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Why do banking crises occur? The American subprime crisis compared with the Norwegian banking crisis 1987-92
Knutsen, Sverre - Norges Bank - 2012
This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that the fundamental causes of the compared crises are found in the macroeconomic...
Persistent link: https://www.econbiz.de/10010835421
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A multi-market approach to measuring the cycle
Clements, Kenneth W.; Gao, Grace Xing - Bankwest Curtin Economics Centre, Curtin Business School - 2014
At any given instance there are many indicators of the state of the economy, or the state of a sector, and frequently the signals are mixed – some may point to an expansion, others to a contraction, for example. We consider how best to combine this conflicting information into an overall index...
Persistent link: https://www.econbiz.de/10010901844
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Do national business cycles have an international origin?
Mansour, Joffrey Malek - In: Empirical Economics 28 (2003) 2, pp. 223-247
persistence and greater volatility. Finally, we compare some regional integration agreements and find that the EC emerges as the …
Persistent link: https://www.econbiz.de/10005613014
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Volatility and Growth: Governments are Key
Jetter, Michael - Institute for the Study of Labor (IZA) - 2013
paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a … volatility is then ambiguous. The paper reveals the underlying endogeneity of government size in a balanced panel of 95 countries … increase of volatility lowers growth by up to 0.57 percentage points in a democracy, but raises growth by 1.74 percentage …
Persistent link: https://www.econbiz.de/10010959641
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Growth Policies and Macroeconomic Stability
Sutherland, Douglas; Hoeller, Peter - Economics Department, Organisation de Coopération et … - 2014
Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...
Persistent link: https://www.econbiz.de/10011276723
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On the (de)stabilizing effects of news shocks
Winkler, Roland C.; Wohltmann, Hans-Werner - Institut für Volkswirtschaftslehre, … - 2009
This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas in any purely forward-looking model …, such as the baseline New Keynesian model, anticipation amplifies volatility, we obtain ambiguous results when including a …) to provide numerical evidence that news shocks increase the volatility of key macroeconomic variables in the euro area …
Persistent link: https://www.econbiz.de/10005059007
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Declining Output Volatility: What Role for Structural Change?
Kent, Christopher; Smith, Kylie; Holloway, James - Reserve Bank of Australia - 2005
The decline in output volatility in a number of countries over the past few decades has been well-documented, though … volatility. We suggest that reforms in product and labour markets can reduce volatility of aggregate output by encouraging … output volatility. Our estimates are reasonably robust to a number of alternative specifications, including those that …
Persistent link: https://www.econbiz.de/10005423569
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The Decline in Australian Output Volatility
Simon, John - Reserve Bank of Australia - 2001
There has been a large decline in the volatility of Australian output over the past 40 years. This paper looks at the … from changes in the inventories cycle there have also been significant declines in underlying output volatility. This paper … focuses on the underlying structural factors for the reduction in volatility. It finds that the principal cause of the decline …
Persistent link: https://www.econbiz.de/10005426721
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Why Have Aggregate Skilled Hours Become so Cyclical since the Mid-1980’s?
CASTRO, Rui; COEN-PIRANI, Daniele - Centre Interuniversitaire de Recherche en Économie … - 2005
rotation data set for the period 1979:1-2003:4, we find that the volatility of aggregate skilled hours relative to the … volatility of GDP has nearly tripled since 1984. In contrast, the cyclical properties of unskilled hours have remained … to an increase in the relative volatility of skilled hours: (i) a reduction in the degree of capital …
Persistent link: https://www.econbiz.de/10008671541
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Growth and volatility regime switching models for New Zealand GDP data
Buckle, Robert A; Haugh, David; Thomson, Peter - Treasury, Government of New Zealand - 2002
utility of these methods for modelling growth and volatility regimes present in the New Zealand data and their interaction … their mean and volatility over time. The paper discusses applications of the methodology to identifying changes in growth … performances, and examines the timing of growth and volatility regime switching between production sectors. Conclusions to emerge …
Persistent link: https://www.econbiz.de/10005464963