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Asset Price Bubbles and Systemic Risk
Brunnermeier, Markus K. - 2019
We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … differs strongly across banks and bubble episodes. It depends on bank characteristics (especially bank size) and bubble … median for banks with unfavorable characteristics. These results emphasize the importance of bank-level factors for the build …
Persistent link: https://www.econbiz.de/10012479725
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Not so Disconnected : Exchange Rates and the Capital Stock
Hassan, Tarek Alexander - 2015
We investigate the link between stochastic properties of exchange rates and differences in capital-output ratios across industrialized countries. To this end, we endogenize capital accumulation within a standard model of exchange rate determination with nontraded goods. The model predicts that...
Persistent link: https://www.econbiz.de/10012457223
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Intra- and inter-industry productivity spillovers in OECD manufacturing : a spatial econometric perspective
Badinger, Harald (contributor); Egger, Peter (contributor) - 2008
Persistent link: https://www.econbiz.de/10003630466
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Output smoothing in EMU and OECD : can we forego government contribution? : a risk sharing approach
Marinheiro, Carlos Fonseca - 2003
This paper analyses the smoothing of asymmetric shocks to output for a sample of OECD countries. It also examines whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in the near future. The research finds no evidence of large...
Persistent link: https://www.econbiz.de/10011509508
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Fiscal consolidation and the current account : OECD evidence
Breuer, Christian; Nam, Chang-woon - 2020
-deficit effect is particularly pronounced in the case of expenditure cuts and in Eurozone countries. These findings are in line with …
Persistent link: https://www.econbiz.de/10012157972
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Cross-country unemployment insurance, transfers, and trade-offs in international risk sharing
Enders, Zeno; Vespermann, David - 2021
We assess to which degree an international transfer mechanism can enhance consumption risk sharing as well as allocative efficiency and apply our results to the implicit transfers generated by a potential European unemployment benefit scheme (EUBS). Specifically, we first develop a simple model...
Persistent link: https://www.econbiz.de/10012491596
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Are Investment Incentives Blunted by Changes in Prices of Capital Goods?
Hassett, Kevin A. - 1999
Recent research on business investment decisions suggests that real investment in plant and equipment is quite sensitive to changes in the user cost of capital, pointing to the possibility that long-run changes in tax policy may have a significant impact on an economy's capital stock. Indeed,...
Persistent link: https://www.econbiz.de/10012471638
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Unemployment in an interdependent world
Felbermayr, Gabriel; Larch, Mario; Lechthaler, Wolfgang - 2009
We introduce search and matching unemployment into a model of trade with differentiated goods and heterogeneous firms. Countries may differ with respect to size, geographical location, and labor market institutions. Contrary to the literature, our single-sector perspective pays special attention...
Persistent link: https://www.econbiz.de/10003887183
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Cross-border effects of fiscal consolidations : estimates based on narrative records
Hebous, Shafik; Zimmermann, Tom - 2013
We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...
Persistent link: https://www.econbiz.de/10009764989
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Fiscal consolidation and its cross-country effects
Philippopulos, Apostolēs; Varthalitis, Petros; … - 2016
We build a new Keynesian DSGE model consisting of two heterogeneous countries participating in a monetary union. We study how public debt consolidation in a country with high debt (like Italy) affects welfare in a country with solid public finances (like Germany). Our results show that debt...
Persistent link: https://www.econbiz.de/10011515282