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Investment Shocks and Business Cycles
Justiniano, Alejandro - 2008
Shocks to the marginal efficiency of investment are the most important drivers of business cycle fluctuations in U.S. output and hours. Moreover, like a textbook demand shock, these disturbances drive prices higher in expansions. We reach these conclusions by estimating a dynamic stochastic...
Persistent link: https://www.econbiz.de/10012724827
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Investment shocks and business cycles
Justiniano, Alejandro (contributor);  … - 2008
Shocks to the marginal efficiency of investment are the most important drivers of business cycle fluctuations in U.S. output and hours. Moreover, like a textbook demand shock, these disturbances drive prices higher in expansions. We reach these conclusions by estimating a dynamic stochastic...
Persistent link: https://www.econbiz.de/10003781477
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Inflation and Real Activity over the Business Cycle
Bianchi, Francesco; Nicolò, Giovanni; Song, Dongho - National Bureau of Economic Research - 2023
We study the relation between inflation and real activity over the business cycle. We employ a Trend-Cycle VAR model to … control for low-frequency movements in inflation, unemployment, and growth that are pervasive in the post-WWII period. We show … that cyclical fluctuations of inflation are related to cyclical movements in real activity and unemployment, in line with …
Persistent link: https://www.econbiz.de/10014247995
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Investment shocks and the relative price of investment
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2009
We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...
Persistent link: https://www.econbiz.de/10003948199
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Household leveraging and deleveraging
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
U.S. households' debt skyrocketed between 2000 and 2007, but has since been falling. This leveraging and deleveraging cycle cannot be accounted for by the liberalization and subsequent tightening of mortgage credit standards that occurred during the period. We base this conclusion on a...
Persistent link: https://www.econbiz.de/10009721293
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Credit supply and the housing boom
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2015
The housing boom that preceded the Great Recession was the result of an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices,...
Persistent link: https://www.econbiz.de/10010482958
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The mortgage rate conundrum
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2017
We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve's expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to...
Persistent link: https://www.econbiz.de/10011754373
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Monetary/fiscal policy mix and agents' beliefs
Bianchi, Francesco; Ilut, Cosmin - 2014
Persistent link: https://www.econbiz.de/10010372545
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Monetary/fiscal policy mix and agents' beliefs
Bianchi, Francesco; Ilut, Cosmin - 2012
Persistent link: https://www.econbiz.de/10009561546
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Monetary/fiscal policy mix and agent's beliefs
Bianchi, Francesco; Ilut, Cosmin - 2013
Persistent link: https://www.econbiz.de/10010193274