Showing 71 - 80 of 156
We analyse the poisonous interaction between bank rescues, financial fragility and sovereign debt discounts. In our model balance sheet constrained financial intermediaries finance both capital expenditure of intermediate goods producers and government deficits. The financial intermediaries face...
Persistent link: https://www.econbiz.de/10010224776
We investigate the effectiveness of "Keynesian" fiscal stimuli when government deficits and debt rollovers are (possibly partially) financed by balance sheet constrained financial intermediaries. Because financial intermediaries operate under a leverage constraint, deficit financing of fiscal...
Persistent link: https://www.econbiz.de/10010226967
The evidence on the implications of transport for regionaleconomic and political integration is mixed. This is not surprisingsince transport is one element of a complex web of factors thatdetermine the extent to which spatial areas become integrated.There are also good reasons to expect the...
Persistent link: https://www.econbiz.de/10010336865
This paper addresses the issue of technogenesis and its geographical pattern. It aims to offer both a general analysis framework and a test on innovation data from several European cities. This framework is mainly built on the product life-cycle and the incubation approach. On the basis of this...
Persistent link: https://www.econbiz.de/10010337320
This paper analyses the adoption of energy-efficiency enhancing technologies by heterogeneous firms. The fact that energy use does not only cause external environmental costs through pollution, but also directly affects the profitability of the firm and hence its behaviour on input and output...
Persistent link: https://www.econbiz.de/10010338456
This paper discusses a number of issues centred around the evaluation of the benefits and costs of transport. It is argued that, for various reasons, transport cannot be treated as an ‘ordinary’ economic sector, and in the paper the policy implications of a number of the sector’s...
Persistent link: https://www.econbiz.de/10010339448
Financial institutions provide their customers a variety of unpriced services and cover their costs through interest margins - the interest rates they receive on assets are generally higher than the rates they pay on liabilities. In particular, banks pay below-public-market interest rates on...
Persistent link: https://www.econbiz.de/10010249811
We adopt an unobserved components time series model to extract financial cycles for the United States and the five largest euro area countries over the period 1970 to 2014. We find that credit, the credit-to-GDP ratio and house prices have medium-term cycles which share a few common statistical...
Persistent link: https://www.econbiz.de/10011456728
We develop a multivariate unobserved components model to extract business cycle and financial cycle indicators from a panel of economic and financial time series of four large developed economies. Our model is flexible and allows for the inclusion of cycle components in different selections of...
Persistent link: https://www.econbiz.de/10011520505
We propose a novel multivariate GARCH model that incorporates realized measures for the variance matrix of returns. The key novelty is the joint formulation of a multivariate dynamic model for outer-products of returns, realized variances and realized covariances. The updating of the variance...
Persistent link: https://www.econbiz.de/10011520881