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Fiscal Policy, Monopolistic Competition, and Finite Lives

Heijdra, Ben J. - 2006

multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the …

Persistent link: https://www.econbiz.de/10012783358

Monetary Policy Through Production Networks : Evidence from the Stock Market

Ozdagli, Ali - 2017

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

Persistent link: https://www.econbiz.de/10012953959

Flexible Prices and Leverage

D'Acunto, Francesco - 2017

The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...

Persistent link: https://www.econbiz.de/10012962123

Asset Returns, the Business Cycle, and the Labor Market : A Sensitivity Analysis for the German Economy

Heer, Burkhard - 2013

We review the labor market implications of recent real-business-cycle models that successfully replicate the empirical equity premium. We document the fact that all models considered in this survey with the exception of Boldrin, Christiano, and Fisher (2001) imply a negative correlation of...

Persistent link: https://www.econbiz.de/10013093653

Basel Accord and Financial Intermediation : The Impact of Policy

Berka, Martin - 2013

This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs' investment returns decline, and we study which type of policy could revigorate an economy in a trough. We...

Persistent link: https://www.econbiz.de/10013091686

Food Prices and the Multiplier Effect of Export Policy

Giordani, Paolo; Rocha, Nadia; Ruta, Michele - 2021

countries give rise to a 'multiplier effect': when a shock in the international food market drives up (down) its price … activism. We test this theory with a new dataset that comprises monthly information on trade measures across 125 countries and … 29 food products for the period 2008-10, finding evidence of a multiplier effect. Global restrictions in a product (i …

Persistent link: https://www.econbiz.de/10013315923

Resurrecting the New-Keynesian Model : (Un)Conventional Policy and the Taylor Rule

Posch, Olaf - 2018

ability to explain the facts, such that the theory supports both a negative and a positive response of inflation. Central to …

Persistent link: https://www.econbiz.de/10012920346

Q-Targeting in New Keynesian Models

Heer, Burkhard - 2016

We consider optimal monetary policy in a model that integrates credit frictions in the standard New Keynesian model with sticky prices and wages as well as adjustment costs of capital. Different from traditional models with credit frictions such as Carlstrom and Fuerst (1998), the model is able...

Persistent link: https://www.econbiz.de/10012993022

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

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