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Uncertainty and Economic Activity: A Global Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics. This paper studies the interrelation between financial markets volatility and economic activity assuming that both...
Persistent link: https://www.econbiz.de/10011314141
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Global Liquidity, House Prices and the Macroeconomy: Evidence from Advanced and Emerging Economies
Cesa-Bianchi, Ambrogio; Céspedes, Luis F.; Rebucci, … - 2015
shock has a much stronger impact on house prices and consumption than in advanced economies. Finally, holding house prices … constant in response to this shock tends to dampen its effects on consumption in both advanced and emerging economies, but … possibly through different channels: in advanced economies by boosting the value of housing collateral and hence supporting …
Persistent link: https://www.econbiz.de/10011314197
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Does Easing Monetary Policy Increase Financial Instability?
Cesa-Bianchi, Ambrogio; Rebucci, Alessandro - 2013
This paper develops a model featuring both a macroeconomic and a financial stability objective that speaks to the interaction between monetary and macroprudential policies. First, we find that interest rate rigidities in a monopolistic banking system have an asymmetric impact on financial...
Persistent link: https://www.econbiz.de/10010328048
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Housing Cycles and Macroeconomic Fluctuations: A Global Perspective
Cesa-Bianchi, Ambrogio - 2012
This paper investigates the international spillovers of housing demand shocks on real economic activity. The global … impulse responses to an identified US housing demand shock confirm the existence of strong international spillovers to … paper also shows that synchronized housing demand shocks in advanced economies reinforce each other and have a deep and long …
Persistent link: https://www.econbiz.de/10010328050
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Uncertainty and Economic Activity: A Global Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics based on the premise that uncertainty causes economic activity to slow down and contract. In this paper, we study the...
Persistent link: https://www.econbiz.de/10010352410
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Uncertainty and Economic Activity: A Multi-Country Perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2018
Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the direction of causation between uncertainty and the business cycle. This paper proposes a new multi-country approach to the analysis of the interaction between uncertainty and...
Persistent link: https://www.econbiz.de/10011815803
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Uncertainty and economic activity : a global perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics. This paper studies the interrelation between financial markets volatility and economic activity assuming that both...
Persistent link: https://www.econbiz.de/10011286232
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Global liquidity, house prices and the macroeconomy : evidence from advanced and emerging economies
Cesa-Bianchi, Ambrogio; Céspedes, Luis Felipe; … - 2015
shock has a much stronger impact on house prices and consumption than in advanced economies. Finally, holding house prices … constant in response to this shock tends to dampen its effects on consumption in both advanced and emerging economies, but … possibly through different channels: in advanced economies by boosting the value of housing collateral and hence supporting …
Persistent link: https://www.econbiz.de/10011290047
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Uncertainty and economic activity : a global perspective
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2014
The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics based on the premise that uncertainty causes economic activity to slow down and contract. In this paper, we study the...
Persistent link: https://www.econbiz.de/10010338658
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Does Easing Monetary Policy Increase Financial Instability?
Cesa-Bianchi, Ambrogio - 2013
This paper develops a model featuring both a macroeconomic and a financial stability objective that speaks to the interaction between monetary and macroprudential policies. First, we find that interest rate rigidities in a monopolistic banking system have an asymmetric impact on financial...
Persistent link: https://www.econbiz.de/10013083056