Narrow search
Showing 1 - 10 of 189
Cover Image
The Cross-Section of Firms Over the Business Cycle : New Facts and a DSGE Exploration
Bachmann, Rudi - 2009
Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...
Persistent link: https://www.econbiz.de/10013155672
Cover Image
How Strongly Did the 2007/08 Oil Price Hike Contribute to the Subsequent Recession?
Carstensen, Kai - 2011
What were the economic consequences of the 2007/08 oil price hike for Germany? In this paper we use a structural vector autoregressive model to study the effects of oil price changes driven by different supply and demand shocks on the German economy. We find that a higher oil bill always stifles...
Persistent link: https://www.econbiz.de/10013129250
Cover Image
Firm-Specific Productivity Risk Over the Business Cycle : Facts and Aggregate Implications
Bachmann, Ruediger - 2009
Is time-varying firm-level uncertainty a major cause or amplifier of the business cycle? This paper investigates this question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital adjustment, where cyclical changes in uncertainty...
Persistent link: https://www.econbiz.de/10013154684
Cover Image
Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios
Bachmann, Ruediger - 2017
What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as measured by loan-to-value (LTV) ratios? In a structural VAR, GDP and business investment increase following an expansionary LTV shock. Residential investment, by contrast, falls, a...
Persistent link: https://www.econbiz.de/10012955193
Cover Image
Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations
Peersman, Gert - 2014
type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank …
Persistent link: https://www.econbiz.de/10013055428
Cover Image
Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area
Peersman, Gert - 2013
I find that the Eurosystem can stimulate the economy beyond the policy rate by increasing the size of its balance sheet or the monetary base, that is so-called quantitative easing. The transmission mechanism turns out to be different compared to traditional interest rate innovations: whilst the...
Persistent link: https://www.econbiz.de/10013092365
Cover Image
Euro Area Imbalances
Mink, Mark - 2017
We argue that if currency union member states have different potential output per capita, output growth rates, or trade balances, the common monetary policy may not be optimal for all of them. Euro area imbalances for potential output and for trade balances are quite large, while output growth...
Persistent link: https://www.econbiz.de/10012963380
Cover Image
Effectiveness and Transmission of the ECB's Balance Sheet Policies
Boeckx, Jef - 2014
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...
Persistent link: https://www.econbiz.de/10013048831
Cover Image
Does the Euro-Zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation
Flaig, Gebhard; Wollmershaeuser, Timo - 2021
This paper presents a stress indicator for the eurozone that summarizes developments of trends and cycles in real GDP … and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short … that stress in the eurozone is mainly due to different trend growth rates and that for most of the Euro-zone countries …
Persistent link: https://www.econbiz.de/10013317182
Cover Image
The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …
Persistent link: https://www.econbiz.de/10013081055