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Credit shocks and macroeconomic fluctuations in emerging markets
Houssa, Romain; Mohimont, Jolan; Otrok, Christopher M. - 2013
In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for Emerging Markets. For this purpose, we impose a set of zero and sign restrictions within a medium-scale Bayesian Vector Auto-Regressive model. Quarterly data from South Africa and G-7...
Persistent link: https://www.econbiz.de/10009754529
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Trade shocks and macroeconomic fluctuations in Africa
Kose, M. Ayhan; Riezman, Raymond Glenn - 1999
exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …
Persistent link: https://www.econbiz.de/10009781698
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Growth expectations, undue optimism, and short-run fluctuations
Enders, Zeno; Kleemann, Michael; Müller, Gernot J. - 2013
line with theory, induce a negative nowcast error but raise economic activity in the short run. They account for up to 30 …
Persistent link: https://www.econbiz.de/10010224834
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Why does risk matter more in recessions than in expansions?
Andreasen, Martin Møller; Caggiano, Giovanni; … - 2021
-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) than when growth is high …
Persistent link: https://www.econbiz.de/10012628705
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News shocks under financial frictions
Görtz, Christoph; Tsoukalas, John D.; Zanetti, Francesco - 2020
. We document two new facts using VAR methods. First, a (positive) shock to future TFP generates a significant decline in …
Persistent link: https://www.econbiz.de/10012373126
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Financial uncertainty and real activity : the good, the bad, and the ugly
Caggiano, Giovanni; Castelnuovo, Efrem; Delrio, Silvia; … - 2020
disruptions are found to double the negative output response to an uncertainty shock. We then employ our model to estimate the … overall economic cost of the COVID-19-induced uncertainty shock under different scenarios. Our results point to the … interventions that keep credit conditions as healthy as they were before the COVID-19 uncertainty shock are found to substantially …
Persistent link: https://www.econbiz.de/10012245103
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The effect of news shocks and monetary policy
Gambetti, Luca; Görtz, Christoph; Korobilis, Dimitris; … - 2019
the pre-1980 period. Measuring expectations of future monetary policy rates conditional on a news shock suggests that the …
Persistent link: https://www.econbiz.de/10011990092
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What drives inventory accumulation? : news on rates of return and marginal costs
Görtz, Christoph; Gunn, Christopher M.; Lubik, Thomas A. - 2019
inventories react strongly and positively to news about future increases in total factor productivity. Theory suggests that the …
Persistent link: https://www.econbiz.de/10012119865
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Is there news in inventories?
Görtz, Christoph; Gunn, Christopher M.; Lubik, Thomas A. - 2020
We identify total factor productivity (TFP) news shocks using standard VAR methodology and document a new stylized fact: in response to news about future increases in TFP, inventories rise and comove positively with other major macroeconomic aggregates. We show that the standard theoretical...
Persistent link: https://www.econbiz.de/10012213178
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Destination vs. origin-based commodity taxation in large open economies with unemployment
Antoniou, Fabio; Hatzipanayotou, Panos; Tsakiris, Nikos - 2015
We construct a perfectly competitive general equilibrium model of two large and symmetric countries producing tradable commodities and a public consumption good. Destination or origin-based taxes are levied on the consumption of the tradable goods. In both countries, an institutional minimum...
Persistent link: https://www.econbiz.de/10011375684