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Survey evidence of tighter credit conditions: what does it mean?

Schreft, Stacey L.; Owens, Raymond E. - Federal Reserve Bank of Richmond - 1991

Practices have been cited frequently as an indicator of general credit availability. Results from the Board's survey suggest …

Persistent link: https://www.econbiz.de/10004993979

Limited commitment and central bank lending

Goodfriend, Marvin; Lacker, Jeffrey M. - Federal Reserve Bank of Richmond - 1999

Central bank or International Monetary Fund lending should be regarded as a line of credit, analogous to private line-of-credit … products. Contractual provisions in private line-of-credit arrangements are designed to control managerial moral hazard and … provide a means for profit-maximizing lenders to credibly commit to withdraw credit and induce closure when appropriate. The …

Persistent link: https://www.econbiz.de/10004993951

Interest rate expectations and the demand for short-term business credit

Summers, Bruce J. - Federal Reserve Bank of Richmond - 1977

Short-term credit plays an essential part in the business financing process. In view of its importance in the nation …'s credit structure, the market for short-term business credit receives a great deal of attention from financial analysts. …

Persistent link: https://www.econbiz.de/10004993953

Liquidity constraints in commercial loan markets with imperfect information and imperfect competition

Schreft, S.L.; Villamil, A.P. - Federal Reserve Bank of Richmond - 1990

This paper presents a simple general equilibrium model of the commercial loan market in which liquidity constraints arise endogenously because of imperfect information and imperfect competition. The information and market structure generate a discriminatory interest rate schedule and loan size...

Persistent link: https://www.econbiz.de/10004993970

Transition dynamics in the neoclassical growth model : the case of South Korea

Chang, Yongsung; Hornstein, Andreas - Federal Reserve Bank of Richmond - 2011

Many cases of successful economic development, such as South Korea, exhibit long periods of sustained capital accumulation rates. This empirical feature is at odds with the standard neoclassical growth model which predicts initially high and then declining capital accumulation rates. We show...

Persistent link: https://www.econbiz.de/10009321094

Fiscal rules and the sovereign default premium

Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - Federal Reserve Bank of Richmond - 2012

We find the optimal target values for fiscal rules and measure their aggregate effects using a model of sovereign default. We calibrate the model to an economy that pays a significant sovereign default premium when the government is not constrained by fiscal rules. For different levels of the...

Persistent link: https://www.econbiz.de/10010551313

Sorting by skill over the course of job search

Kudlyak, Marianna; Lkhagvasuren, Damba; Sysuyev, Roman - Federal Reserve Bank of Richmond - 2012

We use novel high-frequency panel data on individuals' job applications from an online job posting engine to study (1) whether at the beginning of search job seekers with different levels of education (skill) apply to different jobs, and (2) how search behavior changes as search continues....

Persistent link: https://www.econbiz.de/10010723108

Accounting for unemployment in the Great Recession : nonparticipation matters

Kudlyak, Marianna; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

We conduct an accounting exercise of the role of worker flows between unemployment, employment, and labor force nonparticipation in the dynamics of the aggregate unemployment rate across four recent recessions: 1982-1983, 1990-1991, 2001, and 2007-2009 (the "Great Recession"). We show that,...

Persistent link: https://www.econbiz.de/10010723109

Sales, inventories, and real interest rates : a century of stylized facts

Benati, Luca; Lubik, Thomas A. - Federal Reserve Bank of Richmond - 2012

We use Bayesian time-varying parameters structural VARs with stochastic volatility to investigate changes in both the reduced-form and the structural correlations between business inventories and either sales growth or the real interest rate in the United States during both the interwar and the...

Persistent link: https://www.econbiz.de/10010723110

What Inventory Behavior Tells Us About How Business Cycles Have Changed

Lubik, Thomas A.; Sarte, Pierre-Daniel G.; Schwartzman, … - Federal Reserve Bank of Richmond - 2014

credit market frictions. Furthermore, contrary to previous findings, our generalized investment wedge informed by inventory …

Persistent link: https://www.econbiz.de/10010758361