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Structural Interpretation of Vector Autoregressions with Incomplete Identification : Revisiting the Role of Oil Supply and Demand Shocks
Baumeister, Christiane J.S. - 2017
and demand. Supply disruptions turn out to be a bigger factor in historical oil price movements and inventory accumulation … a significant lag, whereas shocks to oil demand do not …
Persistent link: https://www.econbiz.de/10012453546
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How Much do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
Amiti, Mary - 2013
We show that supply-side financial shocks have a large impact on firms' investment. We develop a new methodology to separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose aggregate loan movements in Japan for the period 1990 to...
Persistent link: https://www.econbiz.de/10012459771
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Winners and Losers from Sovereign Debt Inflows
Broner, Fernando - 2020
We study the transmission of sovereign debt inflow shocks on domestic firms. We exploit episodes of large sovereign debt inflows in six emerging countries that are due to the announcements of these countries' inclusion in two major local-currency sovereign debt indexes. We show that these...
Persistent link: https://www.econbiz.de/10012481075
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News, Noise, and Fluctuations : An Empirical Exploration
Blanchard, Olivier J. - 2009
We explore empirically models of aggregate fluctuations with two basic ingredients: agents form anticipations about the future based on noisy sources of information; these anticipations affect spending and output in the short run. Our objective is to separate fluctuations due to actual changes...
Persistent link: https://www.econbiz.de/10012463634
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Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate
Ravn, Morten O. - 2007
government spending shock. In addition, the deep-habit model predicts that in response to an anticipated increase in government …
Persistent link: https://www.econbiz.de/10012465322
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Money and Output : Friedman and Schwartz Revisited
Belongia, Michael T. - 2015
More than fifty years ago, Friedman and Schwartz examined historical data for the United States and found evidence of pro-cyclical movements in the money stock, which led corresponding movements in output. We find similar correlations in more recent data; these appear most clearly when Divisia...
Persistent link: https://www.econbiz.de/10012456875
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Confidence and the Transmission of Government Spending Shocks
Bachmann, Ruediger - 2011
There seems to be a widespread belief among economists, policy-makers, and members of the media that the "confidence'" of households and businesses is a critical component in the transmission of fiscal policy shocks into economic activity. We take this proposition to the data using standard...
Persistent link: https://www.econbiz.de/10012461594
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Contagion, Bank Lending Spreads and Output Fluctuations
Agenor, P.R. - 1998
interest rate spread. The effects of a contagious shock (modeled as a positive historical shock in the external interest rate …
Persistent link: https://www.econbiz.de/10012471962
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Are Shocks to the Terms of Trade Shocks to Productivity?
Kehoe, Timothy J. - 2007
: the reciprocal of the terms of trade. Cast this way, a change in the terms of trade acts as a productivity shock. Or does …
Persistent link: https://www.econbiz.de/10012465543
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EMEs and COVID-19 : Shutting Down in a World of Informal and Tiny Firms
Alfaro, Laura - 2020
shock caused by lockdowns, the idiosyncratic demand shock suffered by sectors that rely on high contact with their costumers …, the transmission of both shocks through IO linkages, and the overall aggregate demand effect derived from these shocks …. Applying our framework to data for Colombia, which exhibits an employment distribution similar to that of other emerging market …
Persistent link: https://www.econbiz.de/10012481555