Similar Search Results

Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2005

How do differences in the creit channel affect investment behavior in the U.S. and the Euro area? To analyze this question, we calibrate an agency cost model of business cycles. We focus on two key components of the lending channel, the default premium associated with bank loans and bankruptcy...

Persistent link: https://www.econbiz.de/10009730390

Risk shocks and housing markets

Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2010

This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a...

Persistent link: https://www.econbiz.de/10009733806

Time-varying uncertainty and the credit channel

Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2002

We extend the Carlstrom and Fuerst (1997) agency cost model of business cycles by including time varying uncertainty in the technology shocks that affect capital production. We first demonstrate that standard linearization methods can be used to solve the model yet second moment effects still...

Persistent link: https://www.econbiz.de/10009725489

Explaining EU citizens' trust in the ECB in normal and crisis times

Ehrmann, Michael; Soudan, Michel; Stracca, Livio - 2012

We study the determinants of trust in the ECB as measured by the European Commission's Eurobarometer survey in particular during the global financial crisis and the European sovereign debt crisis. We find that the fall in trust in the ECB in crisis times can be rather well explained based on the...

Persistent link: https://www.econbiz.de/10009683998

Intertemporal budget policies and macroeconomic adjustment in indebted open economies

Bianconi, Marcelo; Fisher, Walter H. - 2011

We analyze the role of government intertemporal budget policies in a growing open economy including nominal assets in the presence of an upward sloping supply of debt. This introduces transitional dynamics that influence the effects of government policy instruments on the long term fiscal...

Persistent link: https://www.econbiz.de/10009686208

Intertemporal budget policies and macroeconomic adjustment in a small open economy

Fisher, Walter H.; Bianconi, Marcelo - 2001

This paper analyzes the role of nominal assets in ranking intertemporal budget policies in a growing open economy. The budget policies are ranked in terms of the public's intertemporal stock of tax liabilities. Our main result is that, in a small open economy, the valuation of private and public...

Persistent link: https://www.econbiz.de/10009724427

Interest rate policy and the price puzzle in a quantitative business cycle model

Schabert, Andreas - 2001

In the empirical literature, monetary policy shocks are commonly measured as an innovation to a short-term nominal interest rate. In contrast, the majority of monetary business cycle models treats a broad monetary aggregate as the central bank's policy measure. We try overcome this disparity and...

Persistent link: https://www.econbiz.de/10009724428

Agency costs and the monetary transmission mechanism

Reiter, Michael; Sveen, Tommy; Weinke, Lutz - 2017

Once New Keynesian (NK) theory (see, e.g., Woodford 2003) is combined with a standard model of investment (see, e.g., Thomas 2002), the resulting framework loses its ability to generate a realistic monetary transmission mechanism. This is the puzzle uncovered in Reiter et al. (2013). The simple...

Persistent link: https://www.econbiz.de/10011619174

Dynamic mechanisms without money

Guo, Yingni; Hörner, Johannes - 2015

We analyze the optimal design of dynamic mechanisms in the absence of transfers. The designer uses future allocation decisions to elicit private information. Values evolve according to a two-state Markov chain. We solve for the optimal allocation rule, which permits a simple implementation....

Persistent link: https://www.econbiz.de/10010500613

Measuring monetary policy

Bernanke, Ben; Mihov, Ilian - 1995

Geldpolitik extrahiert, aber die Beziehungen zwischen den makroökonomischen Variablen im System unrestringiert läßt. Die Methode … eignet sich auch zur Konstruktion von Maßen über den Stand der Geldpolitik, welche die Schätzungen für die … den Gesamtreserven sind (Strongin), die beste Wahl zu sein. Wir entwickeln eine neues Maß für den Stand der Geldpolitik …

Persistent link: https://www.econbiz.de/10009693153