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A search-based neoclassical model of capital reallocation

Dong, Feng; Wang, Pengfei; Wen, Yi - 2018 - This version: July, 2018

As a form of investment, the importance of capital reallocation between firms has been increasing over time, with the … purchase of used capital accounting for 25% to 40% of firms total investment nowadays. Cross- firm reallocation of used capital … also exhibits intriguing business-cycle properties, such as (i) the illiquidity of used capital is countercyclical (or the …

Persistent link: https://www.econbiz.de/10011911555

Financial conditions and density forecasts for US output and inflation

Alessandri, Piergiorgio; Mumtaz, Haroon - 2014

When do financial markets help in predicting economic activity? With incomplete markets, the link between financial and real economy is state-dependent and financial indicators may turn out to be useful particularly in forecasting "tail" macroeconomic events. We examine this conjecture by...

Persistent link: https://www.econbiz.de/10010339756

Aggregate implications of corporate bond holdings by nonfinancial firms

Ferreira, Miguel H. - 2023

This paper explores the impact of risky asset holdings by U.S. nonfinancial firms. From the early 1990s to 2017, the share of risky securities surged from 28% to over 40% of firms' financial assets. Using a business-cycle heterogeneous firms model, I show that declining real interest rates since...

Persistent link: https://www.econbiz.de/10014455419

A new look at uncertainty shocks : imperfect information and misallocation

Senga, Tatsuro - 2015

Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct new empirical measures of firm-level uncertainty using data from the I/B/E/S and Compustat. These new measures reveal persistent differences in the degree of uncertainty facing individual firms not...

Persistent link: https://www.econbiz.de/10011401309

Policy uncertainty and foreign direct investment : evidence from the China-Japan island dispute

Chen, Cheng; Senga, Tatsuro; Sun, Chang; Zhang, Hongyong - 2016

Can a temporary negative shock generate long-lasting effects on economic activities? To show causal evidence, we utilize data from Japanese multinational corporations (MNCs) and explore the economic impact of the unexpected escalation of an island dispute between China and Japan in 2012. Our...

Persistent link: https://www.econbiz.de/10011554377

Flight to what? : dissecting liquidity shortages in the financial crisis

Dong, Feng; Wen, Yi - 2017 - This version: August, 2017

under either conventional or unconventional policies. In particular, too much intervention for too long can depress capital …

Persistent link: https://www.econbiz.de/10011780935

Recessions, the energy mix and environmental policy

Deb, Pragyan; Furceri, Davide; Ostry, Jonathan David; … - 2023

How do severe recessions, such as those brought about by the Global Financial Crisis or the COVID-19 pandemic, affect the composition of energy generation between green and dirty sources? Does creative destruction during recessions result in a sustained greening of the energy mix? The empirical...

Persistent link: https://www.econbiz.de/10014466810

Cyclically adjusted provisions and financial stability

Agénor, Pierre-Richard; Silva, Luiz A. Pereira da - 2016

This paper studies the extent to which alternative loan loss provisioning regimes affect the procyclicality of the financial system and financial stability. It uses a DSGE model with financial frictions (namely, balance sheet and collateral effects, as well as economies of scope in banking) and...

Persistent link: https://www.econbiz.de/10011472122

Fintech entry, firm financial inclusion, and macroeconomic dynamics in emerging economies

Finkelstein Shapiro, Alan; Mandelman, Federico S.; … - 2022

Financial inclusion is strikingly low in emerging economies. In only a few years, financial technologies (fintech) have led to a dramatic expansion in the number of non-traditional credit intermediaries, but the macroeconomic and credit-market implications of this rapid growth of fintech are not...

Persistent link: https://www.econbiz.de/10014516215

International credit markets and global business cycles

Pintus, Patrick A.; Wen, Yi; Xin, Xiaochuan - 2018 - This version: May 14, 2018

This paper stresses a new channel through which global financial linkages contribute to the co-movement in economic activity across countries. We show in a two-country setting with borrowing constraints that international credit markets are subject to self-fulfilling variations in the world real...

Persistent link: https://www.econbiz.de/10011911509

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