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Productive government expenditure and economic growth

Irmen, Andreas (contributor); Kuehnel, Johanna (contributor) - 2008

Persistent link: https://www.econbiz.de/10003712517

Why does risk matter more in recessions than in expansions?

Andreasen, Martin Møller; Caggiano, Giovanni; … - 2021

This paper uses a nonlinear vector autoregression and a non-recursive identification strategy to show that an equal-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) than when growth is high (as in expansions). An estimated New...

Persistent link: https://www.econbiz.de/10012628705

The supply of hours worked and fluctuations between growth regimes

Iong, Ka-Kit; Irmen, Andreas - 2021

Declining hours of work per worker in conjunction with a growing work force may give rise to fluctuations between growth regimes. This is shown in an overlapping generations model with two-period lived individuals endowed with Boppart-Krusell preferences (Boppart and Krusell (2020)). On the...

Persistent link: https://www.econbiz.de/10012499514

Factor income distribution and endogenous economic growth : when Piketty meets Romer

Irmen, Andreas; Tabaković, Amer - 2016

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

Persistent link: https://www.econbiz.de/10011568791

Risk management-driven policy rate gap

Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2018

We employ real-time data available to the US monetary policy makers to estimate a Taylor rule augmented with a measure of financial uncertainty over the period 1969-2008. We find evidence in favor of a systematic response to financial uncertainty over and above that to expected inflation, output...

Persistent link: https://www.econbiz.de/10011884396

Uncertainty-dependent effects of monetary policy shocks : a new Keynesian interpretation

Castelnuovo, Efrem; Pellegrino, Giovanni - 2017

We estimate a nonlinear VAR model to study the real effects of monetary policy shocks in regimes characterized by high vs. low macroeconomic uncertainty. We find unexpected monetary policy moves to exert a substantially milder impact in presence of high uncertainty. We then exploit the set of...

Persistent link: https://www.econbiz.de/10011781355

Global uncertainty

Caggiano, Giovanni; Castelnuovo, Efrem - 2021

We estimate a novel measure of global financial uncertainty (GFU) with a dynamic factor framework that jointly models global, regional, and country-specific factors. We quantify the impact of GFU shocks on global output with a VAR analysis that achieves set-identification via a combination of...

Persistent link: https://www.econbiz.de/10012431805