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Real Estate Prices, Borrowing Constraints and Business Cycles -A Study of the Japanese Economy

Chakraborty, Suparna - EconWPA - 2005

This paper investigates the causes of business cycle fluctuations that Japan experienced over the period 1980 to 2000 … as collateral in Japan, land tax changes will cause fluctuations in land price that can potentially affect output and … data of land use in Japan provides evidence of such redistribution. …

Persistent link: https://www.econbiz.de/10005561189

Leading Indicators of Euroland Business Cycles

Fritsche, Ulrich; Marklein, Felix - EconWPA - 2001

The introduction of a common monetary policy in eleven European countries increased the need for leading indicators for that area. A reliable leading indicator should possess the following properties: (1) The movements in the indicator series should resemble those in the business cycle reference...

Persistent link: https://www.econbiz.de/10005076700

No More Rocking Horses: Trading Business-Cycle Depth for Duration Using an Economy-Specific Characteristic.

Mikhail, Ossama - EconWPA - 2004

Regarding the trade-off between the depth and the duration of recessions, there exists a mounting empirical evidence of the idiosyncratic and non-synchronized behavior of the business cycle over time within and across countries. In this paper, I propose a stochastic dynamic general equilibrium...

Persistent link: https://www.econbiz.de/10005076708

Do probit models help in forecasting turning points of German business cycles?

Fritsche, Ulrich - EconWPA - 2001

In this paper we used a data set constructed for a companion paper (Fritsche/Stephan, 2000) where we explored the leading indicator properties of different time series for the German business cycle. Now we test for the ability of different indicator series to forecast recessions by using a...

Persistent link: https://www.econbiz.de/10005076772

Monetary Policy Effect on the Business Cycle Fluctuations: Output vs. Index Measures of the Cycle

Korenok, Oleg; Radchenko, Stanislav - EconWPA - 2004

The paper analyzes two questions: (i) the effect of a monetary policy shock on the business cycle and (ii) the extent to which a shift in a monetary policy affects the dynamics of business cycle. Unlike previous literature, to answer these questions, we measure cycle movements by calculating an...

Persistent link: https://www.econbiz.de/10005076805

Power Law Tails in the Italian Personal Income Distribution

Clementi, Fabio; Gallegati, Mauro - EconWPA - 2005

We investigate the shape of the Italian personal income distribution using microdata from the Survey on Household Income and Wealth, made publicly available by the Bank of Italy for the years 1977-2002. We find that the upper tail of the distribution is consistent with a Pareto power-law type...

Persistent link: https://www.econbiz.de/10005077072

Narrow Money and the Business Cycle: Theoretical aspects and euro area evdence

Brand, Claus; Reimers, Hans-Eggert; Seitz, Franz - EconWPA - 2003

This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s. After a literature review on the empirical results in individual euro area countries we review some theoretical arguments why real narrow money growth might be an important determinant of...

Persistent link: https://www.econbiz.de/10005125006

Harrod, Hansen and Samuelson on the Multiplier-Acceleration Model. A Further Note

Besomi, Daniele - EconWPA - 2005

Persistent link: https://www.econbiz.de/10005126090

The Pro-cyclical R&D Puzzle: Technology Shocks and Pro-cyclical R&D Expenditure

Harashima, Taiji - EconWPA - 2005

Empirically R&D expenditure moves pro-cyclically, but the pro- cyclicality is a puzzle from the Schumpeterian point of view. The paper examines the cyclical property of R&D expenditure in the context of endogenous growth, and concludes that (i) substitutability between investing in physical...

Persistent link: https://www.econbiz.de/10005126375

Do Small and Medium-Sized Enterprises Stabilize Employment? Theoretical Considerations and Evidence from Germany

Fendel, Ralf; Frenkel, Michael - EconWPA - 1996

The hypothesis that the behavior of firms in adjusting the number of their employees along a business cycle depends on the size of the firms has often been mentioned in the literature. Several authors argue that small and medium sized enterprises are more hesitant in hiring additional employees...

Persistent link: https://www.econbiz.de/10005135008