Narrow search
Showing 1 - 10 of 89
Cover Image
Self-fulfilling credit cycles
Azariadēs, Kōstas; Kaas, Leo; Wen, Yi - 2015
In U.S. data 1981-2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10010503469
Cover Image
Oil Dependence and Economic Instability
Aguiar-Conraria, Luís Francisco; Wen, Yi - Núcleo de Investigação em Políticas Económicas … - 2007
indeterminacy, hence making fluctuations driven by self-fulfilling expectations easier to occur. This is demonstrated in a standard …
Persistent link: https://www.econbiz.de/10005771609
Cover Image
Foreign Trade and Equilibrium Indeterminacy
Aguiar-Conraria, Luís Francisco; Wen, Yi - Núcleo de Investigação em Políticas Económicas … - 2004
increase the likelihood of indeterminacy. Payment of imported foreign factors of production may act as a semi-fixed cost …
Persistent link: https://www.econbiz.de/10005827123
Cover Image
Understanding the Impact of Oil Shocks
Aguiar-Conraria, Luís Francisco; Wen, Yi - Núcleo de Investigação em Políticas Económicas … - 2005
This paper provides new empirical evidence on and theoretical support for the close link between oil prices and aggregate macroeconomic performence in the 1970s. Although this link has been well documented in the empirical literature and is further confirmed in this paper, standard economic...
Persistent link: https://www.econbiz.de/10005827136
Cover Image
Self-Fulfilling Credit Cycles
Azariadis, Costas; Kaas, Leo; Wen, Yi - 2015
In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10010531762
Cover Image
Self-Fulfilling Credit Cycles
Azariadis, Costas; Kaas, Leo; Wen, Yi - Fachbereich Wirtschaftswissenschaften, Universität Konstanz - 2015
In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10011220715
Cover Image
Self-Fulfilling Credit Cycles
Azariadis, Costas; Kaas, Leo; Wen, Yi - CESifo - 2015
In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10011242155
Cover Image
Interest Rate Dynamics, Variable-Rate Loan Contracts, and the Business Cycle
Pintus, Patrick A. - 2019
The interest rate at which US firms borrow funds has two features: (i) it moves in a countercyclical fashion and (ii) it is an inverted leading indicator of real economic activity: low interest rates forecast booms in GDP, consumption, investment, and employment. We show that a Kiyotaki-Moore...
Persistent link: https://www.econbiz.de/10012903888
Cover Image
Sentiments and Aggregate Demand Fluctuations
Benhabib, Jess - 2014
We formalize the Keynesian insight that aggregate demand driven by sentiments can generate output fluctuations under rational expectations. When production decisions must be made under imperfect information about demand, optimal decisions based on sentiments can generate stochastic...
Persistent link: https://www.econbiz.de/10013065384
Cover Image
Imperfect Competition and Sunspots
Wang, Pengfei - 2006
This paper shows that imperfect competition can be a rich source of sunspots equilibria and coordination failures. This … stochastic (sunspots) equilibria that are not mere randomizations over fundamental equilibria. Markup is always counter …-cyclical in sunspots equilibria, which is consistent with empirical evidence. The paper provides a justification for exogenous …
Persistent link: https://www.econbiz.de/10012733977