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A general equilibrium model of sovereign default and business cycles
Mendoza, Enrique G.; Yue, Vivian Z. - 2011
Persistent link: https://www.econbiz.de/10009424831
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Search frictions and the labor wedge
Pescatori, Andrea; Tasci, Murat - 2011
Persistent link: https://www.econbiz.de/10009425654
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Hysteresis and business cycles
Cerra, Valerie; Fatás, Antonio; Saxena, Sweta Chaman - 2020
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012251398
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Search Frictions and the Labor Wedge
Tasci, Murat - 2011
This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is...
Persistent link: https://www.econbiz.de/10014399358
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The Austrian Theory of Business Cycles : Old Lessons for Modern Economic Policy?
Oppers, Stefan E. - 2002
This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …
Persistent link: https://www.econbiz.de/10014400055
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The Identification of the Causes of Business Cycles Across Countries
Schlagenhauf, Don E. - 1990
Empirical research has been conducted on the various theories of the business cycle over many countries. However, very little research has attempted to undertake a multi-country disaggregate investigation into the sources of output change. This paper decomposes fluctuations in industry output in...
Persistent link: https://www.econbiz.de/10014396440
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Business Cycle in Czechoslovakia Under Central Planning : Were Credit Shocks Causing it?
Bulir, Ales - 1996
This paper examines credit origins of the business cycle in the former Czechoslovakia. Industrial production is found to be cointegrated with various measures of bank credit during 1976-90 and it is shown that noninvestment credits are Granger-causing industrial production and that a feedback...
Persistent link: https://www.econbiz.de/10014395925
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A General Equilibrium Model of Sovereign Default and Business Cycles
Yue, Vivian Z. - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both...
Persistent link: https://www.econbiz.de/10014399114
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Monetary transaction costs and the term premium
Espinoza, Raphael A.; Tsomocos, Dimitrios P. - 2013
Persistent link: https://www.econbiz.de/10009747253
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Time-varying neutral interest rate : the Case of Brazil
Perrelli, Roberto; Roache, Shaun K. - 2014
Persistent link: https://www.econbiz.de/10010388736