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Daily Monetary Policy Shocks and the Delayed Response of New Home Sales
Hamilton, James D. - 2009
policy shock as a surprise change in the fed funds rate is misspecified. The primary news for market participants is not what …
Persistent link: https://www.econbiz.de/10012766286
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Monetary Policy and Sectoral Shocks : Did the Fed React Properly to the High-Tech Crisis?
Raddatz, Claudio E.; Rigobon, Roberto - 2021
a significant source of sectoral transfers. In particular, a shock to Equipment and Software investment, which we … evaluating what the model predicts regarding the automatic and a more aggressive monetary policy response to a shock similar to …
Persistent link: https://www.econbiz.de/10013227732
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Housing Booms and City Centers
Glaeser, Edward L. - 2015
Popular discussions often treat the great housing boom of the 1996-2006 period as if it were a national phenomenon with similar impacts across locales, but across metropolitan areas, price growth was dramatically higher in warmer, less educated cities with less initial density and higher initial...
Persistent link: https://www.econbiz.de/10013037059
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Firm Performance and the Volatility of Worker Earnings
Juhn, Chinhui - 2017
Using linked employer-employee data for the U.S., we examine whether shocks to firm revenues are transmitted to the earnings of continuing employees. While full insurance is rejected, the elasticity of worker earnings with respect to persistent shocks in firm revenues is small and consistent...
Persistent link: https://www.econbiz.de/10012964398
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Shock Elasticities and Impulse Responses
Borovička, Jaroslav - 2014
We construct shock elasticities that are pricing counterparts to impulse response functions. Recall that impulse … response functions measure the importance of next-period shocks for future values of a time series. Shock elasticities measure … the contributions to the price and to the expected future cash flow from changes in the exposure to a shock in the next …
Persistent link: https://www.econbiz.de/10013054043
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International Shocks and Domestic Prices : How Large are Strategic Complementarities?
Amiti, Mary - 2016
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the elasticities...
Persistent link: https://www.econbiz.de/10012995977
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How Much Does Household Collateral Constrain Regional Risk Sharing?
Lustig, Hanno N.; Van Nieuwerburgh, Stijn - 2021
We construct a new data set of consumption and income data for the largest US metropolitan areas, and we show that the covariance of regional consumption and income growth varies over time and in the cross-section. In times and regions where collateral is scarce, regional consumption growth is...
Persistent link: https://www.econbiz.de/10013239980
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Access to Long-Term Care after a Wealth Shock : Evidence from the Housing Bubble and Burst
Costa-Font, Joan - 2017
not affected by the housing wealth changes. The findings suggest that a wealth shock exerts a positive and significant …
Persistent link: https://www.econbiz.de/10012948082
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The Collateral Channel : How Real Estate Shocks Affect Corporate Investment
Chaney, Thomas - 2010
What is the impact of real estate prices on corporate investment? In the presence of financing frictions, firms use pledgeable assets as collateral to finance new projects. Through this collateral channel, shocks to the value of real estate can have a large impact on aggregate investment. Over...
Persistent link: https://www.econbiz.de/10013142539
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Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market
Deng, Yongheng - 2011
In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...
Persistent link: https://www.econbiz.de/10013128599