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Investment in productivity and the long-run effect of financial crises in output
Ridder, Maarten de - 2016
This paper analyzes the channels through which financial crises exert long-term negative effects on output. Recent models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap between pre-crisis trend and actual GDP. This...
Persistent link: https://www.econbiz.de/10011573282
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Uncertainty and the cost of bank vs. bond finance
Grimme, Christian - 2019
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …
Persistent link: https://www.econbiz.de/10011958806
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Bank concentration and monetary policy pass-through
Gödl-Hanisch, Isabel - 2023
This paper analyzes the implications of the gradual rise in bank concentration since the 1990s for the transmission of … the level of local bank concentration and bank capitalization. I find that banks operating in high-concentration markets … in local deposit and loan markets, along with bank capital requirements, lead to frictions on the pass-through to the …
Persistent link: https://www.econbiz.de/10014251891
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Banks, credit reallocation, and creative destruction
Keuschnigg, Christian; Kogler, Michael; Matt, Johannes - 2022
bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By …
Persistent link: https://www.econbiz.de/10013453926
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Private debt and GDP : a short-run perspective
Cafiso, Gianluca - 2016
Mainstream economic research regards private debt as a determinant of GDP growth in the longrun. Levine (2005) surveys in details this branch of literature and explains the channels by which debt fuels growth. In this paper we switch the focus from the long to the short-run and study whether...
Persistent link: https://www.econbiz.de/10011566459
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GDP growth, private debt and monetary policy
Cafiso, Gianluca - 2017
Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt. This is the marginal contribution of private...
Persistent link: https://www.econbiz.de/10011659392
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Regional inequality, convergence, and its determinants : a view from outer space
Lessmann, Christian; Seidel, André - 2015 - This version: 16.04.2015
This paper provides a new data set of regional income inequalities within countries based on satellite nighttime light data. We first empirically study the relationship between luminosity data and regional incomes for those countries where regional income data are available. We subsequently use...
Persistent link: https://www.econbiz.de/10010515477
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Has creative destruction become more destructive?
Komlos, John - 2014
Schumpeter's concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with the...
Persistent link: https://www.econbiz.de/10010393293
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International fiscal policy coordination and GDP comovement
Sly, Nicholas; Weber, Caroline - 2013
Economic shocks often permeate borders generating comovement in nations ́business cycles over time. We highlight the fact that fiscal policy coordination is an important avenue by which national economies become more integrated, influencing the transmission of macroeconomic shocks between...
Persistent link: https://www.econbiz.de/10009786222
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Revisiting the great ratios hypothesis
Chudik, Alexander; Pesaran, M. Hashem; Smith, Ron - 2022
The idea that certain economic variables are roughly constant in the long-run is an old one. Kaldor described them as stylized facts, whereas Klein and Kosobud labelled them great ratios. While such ratios are widely adopted in theoretical models in economics as conditions for balanced growth,...
Persistent link: https://www.econbiz.de/10013041372