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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10013136243
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A Multivariate Long-Memory Model with Structural Breaks
Caporale, Guglielmo Maria; Gil-Alana, Luis A. - 2021
, employment and GDP in both the US and Mexico. For the subsample preceding the break our findings are similar to those of earlier … parameters being higher than 1 in the case of Mexico …
Persistent link: https://www.econbiz.de/10013317169
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Double-Question Survey Measures for the Analysis of Financial Bubbles and Crashes
Pesaran, M. Hashem - 2017
This paper proposes a new double-question survey method that elicits information about how individuals subjective belief valuations are compared and related to their price expectations. An individual respondent is presented with two sets of questions, one that asks about his/her belief regarding...
Persistent link: https://www.econbiz.de/10012963776
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Finance, Labour, Capital, and International Integration
Bertola, Giuseppe - 2016
Labour incomes depend on structural as well as politico-economic factors, because labour market policies partially remedy the financial market imperfections that make labour income shocks difficult to insure, and have different implications for labour and capital income. This paper illustrates...
Persistent link: https://www.econbiz.de/10012994277
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Reputational Herding in Financial Markets : A Laboratory Experiment
Roider, Andreas - 2015
We study reputational herding in financial markets in a laboratory experiment. In the spirit of Dasgupta and Prat (2008), career concerns are introduced in a sequential asset market, where wages for investors are set by subjects in the role of employers. Employers can observe investment...
Persistent link: https://www.econbiz.de/10013029493
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Imperfect Financial Markets as a Commitment Device for the Government
Simon, Jenny - 2014
When the government lacks the ability to commit to a tax policy over time, agents' involvement in imperfect financial markets can be welfare improving. Agents borrow against their promised income in markets that are incomplete in the sense that claims cannot be resold without loss. Taking these...
Persistent link: https://www.econbiz.de/10013049208
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Heterogeneous Consumers, Segmented Asset Markets, and the Real Effects of Monetary Policy
Enders, Zeno - 2018
predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical wages after …
Persistent link: https://www.econbiz.de/10012933792
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Regional Implications of Financial Market Development : Credit Rationing, Trade, and Location
von Ehrlich, Maximilian - 2013
We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...
Persistent link: https://www.econbiz.de/10013088130
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An Extended Macro-Finance Model with Financial Factors
Dewachter, Hans - 2013
spread while the return-forecasting (risk premium) factor is extracted by imposing a single factor structure on the one …-sectional fit of the yield curve. Second, we find that financial shocks, either in the form of liquidity or risk premium shocks …
Persistent link: https://www.econbiz.de/10013095098
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Asymmetric Capital-Tax Competition, Unemployment and Losses from Capital Market Integration
Pethig, Rudiger - 2010
In a multi-country general equilibrium economy with mobile capital and rigid-wage unemployment, countries may differ in capital endowments, production technologies and rigid wages. Governments tax capital at the source to maximize national welfare. They account for tax base responses to their...
Persistent link: https://www.econbiz.de/10013150802