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Two Tales of Adjustment : East Asian Lessons for European Growth
Chari, Anusha - 2014
be more different. Common wisdom has it that on impact Asia endured fiscal austerity imposed by the IMF whereas the IMF … different policies to begin with, the fiscal adjustment in Asia was far more modest than is commonly known and the switch from … stimulus to austerity in Europe was quite abrupt. The difference in fiscal stance helps explain the difference in the post …
Persistent link: https://www.econbiz.de/10013060259
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Rental Adjustment & Valuation of Real Estate in Overbuilt Markets : Fundamental vs. Reported Office Market Values in Sydney Australia
Hendershott, Patric H. - 2010
Real estate markets are periodically plagued by excess supply, rent concessions and few arms-length transactions. During such periods, valuation is problematic. The model presented here requires the forecasts of future vacancy rates, and equilibrium and actual rental rates. Vacancy rate...
Persistent link: https://www.econbiz.de/10013139872
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A New Measure of Utilization-Adjusted TFP Growth for Europe and the United States
Comin, Diego; Quintana, Javier; Schmitz, Tom; Trigari, … - 2022
utilization. These novelties have a major impact, especially in Europe, where our estimated TFP growth series are less volatile …-level and aggregate TFP series, as well as the first estimates of utilization-adjusted quarterly TFP growth in Europe …
Persistent link: https://www.econbiz.de/10014091114
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Can Housing Collateral Explain Long-Run Swings in Asset Returns?
Lustig, Hanno N. - 2007
To explain the low-frequency variation in US equity and debt returns in the 20th century, we solve an equilibrium model in which households face housing collateral constraints. An increase in the ratio of housing to human wealth loosens these borrowing constraintsthus allowing for more risk...
Persistent link: https://www.econbiz.de/10012778119
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Foreclosures, House Prices, and the Real Economy
Mian, Atif R. - 2011
States without a judicial requirement for foreclosures are twice as likely to foreclose on delinquent homeowners. Comparing zip codes close to state borders with differing foreclosure laws, we show that foreclosure propensity and housing inventory jump discretely as one enters non-judicial...
Persistent link: https://www.econbiz.de/10013131506
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Market Responses to the Panic of 2008
Mulligan, Casey B. - 2008
We model the panic of 2008 as part of the wealth and substitution effects deriving from a housing price crash that began in 2006. The dissipation of the wealth effect stimulates a reorganization of the banking industry and increases in employment, GDP, and unemployment. The release of resources...
Persistent link: https://www.econbiz.de/10012769272
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Capital Flows, Real Estate, and Local Cycles : Evidence from German Cities, Banks, and Firms
Bednarek, Peter; te Kaat, Daniel; Ma, Chang; Rebucci, … - 2022
We study how an aggregate bank flow shock impacts German cities' GDP growth depending on the state of their local real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in non-developable area for the construction of a...
Persistent link: https://www.econbiz.de/10013324190
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Capital Flows and the Behavior of Emerging Market Equity Returns
Bekaert, Geert - 2010
Foreign portfolio flows may reflect deep changes in the functioning of an emerging market economy and its capital markets. Using a database of monthly net U.S. equity flows, we investigate the relation of these flows to the behavior of equity returns, the structural characteristics of the...
Persistent link: https://www.econbiz.de/10012763588
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Liquidity Management and Corporate Investment During a Financial Crisis
Campello, Murillo - 2010
This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies...
Persistent link: https://www.econbiz.de/10013138771
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A Note on Long-Run Persistence of Public Health Outcomes in Pandemics
Lin, Zhixian - 2020
Covid-19 is the single largest threat to global public health since the Spanish Influenza pandemic of 1918-20. Was the world better prepared in 2020 than it was in 1918? After a century of public health and basic science research, pandemic response and mortality outcomes should be better than in...
Persistent link: https://www.econbiz.de/10012834466