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We propose an empirically motivated financial market model in which speculators rely on trend-following, contrarian and fundamental trading rules to determine their orders. Speculators' probabilistic rule-selection behavior - the only type of randomness in our model - depends on past and future...
Persistent link: https://www.econbiz.de/10012023996
economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and … financial markets benefit society, as well as the channels through which finance can slow down long-term growth. …
Persistent link: https://www.econbiz.de/10011853303
explores implications for growth, innovation, inflation, financial markets, fiscal policy, and several socio-economic outcomes …
Persistent link: https://www.econbiz.de/10014374494
We construct a new indicator of de facto financial integration in the EU. The resulting indicator is pro-cyclical as it evolves along the cyclical pattern of economic activity in the European Union. It is then appended to a set of relevant financial and macroeconomic variables, within a FAVAR...
Persistent link: https://www.econbiz.de/10013460365
This paper investigates private net saving in the US economy - divided into its principal components, households and (nonfinancial) corporate financial balances - and its impact on the GDP cycle from the 1980s to the present. Furthermore, we investigate whether the financial markets (stock...
Persistent link: https://www.econbiz.de/10010281740
We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow …: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth … increases the negative effect of nominal volatility on mean growth. …
Persistent link: https://www.econbiz.de/10010335303
. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation …
Persistent link: https://www.econbiz.de/10011604661
endogenously generated by the established OTD (Originate-To-Distribute) model within the new finance-growth paradigm. Good finance … fosters the correct allocation of financial resources, the fair redistribution of wealth and positive economic growth (the … financial system with the ability to create money ex nihilo, over time it drags the economy down to recession or negative growth …
Persistent link: https://www.econbiz.de/10012058894
This paper analyzes the relevance of external factors in average quarterly GDP growth for 1990-2006 in the seven … that those factors account for a significant share of variance in LAC7 GDP growth, and that external shocks produce … significant responses. Likewise, a significant share of recent LAC7 growth performance can be explained by an external factor …
Persistent link: https://www.econbiz.de/10010278267
Führen wirtschaftliche Rezessionen und hohe Arbeitslosigkeit zu mehr Gründungen oder machen sich Menschen eher in Phasen wirtschaftlicher Prosperität selbständig? In jüngerer Zeit hatte eine Unterauslastung der volkswirtschaftlichen Kapazitäten eher stimulierende, ein Konjunkturaufschwung...
Persistent link: https://www.econbiz.de/10010312766