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The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks' balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010420692

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess … appears to be a constraint in the aftermath of a crisis, then and now. …

Persistent link: https://www.econbiz.de/10010328746

The nature of financial and real business cycles: The great moderation and banking sector pro-cyclicality

Egert, Balazs; Sutherland, Douglas - 2012

This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...

Persistent link: https://www.econbiz.de/10010282057

Measuring synchronicity and co-movement of business cycles with an application to the euro area

Mink, Mark; Jacobs, Jan P.A.M.; de Haan, Jakob - 2007

We develop multivariate measures of synchronicity and co-movement of business cycles. In addition to synchronicity, the co-movement measure takes differences between cycle amplitudes into account that have been overlooked in most previous studies. We apply the new measures to the euro area....

Persistent link: https://www.econbiz.de/10010274041

Trade and business cycle synchronization in OECD countries : a re-examination

Inklaar, Robert; Jong-A-Pin, Richard; de Haan, Jakob - 2005

This paper re-examines the relationship between trade intensity and business cycle synchronization for 21 OECD countries during 1970-2003. Instead of using instrumental variables, we estimate a multivariate model including variables capturing specialisation, financial integration, and similarity...

Persistent link: https://www.econbiz.de/10010261337

Macroeconomic Shocks and Racial Labour Market Differences in the U.S.

De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019

Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply – on the labour market outcomes of black...

Persistent link: https://www.econbiz.de/10012179803

Investment in Productivity and the Long-Run Effect of Financial Crises on Output

de Ridder, Maarten - 2016

gap between pre-crisis trend and actual GDP. This hypothesis is tested using a linked lender-borrower dataset on 519 U …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …

Persistent link: https://www.econbiz.de/10011584942

Financial Development, Cycles and Income Inequality in a Model with Good and Bad Projects

Bougheas, Spiros; Commendatore, Pasquale; Gardini, Laura; … - 2022

We introduce a banking sector and heterogeneous agents in the Matsuyama et al. (2016) dynamic over-lapping generations neoclassical model with good and bad projects. The model captures the benefits and costs of an advanced banking system which can facilitate economic development when allocates...

Persistent link: https://www.econbiz.de/10014290045

Consumption, wealth and business cycles in Germany

Hamburg, Britta; Hoffmann, Mathias; Keller, Joachim - 2005

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies – mostly for the Anglo- Saxon economies – have generally documented that departures of these three variables from their common trend...

Persistent link: https://www.econbiz.de/10010261168

Leveraged Bubbles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2015

booms, asset price bubbles increase financial crisis risks; upon collapse they tend to be followed by deeper recessions and …

Persistent link: https://www.econbiz.de/10011388152

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