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Credit and Banking in a DSGE Model of the Euro Area
Gerali, Andrea - 2010
This paper studies the role of credit-supply factors in business cycle fluctuations. For this purpose, we introduce an imperfectly competitive banking sector into a DSGE model with financial frictions. Banks issue collateralized loans to both households and firms, obtain funding via deposits and...
Persistent link: https://www.econbiz.de/10013143710
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Are 'intrinsic inflation persistence' models structural in the sense of Lucas (1976)? 7 by Luca Benati
Benati, Luca - 2009
Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to 'hardwire' inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …), the parameters encoding the 'intrinsic' component of inflation persistence are not invariant across monetary policy …
Persistent link: https://www.econbiz.de/10003832590
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The Drivers of Post-Pandemic Inflation
Giannone, Domenico; Primiceri, Giorgio E. - National Bureau of Economic Research - 2024
Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but … inflation near its 2-percent target---would have severely hampered an already anaemic recovery …
Persistent link: https://www.econbiz.de/10015056186
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The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...
Persistent link: https://www.econbiz.de/10003888063
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The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The...
Persistent link: https://www.econbiz.de/10003857682
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The Cross-Section of Firms Over the Business Cycle : New Facts and a DSGE Exploration
Bachmann, Rudi - 2009
Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...
Persistent link: https://www.econbiz.de/10013155672
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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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The Cross-Section of Firms Over the Business Cycle : New Facts and a DSGE Exploration
Bachmann, Ruediger - 2016
Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The...
Persistent link: https://www.econbiz.de/10012991048
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Business Cycle Evidence on Firm Entry
Lewis, Vivien - 2016
Business cycle models with sticky prices and endegenous firm entry make novel predictions on the transmission of shocks through the extensive margin of investment. This paper tests some of these predictions using a vector autoregression with model-based sign restrictions. We find a positive and...
Persistent link: https://www.econbiz.de/10012991244
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Endogenous Productivity Dynamics in a Two-Sector Business Cycle Model
Fabio Massimo, Piersanti; Tirelli, Patrizio - 2020
We develop a stylized two-sector business cycle model with endogenous firm dynamics in the investment goods sector. The positive correlation between firms' profitability and the relative price of investment goods generates an endogenous persistence mechanism in productivity dynamics which drives...
Persistent link: https://www.econbiz.de/10014101548