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Money creation and financial instability: An agent-based credit network approach

Lengnick, Matthias; Krug, Sebastian; Wohltmann, Hans-Werner - Institut für Weltwirtschaft (IfW) - 2012

The authors pick up the standard textbook approach of money creation and develop a simple agent-based alternative. They show that their model is well suited to explain the endogenous creation of money. Although more general, their model still contains the standard results as a limiting case. The...

Persistent link: https://www.econbiz.de/10010956039

Rapid credit growth and current account deficit as the leading determinants of financial crises

Ganioğlu, Aytül - Institut für Weltwirtschaft (IfW) - 2013

. According to estimation results, current account deficit and credit expansion carry the risk of raising the probability of … financial crises significantly both in advanced countries and developing countries. More specifically, credit expansions in …

Persistent link: https://www.econbiz.de/10010983186

The "Credit-Cost Channel" of Monetary Policy. A Theoretical Assessment

Tamborini, Roberto - Institut für Weltwirtschaft (IfW) - 2008

role of the credit market in the transmission mechanism is now regarded as a major limitation. Drawing on the modern … literature on the monetary transmission mechanisms with capital market imperfections, this paper presents a model of the "credit …-cost channel" of monetary policy. The thrust of the model is that firms' reliance on bank loans ("credit channel") may make …

Persistent link: https://www.econbiz.de/10005059043

Credit disruptions and the spillover effects between the household and business sectors

Nilavongse, Rachatar - Institut für Weltwirtschaft (IfW) - 2013

This paper studies the effects of credit supply disruptions in a dynamic stochastic general equilibrium (DSGE …) framework. First, this paper examines the effects of credit supply disruptions in the business sector. The model with … effects and amplifies business cycles. Then this paper examines the effects of credit supply disruptions in the household …

Persistent link: https://www.econbiz.de/10010956045

The aggregate effects of long run sectoral reallocation

Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014

The construction bust which accompanied the Great Recession, and the accompanying need to shift workers across sectors, have provoked a discussion about mismatch and the Beveridge Curve, alongside a discussion about firm-level dispersion. These discussions echo an ongoing discussion about the...

Persistent link: https://www.econbiz.de/10010887017

Taking a DSGE Model to the Data Meaningfully

Franchi, Massimo; Jusélius, Katarina - Institut für Weltwirtschaft (IfW) - 2007

All economists say that they want to take their model to the data. But with incomplete and highly imperfect data, doing so is difficult and requires carefully matching the assumptions of the model with the statistical properties of the data. The cointegrated VAR (CVAR) offers a way of doing so....

Persistent link: https://www.econbiz.de/10005083420

Brokers and business cycles: Does financial market volatility cause real fluctuations?

Döpke, Jörg; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 1998

This paper elaborates on the link between financial market volatility and real economic activity. Using monthly data for Germany from 1968 to 1998, we specify GARCH models to capture the variability of stock market prices, of the real exchange rate, and of a long-term and of a short-term rate of...

Persistent link: https://www.econbiz.de/10009276110

Do Bivariate SVAR Models with Long-Run Identifying Restrictions Yield Reliable Results? The Case of Germany

Gottschalk, Jan; Zandweghe, Willem Van - Institut für Weltwirtschaft (IfW) - 2001

Bivariate SVAR models employing long-run identifying restrictions are often used to investigate the source of business cycle fluctuations. Their advantage is the simplicity in use and interpretation. However, their low dimension may also lead to a failure of the identification procedure, with...

Persistent link: https://www.econbiz.de/10005755265

Real and Financial Integration in Europe ; Evidence for the Accession States and for the Pre-Ins

Buch, Claudia M.; Döpke, Jörg - Institut für Weltwirtschaft (IfW) - 1999

The process of European integration has gained considerable momentum during the past couple of years. This paper provides an assessment of the degree of integration of both the accession states of central and eastern Europe and of the pre-ins for monetary union with respect to Germany. Using...

Persistent link: https://www.econbiz.de/10005700641

A simple decomposition of the variance of output growth across countries

Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011

This paper outlines a simple regression-based method to decompose the variance of an aggregate time series into the variance of its components, which is then applied to measure the relative contributions of productivity, hours per worker, and employment to cyclical output growth across a panel...

Persistent link: https://www.econbiz.de/10009132526

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