Similar Search Results

Indeterminacy of rational expectations equilibria in sequential financial markets

Donati, Paola - 2003

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

Persistent link: https://www.econbiz.de/10009635915

The output composition puzzle

Angeloni, Ignazio; Kashyap, Anil K.; Mojon, Benoît; … - 2003

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...

Persistent link: https://www.econbiz.de/10009635907

Capital quality improvement and the sources of growth in the euro area

Sakellaris, Plutarchos; Vijselaar, Focco W. - 2004

Capital quality improvement is a general phenomenon. Therefore quality correction is needed in price indexes. There is substantial evidence of biases in the official price indexes of capital equipment. We apply to euro area statistics estimates of these biases based on US data thus deriving...

Persistent link: https://www.econbiz.de/10009639422

Financial factors in economic fluctuations

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010

intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the ‘risk shock’, into a systemic force. … alter the perception of market risk and hit financial intermediation — ‘financial factors’ in short — are prime determinants …

Persistent link: https://www.econbiz.de/10009640348

Housing, consumption and monetary policy

Musso, Alberto; Neri, Stefano; Stracca, Livio - 2010

The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...

Persistent link: https://www.econbiz.de/10009640398

Financing obstacles among euro area firms

Ferrando, Annalisa; Griesshaber, Nicolas - 2011

In this study we investigate the determinants of financing obstacles using survey data on a sample of around 5000 firms from the euro area countries. This completely new survey – started at the end of 2009 - gives us the opportunity to test whether firm characteristics such as size, age,...

Persistent link: https://www.econbiz.de/10009640626

Firms' investment decisions in response to demand and price uncertainty

Fuss, Catherine; Vermeulen, Philip - 2004

We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing … firms. Uncertainty measures are derived from firms’ subjective qualitative expectations. They are close to their theoretical … counterparts, the variances of future demand and price shocks. We find that demand uncertainty depresses planned and realized …

Persistent link: https://www.econbiz.de/10009639401

Distributional dynamics under smoothly state-dependent pricing

Costain, James; Nakov, Anton - 2011

Starting from the assumption that firms are more likely to adjust their prices when doing so is more valuable, this paper analyzes monetary policy shocks in a DSGE model with firm-level heterogeneity. The model is calibrated to retail price microdata, and inflation responses are decomposed into...

Persistent link: https://www.econbiz.de/10009640772

Optimal dynamic risk sharing when enforcement is a decision variable

Koeppl, Thorsten V. - 2003

decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent ﬁrst-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …

Persistent link: https://www.econbiz.de/10009635888

Growth expectations, capital flows and international risk sharing

Castrén, Olli; Miller, Marcus; Stiegert, Roger - 2003

international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …

Persistent link: https://www.econbiz.de/10009635970