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NMCM - with boundedly rational learning expectations
Dieppe, Alistair; González Pandiella, Alberto; Hall, … - 2011
Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more … their expectations. A standard assumption is that agents form expectations by using the correctly specified reduced form … included. Therefore, agents base expectations on a misspecified MSV solution. In contrast, we assume agents know the deep …
Persistent link: https://www.econbiz.de/10009640692
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The great inflation, limited asset markets participation and aggregate demand
Bilbiie, Florin O. - 2004
policy should be passive, to ensure equilibrium determinacy and to minimize variations in output and inflation. This paper … presents evidence that asset markets participation in the US was limited over the Great Inflation period and the slope of the … IS curve had the ’wrong’ sign. Our results may help explain the ’Great Inflation’ and give optimism for FED policy. If …
Persistent link: https://www.econbiz.de/10009639468
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Finance and diversification
Manganelli, Simone; Popov, Alexander - 2010
We study how financial market efficiency affects a measure of diversification of output across industrial sectors borrowed from the portfolio allocation literature. Using data on sector-level value added for a wide cross section of countries and for various levels of disaggregation, we construct...
Persistent link: https://www.econbiz.de/10009640281
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Trusting the bankers
Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - 2010
monetary policy shock on GDP and inflation; (3) for business loans, the impact through the (supply) bank lending channel is …
Persistent link: https://www.econbiz.de/10009640312
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Credit supply
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2010
To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...
Persistent link: https://www.econbiz.de/10009640362
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Corporate bond spreads and real activity in the euro area
Buchmann, Marco - 2011
This paper aims at providing a detailed analysis of the leading indicator properties of corporate bond spreads for real economic activity in the euro area. In- and out-of-sample predictive content of corporate bond spreads are examined along three dimensions: the bonds’ quality , their term to...
Persistent link: https://www.econbiz.de/10009640612
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Business cycle synchronisation
Dées, Stéphane; Zorell, Nico - 2011
Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....
Persistent link: https://www.econbiz.de/10009640698
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Theoretical notes on bubbles and the current crisis
Martin, Alberto; Ventura, Jaume - 2011
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10009640837
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Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …
Persistent link: https://www.econbiz.de/10009636527
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Consumer inflation expectations in Poland
£yziak, Tomasz - 2003
Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be … method, implemented in order to estimate numerical measures of Polish consumer inflation expectations, based on the monthly …
Persistent link: https://www.econbiz.de/10009635882