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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10013119292
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Aggregate Savings and External Imbalances in China
Yang, Dennis Tao - 2012
distortions. I document major trends in aggregate savings, investment, trade, and net foreign asset positions in China, and …
Persistent link: https://www.econbiz.de/10013098458
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A Decline in Labor's Share with Capital Accumulation and Complementary Factor Inputs : An Application of the Morishima Elasticity of Substitution
Paul, Saumik - 2019
The role of capital accumulation as a driver of the labor income share requires capital and labor to be substitutes, which appears paradoxical in a world predominantly characterized by complementarity between capital and labor. This paper argues that the composition of skills in the labor force...
Persistent link: https://www.econbiz.de/10012870261
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Who Bears the Welfare Costs of Monopoly? The Case of the Credit Card Industry
Herkenhoff, Kyle - 2019
How are the welfare costs from monopoly distributed across U.S. households? We answer this question for the U.S. credit card industry, which is highly concentrated, charges interest rates that are 3.4 to 8.8 percentage points above perfectly competitive pricing, and has repeatedly lost antitrust...
Persistent link: https://www.econbiz.de/10012857699
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Interest Rate Hysteresis in Macroeconomic Investment Under Uncertainty
Belke, Ansgar Hubertus - 2019
The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this … paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under … capital stock and, explicitly, of stochastic changes on the interest rate-investment hysteresis. Starting with hysteresis …
Persistent link: https://www.econbiz.de/10012863765
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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment : Evidence for the Euro Area
Belke, Ansgar Hubertus - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012863789
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Household Debt and Crises of Confidence
Hintermaier, Thomas - 2015
We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence. The house price feeds back on itself by contributing to a liquidity effect, which operates through the value of housing in a collateral constraint. Over a specific range of debt...
Persistent link: https://www.econbiz.de/10013013592
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How Bad is Involuntary Part-Time Work?
Borowczyk-Martins, Daniel - 2016
We use a set of empirical and analytical tools to conduct parallel analyses of involuntary part-time work and unemployment in the U.S. labor market. In the empirical analysis, we document that the similar cyclical behavior of involuntary part-time work and unemployment masks major differences in...
Persistent link: https://www.econbiz.de/10012997428
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Business Cycle Effects of Credit and Technology Shocksin a DSGE Model with Firm Defaults
Pesaran, M. Hashem; Xu, TengTeng - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technologyshocks on business cycle dynamics, where firms rely on banks and households for capitalfinancing. Firms are identical ex ante but differ ex post due to different realizations of firmspecific technology...
Persistent link: https://www.econbiz.de/10009522213
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Uncovering the Mechanism(S) : Financial Constraints and Wages
Arabzadeh Jamali, Hamzeh; Balleer, Almut; Gehrke, Britta - 2021
How do wages respond to financial recessions? Based on a dynamic macroeconomic model with frictions in the labor and the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment and explore their effect on wages. First, the financial...
Persistent link: https://www.econbiz.de/10013314727