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Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate
Binh Thai Pham; Sala, Hector - 2019
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012054782
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The heterogeneous response of real estate asset prices to a global shock
Heiniger, Sandro; Koeniger, Winfried; Lechner, Michael - 2022
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate …
Persistent link: https://www.econbiz.de/10013448709
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Financial markets, banks' cost of funding, and firms' decisions : lessons from two crises
Balduzzi, Pierluigi; Brancati, Emanuele; Schiantarelli, … - 2013
We test whether financial fluctuations affect firms' decisions, through their impact on banks' cost of funding. We exploit two shocks to Italian bank CDS spreads and equity valuations: the 2007-2009 financial crisis and the 2010-2012 sovereign debt crisis. Using newly available data linking over...
Persistent link: https://www.econbiz.de/10010229932
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Volatility and growth : governments are key
Jetter, Michael - 2013
paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a … volatility is then ambiguous. The paper reveals the underlying endogeneity of government size in a balanced panel of 95 countries … increase of volatility lowers growth by up to 0.57 percentage points in a democracy, but raises growth by 1.74 percentage …
Persistent link: https://www.econbiz.de/10010228789
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Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials
Abbritti, Mirko; Müller, Andreas - 2012
volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the …
Persistent link: https://www.econbiz.de/10009536516
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Mortgage finance in Central and Eastern Europe : opportunity or burden?
Beck, Thorsten; Kibuuka, Katie; Tiongson, Erwin R. - 2010
Household credit, especially for mortgages, has doubled over the past years in the new European Union member countries, raising concerns about the economic and social consequences of household indebtedness in the event of a macroeconomic crisis. Using household survey data for 2005, 2006, and...
Persistent link: https://www.econbiz.de/10003940327
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Uncertainty shocks and unemployment dynamics
Kandoussi, Malak; Langot, François - 2020
uncertainty shocks measured by stock market volatility have a significant impact on the U.S. unemployment rate. We then develop a …
Persistent link: https://www.econbiz.de/10012243477
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Wage cyclicalities and labor market dynamics at the establishment level : theory and evidence
Merkl, Christian; Stüber, Heiko - 2017
Using the new AWFP dataset that covers all German establishments, we document a substantial cross-sectional heterogeneity of establishments' average real wages over the business cycle. While the median establishments' real wages are procyclical, there is a large fraction of establishments with...
Persistent link: https://www.econbiz.de/10011735900
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Short-term rental bans and housing prices : quasi-experimental evidence from Lisbon
Gonçalves, Duarte; Peralta, Susana; Santos, João … - 2022
We estimate the causal impact of a 2018 zoning reform that banned new short-term rental registries in some parts of Lisbon. The short-term rental licence expires when the house is sold, hence the ban removes the option value of short-term renting a property. We rely on two administrative data...
Persistent link: https://www.econbiz.de/10013449312
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The ins and outs of selling houses : understanding housing-market volatility
Ngai, Liwa Rachel; Sheedy, Kevin D. - 2023
inflows (new listings) and outflows (sales) in explaining the volatility and co-movement of housing-market variables. An 'ins …
Persistent link: https://www.econbiz.de/10014428501