de/10010906613