Narrow search
Showing 1 - 10 of 3,463
Cover Image
Carbon Emissions and Business Cycles
Khan, Hashmat U - 2016
find that emissions rise on impact only after an anticipated investment-specific technology shock; the response is … statistically significant after the first quarter. The same shock explains most— roughly a third—of the total variation in emissions … at a horizon of 5 years. Notably, emissions decrease on impact after an unanticipated neutral technology shock in a …
Persistent link: https://www.econbiz.de/10012990770
Cover Image
Sources of Business Cycle Fluctuations
Shapiro, Matthew D. - 2010
. This assumption sufficiently restricts the reduced form of key macroeconomic variables to allow estimation of the shocks …
Persistent link: https://www.econbiz.de/10013139739
Cover Image
Big Banks and Macroeconomic Outcomes : Theory and Cross-Country Evidence of Granularity
Bremus, Franziska - 2013
Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...
Persistent link: https://www.econbiz.de/10013081202
Cover Image
World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernàndez, Andrés - 2016
Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This paper presents an empirical framework in which multiple...
Persistent link: https://www.econbiz.de/10012979352
Cover Image
Slow to Hire, Quick to Fire : Employment Dynamics with Asymmetric Responses to News
Ilut, Cosmin L. - 2020
Concave hiring rules imply that firms respond more to bad shocks than to good shocks. They provide a unified explanation for several seemingly unrelated facts about employment growth in macro and micro data. In particular, they generate countercyclical movement in both aggregate conditional...
Persistent link: https://www.econbiz.de/10012856527
Cover Image
Monetary Policy Surprises, Credit Costs and Economic Activity
Gertler, Mark - 2014
We provide evidence on the nature of the monetary transmission mechanism. To identify policy shocks in a setting with both economic and financial variables, we combine traditional monetary vector autoregression (VAR) analysis with high frequency identification (HFI) of monetary policy shocks. We...
Persistent link: https://www.econbiz.de/10013052498
Cover Image
Uncertainty Shocks, Asset Supply and Pricing Over the Business Cycle
Bianchi, Francesco - 2014
This paper estimates a business cycle model with endogenous financial asset supply and ambiguity averse investors. Firms' shareholders choose not only production and investment, but also capital structure and payout policy subject to financial frictions. An increase in uncertainty about profits...
Persistent link: https://www.econbiz.de/10013054525
Cover Image
The Common Origin of Uncertainty Shocks
Kozeniauskas, Nicholas - 2016
Various types of uncertainty shocks can explain many phenomena in macroeconomics and finance. But does this just amount to inventing new, exogenous, unobserved shocks to explain challenging features of business cycles? This paper argues that three conceptually distinct fluctuations, all called...
Persistent link: https://www.econbiz.de/10012987142
Cover Image
Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data
Garin, Julio - 2016
The basic New Keynesian model predicts that positive supply shocks are less expansionary at the zero lower bound (ZLB) compared to periods of active monetary policy. We test this prediction empirically using Fernald's (2014) utilization-adjusted total factor productivity series, which we take as...
Persistent link: https://www.econbiz.de/10012989726
Cover Image
Identifying Ambiguity Shocks in Business Cycle Models Using Survey Data
Bhandari, Anmol - 2016
permit estimation using standard Bayesian techniques. Applying our framework to an estimated New-Keynesian business cycle …
Persistent link: https://www.econbiz.de/10012992656