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How much do bank shocks affect investment? Evidence from matched bank-firm loan data
Amiti, Mary; Weinstein, David E. - 2013
developing a new methodology to separate firms' credit shocks from loan supply shocks, using a vast sample of matched bank …-firm lending data. We decompose loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks … economy, which creates a role for granular shocks, as in Gabaix (2011). As a result, idiosyncratic bank shocks - movements in …
Persistent link: https://www.econbiz.de/10010333636
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Stand und Perspektiven der "New Economy" in ausgewählten Mitgliedstaaten der EU aus deutscher Sicht
Vieweg, Hans-Günther; Fuchs, Thomas; Hild, Reinhard; … - 2005
Die vorliegende Studie wurde im ifo Arbeitsbereich Branchenforschung erstellt und im Frühjahr 2005 abgeschlossen. Auftraggeber war das Bundesministerium für Wirtschaft und Arbeit. Gegenstand der Studie sind der Stand und die Perspektiven der „New Economy“ in Deutschland sowie ein Vergleich...
Persistent link: https://www.econbiz.de/10011698333
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Ramsey monetary policy with labour market frictions
Faia, Ester - 2007
This paper studies the design of optimal monetary policy (in terms of unconstrained Ramsey allocation) in a framework with sticky prices and matching frictions. Furthermore I consider the role of real wage rigidities. Optimal policy features significant deviations from price stability in...
Persistent link: https://www.econbiz.de/10011604753
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Volatility Matters: Taylor Rules and Capital Accumulation
Marzo, Massimiliano - 2004
The operational performance of a set of simple monetary pol- icy rules à la Taylor in a model with capital accumulation and nominal and real rigidities is discussed with a special emphasis on the volatility of output, nominal rate and in.ation rate. Within an enriched modelling framework it is...
Persistent link: https://www.econbiz.de/10011651406
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Investment spending, equilibrium indeterminacy, and the interactions of monetary and fiscal policy
Lubik, Thomas A. - 2003
This paper investigates determinacy of equilibrium in a canonical New Keynesian model under different monetary and fiscal policy rules. It is shown that a simple monetary rule that responds aggressively to inflation is a necessary condition for equilibrium determinacy, when fiscal policy is...
Persistent link: https://www.econbiz.de/10010293451
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A Vectorautoregressive Investment Model (VIM) and Monetary Policy Transmission: Panel Evidence from German Firms
von Kalckreuth, Ulf; Chirinko, Robert S.; Breitung, Jörg - 2003
In diesem Papier wird ein neuer Rahmen für die Untersuchung der Wirkungen von Geldpolitik auf privatwirtschaftliche … Investitionsmodells (VIM) vor. Es enthält die Investition und den Cash Flow als endogene Variablen, und außerdem Kapitalnutzungskosten und …, Geldpolitik ist wirksam, und privatwirtschaftliche Investitionen reagieren auf Änderungen der in den Kapitalnutzungskosten …
Persistent link: https://www.econbiz.de/10010295752
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Costa Rica: The Next Stage-Reform without Volatility. A Report
Zamora, Rodrigo Bolaños - 1999
independence for the Central Bank, improvements in financial system operations, and improving financial links abroad, further …
Persistent link: https://www.econbiz.de/10010327135
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The relevance of Haavelmo's macroeconomic theorizing for contemporary macro policy making
Chand, Sheetal K. - 2012
The recent great financial crisis and the ensuing deep recessions have placed in sharp relief the fundamental issue of how financial factors, including financial instability, interact with the real economy. In order to understand the nature of these interactions and formulate policies that would...
Persistent link: https://www.econbiz.de/10010330242
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Savings and investment correlations in response to monetary policy shocks: New insights into the Feldstein-Horioka puzzle?
Schmidt, Caroline - 2006
In this paper, it is argued that the observed high positive correlation between national savings and investment which is found in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some empirical findings, is tested in a two-country...
Persistent link: https://www.econbiz.de/10010278000
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Inflation, investment and growth: A money and banking approach
Gillman, Max; Kejak, Michal - 2008
Output growth, investment and the real interest rate are all found empirically to be negatively affected by inflation. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when investment falls and a positive Tobin effect when the...
Persistent link: https://www.econbiz.de/10010288827