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The macroeconomic impact of financial and uncertainty shocks
Caldara, Dario; Fuentes-Albero, Cristina; Gilchrist, Simon - 2016
The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...
Persistent link: https://www.econbiz.de/10011563004
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The Macroeconomic Impact of Financial and Uncertainty Shocks
Caldara, Dario - 2016
The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...
Persistent link: https://www.econbiz.de/10013210407
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Real wage cyclicality in the Eurozone before and during the Great Recession : evidence from micro data
Verdugo, Gregory - 2015
We study the response of real wages to the business cycle in eight major Eurozone countries before and during the Great Recession. Average real wages are found to be acyclical, but this reflects, in large part, the effect of changes in the composition of the labour force related to unemployment...
Persistent link: https://www.econbiz.de/10011386663
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Labour market transitions, shocks and institutions in turbulent times : a cross-country analysis
Bachmann, Ronald; Felder, Rahel - 2018
This paper analyses the impact of the business cycle on labour market dynamics in EU member states and the US during the first decade of the 21st century. Using unique measures of labour market flows constructed from worker-level micro data, we examine to what extent macro shocks were...
Persistent link: https://www.econbiz.de/10011821431
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Business cycle dynamics after the Great Recession : an extended Markov-Switching dynamic factor model
Doz, Catherine; Ferrara, Laurent; Pionnier, Pierre-Alain - 2020
The Great Recession and the subsequent period of subdued GDP growth in most advanced economies have highlighted the need for macroeconomic forecasters to account for sudden and deep recessions, periods of higher macroeconomic volatility, and fluctuations in trend GDP growth. In this paper, we...
Persistent link: https://www.econbiz.de/10012227436
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Business cycle accounting for the German fiscal stimulus program during the Great Recession
Fehrle, Daniel; Huber, Johannes A. - 2020
We take the neoclassical perspective and apply the business cycle accounting method as proposed by Chari, Kehoe, and McGrattan (2007, Econometrica) for the Great Recession and the associated stimulus program in Germany 2008-2009. We include wedges to the variables government consumption,...
Persistent link: https://www.econbiz.de/10012253072
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Business cycle accounting for the German fiscal stimulus program during the Great Recession
Fehrle, Daniel; Huber, Johannes - 2020
We take the neoclassical perspective and apply the business cycle accounting method as proposed by Chari, Kehoe, and McGrattan (2007, Econometrica) for the Great Recession and the associated stimulus program in Germany 2008-2009. We include wedges to the variables government consumption,...
Persistent link: https://www.econbiz.de/10012236598
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Disentangling different patterns of business cycle synchronicity in the EU regions
Anagnostou, Ageliki; Panteladis, Ioannis; Tsiapa, Maria - 2012
The present paper discourses on how European integration and gradual enlargement has affected the synchronicity in business cycles in EU regions. The analysis, which is conducted on annual data at the NUTSII level, is based on the following grounds: First, it examines the degree of synchronicity...
Persistent link: https://www.econbiz.de/10011508019
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Uncertainty shocks and the great recession : Nonlinearities matter
Caggiano, Giovanni; Castelnuovo, Efrem; Pellegrino, Giovanni - In: Economics letters 198 (2021), pp. 1-5
Persistent link: https://www.econbiz.de/10012605757
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Investment shocks and the relative price of investment
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2009
investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the … relative price of investment. The second shock affects the production of installed capital from investment goods or, more … broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U …
Persistent link: https://www.econbiz.de/10003948199