Countries with more developed financial sectors experience smaller fluctuations in real per capita output, consumption, and investment growth. However, the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining...

This paper is concerned with the influence of economic fluctuations on corporate financing decisions. Based on a sample of listed South African companies over the years from 1996 to 2005, our results confirm the existence of different transmission channels through which economic changes are...

I generate priors for a VAR from four competing models of economic fluctuations: a standard RBC model, Fisher’s (2006) investment-specific technology shocks model, an RBC model with capital adjustment costs and habit formation, and a sticky price model with an unaccommodating monetary...

This paper analyses the role of shocks in Spanish economic growth over the period 1850-1990. In the existence of a unit root, the trend is stochastic, which implies that the series has a long memory, and shocks have persistent effects. As a result, the series does not return to its former path...

The rate of time preference (RTP) has traditionally not been regarded as an important source of economic fluctuations. In this paper, I show that it is an important factor influencing economic fluctuations because households must have an expected RTP for the representative household (RTP RH) to...

This paper is concerned with the influence of economic fluctuations on corporate financing decisions. Based on a sample of listed South African companies over the years from 1996 to 2005, our results confirm the existence of different transmission channels through which economic changes are...

Countries with more developed financial sectors experience less fluctuations in real per capita output, consumption and investment growth. However, the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining...

(Reprint from WIFO-Monatsberichte, Vol. 85, No. 5, May 2012) Zusammenfassung Die gegenwärtige Wirtschaftskrise weist alle jene Merkmale auf, die mit finanziellen, verschuldungsbezogenen und strukturellen Aspekten von Leistungsbilanzkrisen verbunden werden. Daraus ergeben sich dauerhaft...

Zusammenfassung Die MOEL verzeichneten 2007 erneut ein kräftiges Wirtschaftswachstum. In den neuen EU-Ländern in Mitteleuropa, deren Expansion primär durch die Re-Industrialisierung geprägt ist, war ein Anstieg der Beschäftigung zu beobachten. In den anderen MOEL wurde die Entwicklung...

(Reprint from WIFO-Monatsberichte, Vol. 84, No. 5, May 2011) Zusammenfassung Das Wirtschaftswachstum belebt sich in den mittel- und osteuropäischen Ländern (MOEL) langsam, bleibt jedoch schwächer als vor der Wirtschaftskrise. Einige der kleinen, offenen Volkswirtschaften der Region wahrten...