Showing 1 - 10 of 103
Using aggregate data, the paper analyzes the importance of inventory investment for German business cycles since 1960 … evidence. Preliminary national accounts data of inventory investment have particularly poor quality. In order to be able to …
Persistent link: https://www.econbiz.de/10005083219
investment as published in the German national accounts are tremendously prone to revision and therefore ill-equipped to diagnose …
Persistent link: https://www.econbiz.de/10005083223
Real residential investment in Germany is found to be cointegrated with population, real national income per capita and … adjustment via residential investment slowed down substantially and real house prices lost the capacity to contribute to the … to explain significant differences in alternative trend-cycle decompositions of residential investment. …
Persistent link: https://www.econbiz.de/10008564416
We develop a formula for user costs of housing on the basis of a neoclassical approach to housing investment which does …
Persistent link: https://www.econbiz.de/10008554268
Is time-varying firm-level uncertainty a major cause or amplifier of the business cycle? This paper investigates this question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital adjustment, where cyclical changes in uncertainty...
Persistent link: https://www.econbiz.de/10005059021
of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic … of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle …
Persistent link: https://www.econbiz.de/10005059026
This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...
Persistent link: https://www.econbiz.de/10009283654
policy makers. We propose to use a VAR framework that takes feedback effects between the financial sector and the …
Persistent link: https://www.econbiz.de/10008509632
autoregressive approach of Bernanke, Boivin and Eliasz (2005) as well as on a standard VAR model. We focus on the reaction of …
Persistent link: https://www.econbiz.de/10005059022
We investigate whether frictions in US financial markets amplify the international propagation of US financial shocks. The dynamics of the US economy is modeled jointly with global macroeconomic and financial variables using a threshold vector autoregression that allows us to capture...
Persistent link: https://www.econbiz.de/10011212003