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Granularity in banking and growth : does financial openness matter?
Bremus, Franziska; Buch, Claudia M. - 2013
We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can...
Persistent link: https://www.econbiz.de/10010225571
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Granularity in banking and growth : does financial openness matter?
Bremus, Franziska; Buch, Claudia M. - 2013
We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can...
Persistent link: https://www.econbiz.de/10010195375
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Granularity in banking and growth : does financial openness matter?
Bremus, Franziska; Buch, Claudia M. - 2013
We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can...
Persistent link: https://www.econbiz.de/10009786228
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Consumer preferences and the reliability of Euler equation tests of capital mobility : some simulation-based evidence
Buch, Claudia M.; Döpke, Jörg; Pierdzioch, Christian - 2002
The globalization of international financial markets has renewed interest in the measurement of capital mobility. Consumption-based tests such as the Euler equation test are commonly used. These tests, however, are derived under restrictive assumptions on consumer behavior. In this paper, we ask...
Persistent link: https://www.econbiz.de/10011475881
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Big banks and macroeconomic outcomes : theory and cross-country evidence of granularity
Bremus, Franziska; Buch, Claudia M.; Russ, Katheryn Niles; … - 2013
Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...
Persistent link: https://www.econbiz.de/10010225567
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Big banks and macroeconomic outcomes : theory and cross-country evidence of granularity ; conference paper
Bremus, Franziska; Buch, Claudia M.; Russ, Katheryn Niles; … - 2013
Does the mere presence of big banks affect macroeconomic outcomes? Gabaix (2011) shows that idosyncratic shocks can have aggregate effects if the distribution of firm sizes in manufacturing follows a power law distribution. Our contribution is two-fold. First, we expand the theory of granularity...
Persistent link: https://www.econbiz.de/10010336792
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Big Banks and Macroeconomic Outcomes : Theory and Cross-Country Evidence of Granularity
Bremus, Franziska - 2014
Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...
Persistent link: https://www.econbiz.de/10013059846
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Great moderation at the firm level? : unconditional versus conditional output volatility
Buch, Claudia M. (contributor); Döpke, Jörg (contributor);  … - 2008
Moderationʺ can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility …
Persistent link: https://www.econbiz.de/10003729690
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Great Moderation at the Firm Level? Unconditional Versus Conditional Output Volatility
Buch, Claudia M. - 2016
Moderation? can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility …
Persistent link: https://www.econbiz.de/10012991121
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Great Moderation at the Firm Level? Unconditional vs. Conditional Output Volatility
Buch, Claudia M. - 2013
;Great Moderationquot; can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility …
Persistent link: https://www.econbiz.de/10012753581