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Investment shocks, tax evasion and the consumption puzzle : a DSGE analysis with financial frictions

Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2016

This paper contributes to the GDP-consumption comovement puzzle literature investigating the role of tax evasion in explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New Keynesian DSGE model combining tax evasion with...

Persistent link: https://www.econbiz.de/10011515322

Measuring the economic risk of epidemics

Noy, Ilan; Nguyen Doan; Ferrarini, Benno; Park, Donghyun - 2019

We measure the economic risk of epidemics at a geo-spatially detailed resolution. In addition to data about the epidemic hazard prediction, we use data from 2014-2019 to compute measures for exposure, vulnerability, and resilience of the local economy to the shock of an epidemic. Using a battery...

Persistent link: https://www.econbiz.de/10012156716

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

Unexpected loan losses and bank capital in an estimated DSGE model of the Euro area

Hristov, Nikolay; Hülsewig, Oliver - 2016

conditions, credit default and bank capitalization for the transmission of macroeconomic shocks. We fit the model to euro area … empirical literature, i.e. the pro-cyclicality of bank profitability and the counter-cyclical response of firm default rates and …

Persistent link: https://www.econbiz.de/10011557772

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

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

Long memory in US real output per capita

Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2009

This paper analyses the long memory properties of quarterly real output per capita in the US (1948Q1 - 2008Q3) using non-parametric, semi-parametric and parametric techniques. The results vary substantially depending on the methodology employed. Evidence of mean reversion is obtained in a...

Persistent link: https://www.econbiz.de/10003850276

Embedding as a pitfall for survey-based welfare indicators : evidence from an experiment

Hetschko, Clemens; Reumont, Louisa von; Schöb, Ronnie - 2017 - This version: March, 2017

How can we assess the welfare of a society, its evolution over time and predict its change due to particular policy interventions? One way is to use survey-based welfare indicators such as the OECD Better Life Index. It invites people to weight a variety of quality of life indicators according...

Persistent link: https://www.econbiz.de/10011638276

Financial development, cycles and income inequality in a model with good and bad projects

Bougheas, Spiros P.; Commendatore, Pasquale; Gardini, Laura - 2022

We introduce a banking sector and heterogeneous agents in the Matsuyama et al. (2016) dynamic over-lapping generations neoclassical model with good and bad projects. The model captures the benefits and costs of an advanced banking system which can facilitate economic development when allocates...

Persistent link: https://www.econbiz.de/10013465706

Business cycle effects of credit and technology shocks in a DSGE model with firm defaults

Pesaran, M. Hashem; Xu, TengTeng - 2011

habit persistence in consumption behaviour. -- bank credit ; financial intermediation ; firm heterogeneity and defaults …

Persistent link: https://www.econbiz.de/10009312180