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We explore the natural rate of interest, shortly r ∗ , in emerging economies. If economic growth originates from convergence, then growth, say, from technological progress will be lower than we find in the data and, hence, r ∗ will be lower. Ignoring convergence upwardly biases our estimates...
Persistent link: https://www.econbiz.de/10014529362
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013225751
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013234860
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013236401
exogenous shock that modifies the riskiness of the interbank lending thus allowing us to capture the collapse of the interbank … shock seems to explain part of the 2007 downturn and the rise of the interest rate on the credit market just after the …
Persistent link: https://www.econbiz.de/10013053227
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10013137060
Persistent link: https://www.econbiz.de/10012991205
particular we assess the effects of introducing risk-sensitive and more stringent capital requirements. Finally, we explore the …
Persistent link: https://www.econbiz.de/10013137813
Monetary policy aims at affecting corporate borrowing by influencing the marginal costs of firms, but its potency can be conditioned by the degree of market competition. We first identify conditions under which changes in marginal costs may have different effects on credit constraints and output...
Persistent link: https://www.econbiz.de/10012745332
depends on the shock considered). Nevertheless, although in addition the model with financial frictions better describes Euro …
Persistent link: https://www.econbiz.de/10013145340