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Macroeconomic Effects of Financial Shocks
Jermann, Urban; Quadrini, Vincenzo - C.E.P.R. Discussion Papers - 2009
In this paper we document the cyclical properties of U.S. firms' financial flows. Equity payouts are procyclical and debt payouts are countercyclical. We develop a model with explicit roles for debt and equity financing and explore how the observed dynamics of real and financial variables are...
Persistent link: https://www.econbiz.de/10008528541
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Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock
Karlan, Dean S.; Osman, Adam; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2013
theory, practice, and policy. Using seven different methods on microenterprise loan applicants, we find striking results …
Persistent link: https://www.econbiz.de/10011083720
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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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Asset fire sales and purchases and the international transmission of financial shocks
Jotikasthira, Chotibhak; Lundblad, Christian T; … - C.E.P.R. Discussion Papers - 2009
We provide new evidence on the channels through which financial shocks are transmitted across international borders. Employing monthly data from 1996 to 2008 on over 1,000 developed country-domiciled mutual and hedge funds, we show that inflows and outflows experienced by these funds translate...
Persistent link: https://www.econbiz.de/10008458295
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Financial Integration and Business Cycle Synchronization
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - C.E.P.R. Discussion Papers - 2009
Standard theory predicts that financial integration leads to a lower degree of business cycle synchronization …
Persistent link: https://www.econbiz.de/10005041098
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Spread the News: How the Crisis Affected the Impact of News on the European Sovereign Bond Markets
Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2012
We investigate how "news" affected domestic interest spreads vis-à-vis Germany and how it propagated to other countries during the recent crisis period, thereby distinguishing between the so-called GIIPS countries and other European countries. We make original use of the Eurointelligence...
Persistent link: https://www.econbiz.de/10011083333
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Global Banks and Crisis Transmission
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2012
We study the effect of financial integration on the transmission of international business cycles. In a sample of 20 developed countries between 1978 and 2009 we find that, in periods without financial crises, increases in bilateral financial linkages are associated with more divergent output...
Persistent link: https://www.econbiz.de/10011084566
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Does Idiosyncratic Business Risk Matter?
Michelacci, Claudio; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2008
companies) perform relatively worse (in terms of productivity, investment, and business creation) in sectors characterized by …
Persistent link: https://www.econbiz.de/10005791288
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Credit within the Firm
Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2010
We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...
Persistent link: https://www.econbiz.de/10008468516
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Financial Development and the Patterns of International Capital Flows
von Hagen, Jürgen; Zhang, Haiping - C.E.P.R. Discussion Papers - 2010
poor to relatively rich countries while foreign direct investment flows in the opposite direction; net capital flows go … from poor to rich countries; despite its negative net international investment position, the US receives a positive net … international investment income. We also explore the welfare and distributional effects of international capital flows and show that …
Persistent link: https://www.econbiz.de/10008468552