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We analyse the macroeconomic effects of exogenous contractions in bank lending to non-financial corporations in the Euro Area, Germany, France, Italy and Spain using a Bayesian vector autoregressive model with endogenous hyperparameter selection and identification via sign restrictions. We focus...
Persistent link: https://www.econbiz.de/10012034573
To simultaneously consider mixed-frequency time series, their joint dynamics, and possible structural changes, we introduce a time-varying parameter mixed-frequency VAR. To keep our approach from becoming too complex, we implement time variation parsimoniously: only the intercepts and a common...
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the estimation severely distorts the analysis of the latest economic dynamics. …
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We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian … to GDP growth fluctuates from about 20 percent in normal times to 50 percent during the global financial crisis. (ii) The …
Persistent link: https://www.econbiz.de/10009739598
This paper investigates economic convergence in real income per capita between 27 European Union countries. We employ a non-linear latent factor framework to study transitional behavior among economies between 1970 and 2010. Our results offer important insights on the economic catch-up exhibited...
Persistent link: https://www.econbiz.de/10009784195
Recent empirical work has established that 'democracy causes growth'. In this paper, we determine the underlying … the market, endogenously form an 'economic blueprint for growth', which likely differs across countries. We take our model … institutions, as witnessed recently in many countries, may jeopardise the perpetual growth effect of becoming a liberal democracy …
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