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Taking Banks to Solow
Gersbach, Hans; Rochet, Jean-Charles; Scheffel, Martin - C.E.P.R. Discussion Papers - 2015
, productivity or trust affect the economy. First, typically, bond and loan financing react in opposite directions to such shocks …
Persistent link: https://www.econbiz.de/10011186631
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Understanding Financial Crises: Causes, Consequences, and Policy Responses
Claessens, Stijn; Kose, Ayhan; Laeven, Luc; Valencia, Fabian - C.E.P.R. Discussion Papers - 2013
The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...
Persistent link: https://www.econbiz.de/10011083226
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The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2013
While the 2008-2009 financial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and financial markets, what can account...
Persistent link: https://www.econbiz.de/10011084317
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Financial Crises: Explanations, Types, and Implications
Claessens, Stijn; Kose, Ayhan - C.E.P.R. Discussion Papers - 2013
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper...
Persistent link: https://www.econbiz.de/10011084455
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Stylized Facts of Business Cycles in the G7 from a Real Business Cycles Perspective
Fiorito, Riccardo; Kollintzas, Tryphon - C.E.P.R. Discussion Papers - 1992
This paper investigates the basic stylized facts of business cycles in the G7 countries using quarterly data from 1960 …-89. The methodology used is based on Kydland and Prescott (1990). The evidence suggests that the real business cycles model …; prices are countercyclical; and money does not have a clear-cut cyclical pattern. Real business cycles models cannot at …
Persistent link: https://www.econbiz.de/10005662365
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Drift and Breaks in Labour Productivity
Benati, Luca - C.E.P.R. Discussion Papers - 2006
-varying parameters median-unbiased estimation methodology, to investigate changes in the equilibrium rate of growth of labor productivity ….S. well capture the 'conventional wisdom’ of a golden era of high productivity growth, the 1950s and 1960s; a marked …, evidence suggests the 1990s’ productivity acceleration to have reached a plateau over the last few years. Results for the …
Persistent link: https://www.econbiz.de/10005791767
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Time-Varying Business Volatility, Price Setting, and the Real Effects of Monetary Policy
Bachmann, Rüdiger; Born, Benjamin; Elstner, Steffen; … - C.E.P.R. Discussion Papers - 2013
tripling of volatility during the recession of 08/09 caused the average quarterly likelihood of a price change to increase from …
Persistent link: https://www.econbiz.de/10011083687
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The Ins and Arounds in the U.S. Housing Market
Bachmann, Rüdiger; Cooper, Daniel - C.E.P.R. Discussion Papers - 2014
In the U.S., 15 percent of households move in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market - renter-occupied properties and owner-occupied properties. The gross flows between these two...
Persistent link: https://www.econbiz.de/10011083733
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Surprise, Surprise - Measuring Firm-level Investment Innovations
Bachmann, Rüdiger; Elstner, Steffen; Hristov, Atanas - C.E.P.R. Discussion Papers - 2014
Firms expect certain investment expenditures. Firms realize certain investment expenditures. The difference is an investment surprise. With the help of the IFO Investment Survey for the German manufacturing sector we measure firms’ (quantitative) investment expectations and firms’...
Persistent link: https://www.econbiz.de/10011084608
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A Note on NNS Models: Introducing Physical Capital; Avoiding Rationing
Danthine, Jean-Pierre; Donaldson, John B - C.E.P.R. Discussion Papers - 2002
This note makes two comments on recent NNS models. First, it disputes the way physical capital has been introduced into these models, arguing that this leads to the dubious postulate that the cost of adjusting physical capital stock is an order of magnitude lower than the cost of changing...
Persistent link: https://www.econbiz.de/10005661873