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Monetary Policy and Credit Cycles: A DSGE Analysis

Badarau, Florina-Cristina; Popescu, Alexandra - HAL - 2012

The recent fi nancial crisis revealed several flaws in both monetary and fi nancial regulation. Contrary to what was believed, price stability is not a suffi cient condition for financial stability. At the same time, micro-prudential regulation alone becomes insu fficient to ensure the financial...

Persistent link: https://www.econbiz.de/10010821362

Deforestation and credit cycles in Latin American countries

Combes, Jean-Louis; Guerineau, Samuel; Motel, Pascale Combes - HAL - 2011

rapid deforestation rates as well as macroeconomic instability that is often rooted in credit booms and crunches episodes …: land, capital and labour. Agents clear forested areas in order to increase agricultural lands. Interest rates movements … agricultural sectors. It is shown that deforestation occurs in response to interest rates increases or decreases primarily because …

Persistent link: https://www.econbiz.de/10008805936

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

The quantitative approach to business cycle in « X-Crise » group in the 1930's

Fischman, Marianne; Lendjel, Emeric - HAL - 2006

economic concepts, statistical facts and mathematical model – such as econometrics. Overall, these hopes are expressed through …

Persistent link: https://www.econbiz.de/10009643781

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

Indeterminacy with constant money growth rules and income-based liquidity constraints

Bosi, Stefano; Dufourt, Frederic - HAL - 2008

We study the implications of constant money growth rules on the stability properties of the equilibrium, in economies where the agents are subject to a partial cash-in-advance constraint applying simultaneously to consumption and investment purchases. By reference to similar models in which the...

Persistent link: https://www.econbiz.de/10010898468

Indeterminacy, bifurcations and unemployment fluctuations

Dufourt, Frédéric; Lloyd-Braga, Teresa; Modesto, Leonor - HAL - 2008

We incorporate imperfectly insured unemployment in the finance constrained economy proposed by Woodford (1986), by introducing unions and unemployment benefits financed by labor taxation. We show that this simple extension of the Woodford model changes drastically its stability conditions and...

Persistent link: https://www.econbiz.de/10010898612

Free entry and business cycles under the influence of animal spirits

Ferreira, Rodolphe Dos Santos; Dufourt, Frederic - HAL - 2006

We provide a business cycle model in which endogenous markup fluctuations are the main driving force. These fluctuations occur due to some form of 'animal spirits', impelling firms in their entry-exit decisions within each sector. By contrast to existing models of the business cycle emphasizing...

Persistent link: https://www.econbiz.de/10010898743

Trade Integration and Business Cycle Synchronization in the EMU: The Negative Effect of New Trade Flows

Pentecôte, Jean-Sébastien; Poutineau, Jean-Christophe; … - HAL - 2014

This paper questions the impact of trade integration on business cycle sychronization in the EMU by distinguishing increase of existing trade flows (the intensive margin) and creation of new trade flows (the extensive margin). Using a DSGE model, we find that synchronization is weakened when new...

Persistent link: https://www.econbiz.de/10010899045

On stabilization policy in sunspot-driven oligopolistic economies

Ferreira, Rodolphe Dos Santos; Dufourt, Frédéric - HAL - 2013

Economies with oligopolistic markets are prone to inefficient sunspot fluctuations triggered by autonomous changes in firms equilibrium conjectures. We show that a well designed taxation-subsidization scheme can eliminate these fluctuations by coordinating firms in each sector on a single...

Persistent link: https://www.econbiz.de/10010899325