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Investment in productivity and the long-run effect of financial crises in output

Ridder, Maarten de - 2016

models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …

Persistent link: https://www.econbiz.de/10011573282

Time series properties of the German monthly production index

Flaig, Gebhard - 2003

The production index is an important indicator for assessing the cyclical state of the economy. Unfortunately, the monthly time series is contaminated by many noisy components like seasonal variations, calendar and vacation effects. Only part of those nuisance components are explicitly...

Persistent link: https://www.econbiz.de/10011514105

The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...

Persistent link: https://www.econbiz.de/10003888063

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …

Persistent link: https://www.econbiz.de/10003898815

Cyclical asset returns in the consumption and investment goods sector

Heer, Burkhard; Maussner, Alfred; Süssmuth, Bernd - 2013

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we consider a standard two-sector real-business cycle model with...

Persistent link: https://www.econbiz.de/10009786095

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

Monetary policy, sectoral comovement and the credit channel

Di Pace, Federico; Görtz, Christoph - 2021

Persistent link: https://www.econbiz.de/10012546900

Financial frictions and the wealth distribution

Fernández-Villaverde, Jesús; Hurtado, Samuel; Nuño, Galo - 2020

We postulate a nonlinear DSGE model with a financial sector and heterogeneous households. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk induces an...

Persistent link: https://www.econbiz.de/10012260513

Uncertainty-driven business cycles : assessing the markup channel

Born, Benjamin; Pfeifer, Johannes - 2017

A growing recent literature relies on a precautionary pricing motive embedded in representative agent DSGE models with sticky prices and wages to generate negative output effects of uncertainty shocks. We assess whether this theoretical model channel is consistent with the data. Building a New...

Persistent link: https://www.econbiz.de/10011597159

Deep dynamics

Gottfries, Nils; Mickelsson, Glenn; Stadin, Karolina - 2021

How do firms adjust their output, inventories, employment and capital in response to demandsideshocks? To understand this, we estimate a reduced-form model using firm-level panel dataand we construct a theoretical model that can match the estimated impulse-response functions.A combination of...

Persistent link: https://www.econbiz.de/10012428917

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