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The Business Cycle Implications of Banks’ Maturity Transformation
Andreasen, Martin M. - 2012
This paper develops a DSGE model in which banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. We show within a real business cycle...
Persistent link: https://www.econbiz.de/10013108678
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The Business Cycle Implications of Banks' Maturity Transformation
Andreasen, Martin M. - 2011
This paper develops a DSGE model in which banks use short term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms must borrow in order to finance their capital stock which they only adjust at infrequent intervals. We show that the presence of...
Persistent link: https://www.econbiz.de/10013133828
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The Business Cycle Implications of Banks' Maturity Transformation
Andreasen, Martin M. - 2012
This paper develops a DSGE model where banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. Within an RBC framework, we show that...
Persistent link: https://www.econbiz.de/10013099027
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The Granular Origins of Macroeconomic Fluctuations in Europe
Ebeke, Christian - 2017
This paper investigates the microeconomic origins of aggregate economic fluctuations inEurope. It examines the relevance of idiosyncratic shocks at the top 100 large firms (thegranular shocks) in explaining aggregate macroeconomic fluctuations. The paper alsoassesses the strength of spillovers...
Persistent link: https://www.econbiz.de/10012942339
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Is the Effect of Dividend Policy on the Volatility of Stock Prices Stable : An Empirical Study on European Countries?
Aktürk, Esen; Karan, Mehmet Baha; Pirgaip, Burak - 2022
We scrutinize the impact of dividend policy on stock price volatility by considering the seminal paper of Baskin (1989). In this context, we examine the relationship between volatility and three dividend policy indicators, dividend yield, dividend payout, and stock repurchases, for 1,221 firms...
Persistent link: https://www.econbiz.de/10013298815
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Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area
Spitzer, Martin - 2020
This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification … by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework …, total factor productivity evolves endogenously as a consequence of costly investment in R&D and adoption of new technologies …
Persistent link: https://www.econbiz.de/10012834776
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Business Cycle Synchronisation in Monetary Union
Rybáček, Václav - 2019
The purpose of this paper is to examine the self-enforcing nature of business cycle synchronisation in the process of monetary integration. Application of value added concept for description of business cycle and as a indicator of total economic activity is also discussed in the paper
Persistent link: https://www.econbiz.de/10012903578
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Measures of the output gap in the Euro-zone : an empirical assessment of selected methods
Chagny, Odile; Döpke, Jörg - 2001
Der Aufsatz untersucht einige populäre Methoden zur Messung des Output Gaps auf der Basis von aggregierten Daten für die Euro-Zone. Obwohl die Methoden einige wichtige gemeinsame Eigenschaften aufweisen, zeigen sie auch erhebliche Unterschiede; insbesondere ist die Korrelation zwischen...
Persistent link: https://www.econbiz.de/10011473858
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The impact of credit supply shocks in the euro area : market-based financing versus loans
Barauskaite, Kristina; Nguyen, Anh D. M.; Rousová, Linda; … - 2022
Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In...
Persistent link: https://www.econbiz.de/10013265943
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Navigating the housing channel of monetary policy across euro area regions
Battistini, Niccolò; Falagiarda, Matteo; Hackmann, Angelina - 2022
This paper assesses the role of the housing market in the transmission of conventional and unconventional monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that monetary policy propagates...
Persistent link: https://www.econbiz.de/10013448726