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The Failure of Financial Macroeconomics and What to Do About it
Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2012
The bargaining power of international banks is currently still very high as compared to what it was at the time of the Bretton Woods conference. As a consequence, systemic financial crises are likely to remain recurrent phenomena with large effects on macroeconomic aggregates. Mainstream...
Persistent link: https://www.econbiz.de/10011025682
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Credit constraints and the cyclicality of R&D investment: Evidence from France
Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; … - HAL - 2008
We use a French firm-level data set containing 13,000 firms over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is...
Persistent link: https://www.econbiz.de/10010930234
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Are Progressive Fiscal Rules Stabilizing?
Dromel, Nicolas; Pintus, Patrick-Antoine - HAL - 2006
This paper studies how income-based, progressive taxes and transfers may reduce aggregate volatility by protecting the economy against expectation-driven business cycles. Eliminating “local” sunspots that are arbitrarily close to an indeterminate steady state requires, for sensible parameter...
Persistent link: https://www.econbiz.de/10010751034
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Price Dispersion: The Role of Distance, Borders and Location
Crucini, Mario; Telmer, Chris; Zachariadis, Marios - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10004970318
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Letting Go: Managerial Incentives and the Reallocation of Capital
Rampini, Adriano A.; Eisfeldt, Andrea L. - Society for Economic Dynamics - SED - 2004
This paper studies the provision of incentives to reallocate capital when managers are reluctant to relinquish control and have private information about the productivity of assets under their control. We show that when managers get private benefits from running projects substantial bonuses are...
Persistent link: https://www.econbiz.de/10004970357
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Can Structural Small Open Economy Models Account for the Influence of Foreign Disturbances?
Justiniano, Alejandro; Preston, Bruce - Society for Economic Dynamics - SED - 2006
This paper evaluates whether an estimated, structural, small open economy model of the Canadian economy can account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The analysis shows that the benchmark model --- and a number of variants...
Persistent link: https://www.econbiz.de/10004977913
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Measuring unemployment composition over the cycle
Barbarino, Alessandro; Pavan, Ronni - Society for Economic Dynamics - SED - 2006
This paper proposes a strategy to measure, in a unified setting, how the job finding probability and the job separation probability conditional on observable and unobservable individual characteristics varies over the business cycle. Recent papers by Shimer and Hall point out how new...
Persistent link: https://www.econbiz.de/10005069220
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On the Cyclicality of Labor Market Mismatch and Aggregate Employment Flows
Beauchemin, Kenneth; Tasci, Murat - Society for Economic Dynamics - SED - 2006
search with observed U.S. time series measures on employment, vacancies, and aggregate output to uncover the cyclical … employment changes, our procedure also implies measured time series of the flows into and out of employment. We find that labor … cyclical patterns lead to procyclical implied gross employment flows, thereby concentrating labor force reallocation during …
Persistent link: https://www.econbiz.de/10005069225
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Energy and the Macroeconomy: The Role of Consumer Durables
Jeske, Karsten; Dhawan, Rajeev - Society for Economic Dynamics - SED - 2006
So far the literature on DSGE models with energy price shocks models energy on the production side only. In these models, energy shocks are responsible for only a negligible share of output fluctuations. We study the robustness of this finding. The aim of our paper is to model the response of...
Persistent link: https://www.econbiz.de/10005069247
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Learning, Expectations and the Business Cycle
Eusepi, Stefano; D'Amico, Stefania - Society for Economic Dynamics - SED - 2006
Standard RBC models predict forecastable movements in output, consumption and hours that differ from those obtained from a VAR estimated on US data. The paper investigates whether introducing bounded rationality and learning generates business cycles properties which are empirically plausible....
Persistent link: https://www.econbiz.de/10005069254