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Resurrecting the role of real money balance effects

Dorich, José - 2009

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

Persistent link: https://www.econbiz.de/10010279877

Capital requirement and financial frictions in banking: Macroeconomic implications

Dib, Ali - 2010

The author develops a dynamic stochastic general-equilibrium model with an active banking sector, a financial accelerator, and financial frictions in the interbank and bank capital markets. He investigates the importance of banking sector frictions on business cycle fluctuations and assesses the...

Persistent link: https://www.econbiz.de/10010280036

Housing market cycles and duration dependence in the United States and Canada

Cunningham, Rose; Kolet, Ilan - 2007

Housing wealth is a large component of total wealth and plays an important role in aggregate business cycles. In this paper, we explore data on real house price cycles at the aggregate level and city level for the United States and Canada. Using a panel of 137 cities, we examine the duration,...

Persistent link: https://www.econbiz.de/10010279888

Banks, credit market frictions, and business cycles

Dib, Ali - 2010

The author proposes a micro-founded framework that incorporates an active banking sector into a dynamic stochastic general-equilibrium model with a financial accelerator. He evaluates the role of the banking sector in the transmission and propagation of the real effects of aggregate shocks, and...

Persistent link: https://www.econbiz.de/10010279961

Price level targeting in a small open economy with financial frictions: Welfare analysis

Dib, Ali; Mendicino, Caterina; Zhang, Yahong - 2008

. Compared to the historical inflation targeting rule, an optimal price level targeting regime substantially reduces the welfare … also better than the optimal inflation targeting rule in minimizing the distortion generated by the presence of nominal …

Persistent link: https://www.econbiz.de/10010279869

On the amplification role of collateral constraints

Mendicino, Caterina - 2008

Following the seminal contribution of Kiyotaki and Moore (1997), the role of collateral constraints for business cycle fluctuations has been highlighted by several authors and collateralized debt is becoming a popular feature of business cycle models. In contrast, Kocherlakota (2000) and Cordoba...

Persistent link: https://www.econbiz.de/10010279946

Technology shocks and business cycles: The role of processing stages and nominal rigidities

Phaneuf, Louis; Rebei, Nooman - 2007

This paper develops and estimates a dynamic general equilibrium model that realistically accounts for an input-output linkage between firms operating at different stages of processing. Firms face technological change which is specific to their processing stage and charge new prices according to...

Persistent link: https://www.econbiz.de/10010279947

Cyclical behavior of debt and equity using a panel of Canadian firms

Covas, Francisco; Haan, Wouter J. den - 2007

We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data. There is evidence of both procyclical equity and debt issuance for all firm categories but the timing differs. In particular, there is strong evidence that...

Persistent link: https://www.econbiz.de/10010279963

Labour reallocation, relative prices and productivity

Cao, Shutao; Leung, Danny - 2010

This paper documents the rate at which labour flows between industries and between firms within industries using the most recent data available. It examines the determinants of these flows and their relationship with the productivity growth. It is found that the dispersion of industry employment...

Persistent link: https://www.econbiz.de/10010280058

Perhaps the FOMC did what it said it did: An alternative interpretation of the Great Inflation

Kozicki, Sharon; Tinsley, P. A. - 2007

of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation …. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s. Moreover … Inflation while favouring a passive-policy description of monetary policy. FOMC transcripts provide a neglected interpretation …

Persistent link: https://www.econbiz.de/10010280021