Similar Search Results

Ambiguous business cycles, recessions and uncertainty : a quantitative analysis

Piccillo, Giulia; Poonpakdee, Poramapa - 2023

Financial Crisis was associated with an increase in both risk aversion and ambiguity aversion, while the Dot-com Crisis only … affected risk aversion. …

Persistent link: https://www.econbiz.de/10014364652

Perceived uncertainty shocks, excess optimism-pessimism, and learning in the business cycle

Chatterjee, Pratiti; Milani, Fabio - 2020

What are the effects of beliefs, sentiment, and uncertainty, over the business cycle? To answer this question, we develop a behavioral New Keynesian macroeconomic model, in which we relax the assumption of rational expectations. Agents are, instead, boundedly rational: they have a...

Persistent link: https://www.econbiz.de/10012294890

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

A model for international spillovers to emerging markets

Houssa, Romain; Mohimont, Jolan; Otrok, Christopher M. - 2019

This paper develops a small open economy (SOE) dynamic stochastic general equilibrium (DSGE) model that helps to explain business cycle synchronization between an emerging market and advanced economies. The model captures the specificities of both economies (e.g. primary commodity,...

Persistent link: https://www.econbiz.de/10012029113

Uncertainty and monetary policy during the great recession

Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021

real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this … estimated framework to quantify the output loss due to the large uncertainty shock that materialized in 2008Q3. We find such a … shock to be able to explain about 60% of the output loss in the 2008-2014 period. The same estimated model unveils the role …

Persistent link: https://www.econbiz.de/10012495676

Credit channel and business cycle : the role of tax evasion

Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2018

margin of flexibility in coping with adverse shocks. In this setting, we simulate a risk shock that propagates its effects in …

Persistent link: https://www.econbiz.de/10011882444

Does U.S. monetary policy respond to macroeconomic uncertainty?

Gomez, Thomas; Piccillo, Giulia - 2023

We find that macroeconomic uncertainty plays a significant role in U.S. monetary policy. First, we construct a measure of uncertainty as felt by policymakers at the time of making their rate-setting decisions. This measure is derived from a real-time, Bayesian estimation of a small monetary VAR...

Persistent link: https://www.econbiz.de/10014265941

House prices and macroprudential policy in an estimated DSGE model of New Zealand

Funke, Michael; Kirkby, Robert; Mihaylovski, Petar - 2017

We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to New Zealand. We find that the main historical drivers of house prices are shocks specific to the housing sector. While our...

Persistent link: https://www.econbiz.de/10011657893

Dynamics of endogenous business cycles and exchange rate volatility

Böhm, Volker; Kikuchi, Tomoo - 2002

This paper studies dynamics of endogenous business cycles and exchange rate volatility in a small open economy. Without market imperfections, domestic price and wage adjustments respond sluggishly to disequilibrium situations on real domestic markets while prices on international capital markets...

Persistent link: https://www.econbiz.de/10011538984

The signaling role of municipal currencies in local development

Jayaraman, Rajshri; Oak, Mandar - 2003

The last decade has seen the burgeoning of several hundred local community currency institutions in cities across the world. Although residents of these communities claim that local currency promotes local development, how if at all it does so has hitherto been unexplored. This paper argues that...

Persistent link: https://www.econbiz.de/10011507689