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On the power and weakness of rational expectations : logical fallacies, periodic bubbles and business cycles

Gracia, Eduard - 2012

's q ratio displays regular cycles of bubbles and crashes reflecting an agency problem between investors and producers. The … ; financial bubbles ; stock markets ; booms and crashes ; Tobin's q ; business cycles ; economic rents …

Persistent link: https://www.econbiz.de/10009547387

Re-examining the role of financial constraints in business cycles : is something wrong with the credit multiplier?

Olivella, Virginia; Roldán-Peña, Jessica - 2013

Motivated by the apparent failure of the credit multiplier mechanism (CM) to deliver amplification in DSGE models, we re-examine its role in business cycles to address the question: is something wrong with the CM? Our answer is no. In coming to this answer we construct a model with reproducible...

Persistent link: https://www.econbiz.de/10009762039

A Bayesian dynamic stochastic general equilibrium model of stock market bubbles and business cycles

Miao, Jianjun; Wang, Pengfei; Xu, Zhiwei - In: Quantitative economics : QE ; journal of the … 6 (2015) 3, pp. 599-635

We present an estimated dynamic stochastic general equilibrium model of stock market bubbles and business cycles using … Bayesian methods. Bubbles emerge through a positive feedback loop mechanism supported by self-fulfilling beliefs. We identify a … sentiment shock that drives the movements of bubbles and is transmitted to the real economy through endogenous credit …

Persistent link: https://www.econbiz.de/10011757753

Predicting the unpredictable : forecastable bubbles and business cycles under rational expectations

Gracia, Eduard - 2012

median path of Tobin’s q ratio displays regular, periodic cycles of bubbles and crashes reflecting an agency problem between … ; efficient markets ; financial bubbles ; stock markets ; booms and crashes ; Tobin’s q ; business cycles ; economic rents …

Persistent link: https://www.econbiz.de/10009663233

Consumption, Wealth and Business Cycles : Why is Germany Different?

Hamburg, Britta - 2016

Persistent link: https://www.econbiz.de/10012991319

Does wage rigidity make firms riskier? : evidence from long-horizon return predictability

Favilukis, Jack; Lin, Xiaoji - 2012

We explore the relationship between sticky wages and risk. Like operating leverage, sticky wages are a source of risk for the firm. Firms, industries, regions, or times with especially high or rigid wages are especially risky. If wages are sticky, then wage growth should negatively forecast...

Persistent link: https://www.econbiz.de/10009697776

Housing and debt over the life cycle and over the business cycle

Iacoviello, Matteo; Pavan, Marina - 2009

This paper describes an equilibrium life-cycle model of housing where nonconvex adjustment costs lead households to adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model matches the wealth distribution; the age profiles of...

Persistent link: https://www.econbiz.de/10003906135

Housing and Debt Over the Life Cycle and Over the Business Cycle

Iacoviello, Matteo - 2012

We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the wealth distribution, the age profiles of homeownership and mortgage debt, and the frequency of housing adjustment. In the time-series, the model matches the procyclicality and...

Persistent link: https://www.econbiz.de/10013113410

Housing and Debt Over the Life Cycle and Over the Business Cycle

Iacoviello, Matteo - 2015

This paper describes an equilibrium life-cycle model of housing where non-convex adjustment costs lead households to adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model matches the wealth distribution; the age profiles of...

Persistent link: https://www.econbiz.de/10013038658

Monetary policy, sectoral comovement and the credit channel

Di Pace, Federico; Görtz, Christoph - 2021

Persistent link: https://www.econbiz.de/10012546900

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