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Financial heterogeneity and monetary union
Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - 2018
We analyze the economic consequences of forming a monetary union among countries with varying degrees of financial distortions, which interact with the firms' pricing decisions because of customer-market considerations. In response to a financial shock, firms in financially weak countries (the...
Persistent link: https://www.econbiz.de/10011932300
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Greece's three-act tragedy : a simple model of Grexit vs. staying afloat inside the single currency area
Chen, Yu-Fu; Funke, Michael - 2015
is described using a stochastic regime-switching model; second, the euro area governments’ responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments. …
Persistent link: https://www.econbiz.de/10011406792
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Supply restrictions, subprime lending and regional US house prices
Anundsen, André Kallåk; Heebøll, Christian - 2015
With regard to the recent US house price cycle, we analyze how the interaction between housing supply restrictions … Statistical Areas, we estimate a simultaneous boom-bust system for house prices, housing supply and subprime lending. The model … accounts for regional differences in supply elasticities that are determined by local variations in topographical and …
Persistent link: https://www.econbiz.de/10010488113
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Supply restrictions, subprime lending and regional US housing prices
Anundsen, André Kallåk; Heebøll, Christian - 2013
. -- regional boom-bust cycles ; housing supply restrictions ; subprime lending ; financial accelerator … attention is paid to supply side restrictions and financial accelerator effects related to subprime lending. Considering 248 … Metropolitan Statistical Areas across the entire US, we estimate a simultaneous boom-bust system for housing prices and supply. The …
Persistent link: https://www.econbiz.de/10009703502
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Chapter 12. Housing, Finance, and the Macroeconomy
Davis, Morris A.; Van Nieuwerburgh, Stijn - In: Handbook of regional and urban economics : volume 5, (pp. 753-811). 2015
In this chapter, we review and discuss the large body of research that has developed over the past 10-plus years that explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business cycle, housing and portfolio choice, and housing...
Persistent link: https://www.econbiz.de/10014025303
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House prices and the distribution of wealth around the great recession
Cóndor, Richard; Moguel, Rodolfo Oviedo - 2023
This paper employs a calibrated model of the US economy to analyze the boom and bust in house prices as well as the shifts in the distribution of wealth during the years around the Great Recession. We replicate the dynamics of the housing market using shocks to aggregate income, the distribution...
Persistent link: https://www.econbiz.de/10014301444
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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10012131206
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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10011799334
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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10011894437
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Fiscal rules in economic crisis : the trade-off between consolidation and recovery, from a European perspective
Díaz Roldán, Carmen; Ferrari Filho, Fernando; Da … - In: Economics / Journal articles : the open-access, … 15 (2021) 1, pp. 199-216
In this study, we will perform a simulation exercise to investigate whether the use of explicit fiscal rules improves the macroeconomic performance in the economic framework of the European Union (EU), where the fall in income levels occurred very asymmetrically, and this has accentuated the...
Persistent link: https://www.econbiz.de/10013252537