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The Nature of Financial and Real Business Cycles : The Great Moderation and Banking Sector Pro-Cyclicality
Égert, Balázs - 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/10013105148
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Animal Spirits and the International Transmission of Business Cycles
De Grauwe, Paul - 2016
It is well-known that the high synchronization of the business cycles among industrial countries cannot easily be replicated in standard open economy macroeconomic models without assuming that the exogenous shocks hitting these countries are highly correlated. We develop a two-country behavioral...
Persistent link: https://www.econbiz.de/10012994575
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Booms, Recessions and Financial Turmoil : A Fresh Look at Investment Decisions under Cyclical Uncertainty
Chen, Yu-Fu - 2009
The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief …
Persistent link: https://www.econbiz.de/10013156881
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Investment in Productivity and the Long-Run Effect of Financial Crisis on Output
Ridder, Maarten de - 2017
.2% higher today if productivity-enhancing investment intensity had remained at its pre-crisis level … suggests that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap … the Global Financial Crisis, I show that tight credit reduced investments in productivity-enhancement, and significantly …
Persistent link: https://www.econbiz.de/10012964611
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Uncertainty-Driven Business Cycles : Assessing the Markup Channel
Born, Benjamin - 2017
A growing recent literature relies on a precautionary pricing motive embedded in representative agent DSGE models with sticky prices and wages to generate negative output effects of uncertainty shocks. We assess whether this theoretical model channel is consistent with the data. Building a New...
Persistent link: https://www.econbiz.de/10012962916
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Firm-Specific Productivity Risk Over the Business Cycle : Facts and Aggregate Implications
Bachmann, Ruediger - 2009
question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …
Persistent link: https://www.econbiz.de/10013154684
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Slow to Hire, Quick to Fire : Employment Dynamics with Asymmetric Responses to News
Ilut, Cosmin L. - 2017
Concave hiring rules imply that firms respond more to bad shocks than to good shocks. They provide a unified explanation for several seemingly unrelated facts about employment growth in macro and micro data. In particular, they generate countercyclical movement in both aggregate conditional...
Persistent link: https://www.econbiz.de/10012956881
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A Rise By Any Other Name? Sensitivity of Growth Regressions to Data Source
Hanousek, Jan - 2008
Measured rates of growth in real per capita income differ drastically depending on the data source. This phenomenon occurs largely because data sets differ in whether and how they adjust for changes in relative prices across countries. Replication of several recent studies of growth determinants...
Persistent link: https://www.econbiz.de/10012773476
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10013023113
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A Reappraisal of the Border Effect on Relative Price Volatility
Cheung, Yin-Wong - 2013
Engel and Rogers (1996) find that crossing the US-Canada border can considerably raise relative price volatility and that exchange rate fluctuations explain about one-third of the volatility increase. In re-evaluating the border effect, this study shows that cross-country heterogeneity in price...
Persistent link: https://www.econbiz.de/10012754392