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Effects of macroeconomic uncertainty and labor demand shocks on the housing market
Lee, Gabriel; Strobel, Johannes - 2017
This paper shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely a¤ect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty...
Persistent link: https://www.econbiz.de/10011869119
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Risk shocks and housing markets
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin D. - 2010
varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that … risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also … countercyclical behavior of risk premia on loans to the housing sector. …
Persistent link: https://www.econbiz.de/10010294012
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Risk shocks and housing markets
Lee, Gabriel; Dorofeenko, Victor; Salyer, Kevin - 2010
varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that … risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also … countercyclical behavior of risk premia on loans to the housing sector. …
Persistent link: https://www.econbiz.de/10010282114
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Time-varying uncertainty and the credit channel
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin D. - 2002
We extend the Carlstrom and Fuerst (1997) agency cost model of business cycles by including time varying uncertainty in the technology shocks that affect capital production. We first demonstrate that standard linearization methods can be used to solve the model yet second moment effects still...
Persistent link: https://www.econbiz.de/10010292743
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The response of term rates to monetary policy uncertainty
Jordá, Oscar; Salyer, Kevin D. - 2001
This paper shows that greater uncertainty about monetary policy can lead to a decline in nominal interest rates. In the context of a limited participation model, monetary policy uncertainty is modeled as a mean-preserving spread in the distribution for the money growth process. This increase in...
Persistent link: https://www.econbiz.de/10010318595
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Deutsche Konjunktur im Zeichen billigen Öls und billigen Geldes
Bardt, Hubertus; Brügelmann, Ralph; Cholewa, Jan; … - In: IW-Trends - Vierteljahresschrift zur empirischen … 42 (2015) 2, pp. 3-24
Die deutsche Wirtschaft ist konsumseitig mit Schwung in das Jahr 2015 gestartet. Zahlreiche Faktoren sorgen aktuell für eine sehr gute Konsumstimmung und eine hohe Dynamik beim Privaten Verbrauch: fallende Energiepreise, extrem niedrige Zinsen, die gute Lage auf dem Arbeitsmarkt sowie einmalige...
Persistent link: https://www.econbiz.de/10011633389
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Agency costs and investment behavior
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin D. - 2005
asymmetric fluctuations in price of capital, bankruptcy rate and risk premium. The effects imply that the Euro Area's supply …
Persistent link: https://www.econbiz.de/10010293733
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The European Phillips curve: Does the NAIRU exist?
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2003
This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...
Persistent link: https://www.econbiz.de/10010332742
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The European Phillips curve: does the NAIRU exist?
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2003
This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...
Persistent link: https://www.econbiz.de/10010265404
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Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2008
This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth", i.e. the interaction between money growth and...
Persistent link: https://www.econbiz.de/10010276415