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Long and Plosser meet Bewley and Lucas
Dong, Feng; Wen, Yi - 2018
We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the enriched N-sector...
Persistent link: https://www.econbiz.de/10011911508
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Policy uncertainty and foreign direct investment : evidence from the China-Japan island dispute
Chen, Cheng; Senga, Tatsuro; Sun, Chang; Zhang, Hongyong - 2016
an island dispute between China and Japan in 2012. Our difference-in-differences (DID) estimation substantiates that a …
Persistent link: https://www.econbiz.de/10011554377
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Impact of tourism consumption on GDP : the role of imports
Hernández Martín, Raúl - 2004
The aim of this paper is to analyse the effects of tourism consumption on imports. The basic idea is that conversion of tourism expenditure into value added and GP depends on the effect of the former on imports. Imports are leakages that reduce the economic impact of tourism in a destination and...
Persistent link: https://www.econbiz.de/10011599900
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Regional consumption responses and the aggregate fiscal multiplier
Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2018
spending by $0.29. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New … multiplier, a result that distinguishes our incomplete markets model from models with complete markets. The aggregate consumption … multiplier is 0.64, which implies an output multiplier higher than one. The aggregate consumption multiplier is larger than the …
Persistent link: https://www.econbiz.de/10011911427
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The output effects of fiscal consolidations : does spending composition matter?
Ardanaz, Martin; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2021
This paper studies whether changes in the composition of public spending affect the macroeconomic consequences of fiscal consolidations. Based on a sample of 44 developing countries and 26 advanced economies during 1980-2019, results show that while fiscal consolidations tend to be on average,...
Persistent link: https://www.econbiz.de/10014516596
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Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
Flaschel, Peter; Charpe, Mattieu; Galanis, Giorgos; … - 2017
This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...
Persistent link: https://www.econbiz.de/10011671937
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Common and country specific economic uncertainty
Mumtaz, Haroon; Theodoridis, Konstantinos - 2015
We use a factor model with stochastic volatility to decompose the time-varying variance of Macro economic and Financial variables into contributions from country-specific uncertainty and uncertainty common to all countries. We find that the common component plays an important role in driving the...
Persistent link: https://www.econbiz.de/10011306276
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Asymmetry reversals and the business cycle
Distante, Roberta; Petrella, Ivan; Santoro, Emiliano - 2013
The cross-sectional dynamics of the U.S. business cycle is examined through the lens of quantile regression models. Conditioning the quantiles of firm-level growth to different measures of technological change highlights a deep connection between counter-cyclical skewness and the transmission of...
Persistent link: https://www.econbiz.de/10009757407
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Trend inflation in Sweden
Österholm, Pär; Poon, Aubrey - 2022
data from 1995Q4 to 2021Q4 and Bayesian estimation methods, we find that trend inflation has been well-anchored during the …
Persistent link: https://www.econbiz.de/10012818429
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The macroeconomic cost of climate volatility
Alessandri, Piergiorgio; Mumtaz, Haroon - 2021
We study the impact of climate volatility on economic growth exploiting data on 133 countries between 1960 and 2005. We show that the conditional (ex ante) volatility of annual temperatures increased steadily over time, rendering climate conditions less predictable across countries, with...
Persistent link: https://www.econbiz.de/10012608712