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The effect of property taxes on house prices : Evidence from the 1993 and the 2012 reforms in Italy
Boschi, Melisso; Bevilacqua, Valeria; Di Falco, Carla - 2021
We quantify the effect of property tax reforms implemented in Italy in 1993 and 2012 on property prices. We focus on the Italian house prices index using the Interrupted Time Series Analysis (ITSA), a statistical approach that proves to be useful when a counterfactual scenario for policy...
Persistent link: https://www.econbiz.de/10013211799
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Post-GFC External Shocks and Indonesian Economic Performance
Azwar, Prayudhi - 2016
The post-GFC era sees slower global growth and a substantial Chinese slowdown, unusually combined with lower investment financing costs, and with the eventual prospect of a US-led re-tightening of global financial markets. For Indonesia in the medium term, these developments imply a slowing of...
Persistent link: https://www.econbiz.de/10012983551
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Stuck at Home : Housing Demand during the COVID-19 Pandemic
Gamber, William; Graham, James; Yadav, Anirudh - 2022
prices. We then study various pandemic shocks using a heterogeneous agent model with general equilibrium in housing markets …. We find that young households and first-time home buyers account for much of the increase in housing demand during the … pandemic, but they are largely crowded out of the housing market by the equilibrium rise in house prices …
Persistent link: https://www.econbiz.de/10013312258
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Financial Frictions and the Role of Investment Specific Technology Shocks in the Business Cycle
Kamber, Güneş - 2012
Various papers have identified shocks to investment as major drivers of output, investment, hours, and interest rates. These investment shocks have been linked to financial frictions because financial markets are instrumental in transforming consumption goods into installed capital. However, the...
Persistent link: https://www.econbiz.de/10013105098
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Asset Prices and Macroeconomic Outcomes : A Survey
Claessens, Stijn - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10012942461
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Macroeconomic Implications of Financial Imperfections : A Survey
Claessens, Stijn - 2017
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...
Persistent link: https://www.econbiz.de/10012942465
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Indonesian Macro Policy Through Two Crises
Azwar, Prayudhi - 2016
Indonesia fielded shocks due to the Asian financial crisis (AFC) and the global financial crisis (GFC) quite differently. Financial contagion, policy misdirection, panic and political upheaval saw the AFC bring economic collapse. The decade-later GFC, however, brought real growth of 6.1% (2008)...
Persistent link: https://www.econbiz.de/10013004674
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Empirical Evidence on the Dynamics of Investment under Uncertainty in the US
Haque, Qazi - 2019
We study the effects of financial uncertainty on investment dynamics in the U.S. using a vector autoregression with drifting parameters and stochastic volatilities. We find time-varying negative effects of financial uncertainty shocks on investment. These effects have declined in the post-WWII...
Persistent link: https://www.econbiz.de/10012857964
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A Macroprudential Stable Funding Requirement and Monetary Policy in a Small Open Economy
Jacob, Punnoose - 2016
The Basel III net stable funding requirement, scheduled for adoption in 2018, requires banks to use a minimum share of long-term wholesale funding and deposits to fund their assets. A similar regulation has been in place in New Zealand since 2010. This paper introduces the stable funding...
Persistent link: https://www.econbiz.de/10012993131
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Revisiting the macroeconomic effects of monetary policy shocks
Doko Tchatoka, Firmin; Haque, Qazi - 2021
We shed new light on the effects of monetary policy shocks in the US. Gertler and Karadi (2015) suggest that movements in credit costs may result in substantial impact of monetary policy shocks on economic activity. Using the proxy SVAR framework, we show that once the Volcker disinflation...
Persistent link: https://www.econbiz.de/10013219833