This paper presents a model of asymmetric (S,s) pricing. We investigate whether the asymmetry on micro level is carried over on macro level and what is the role of agent heterogeneity in the process. We look at two kinds of asymmetries: (i) asymmetric output responses monetary shocks and (ii)...

This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero...

This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...

Diese Dissertation umfasst drei Studien, in denen die Übertragung makroökonomischer Schocks auf die Realwirtschaft sowie die Identifikation von Kreditangebot im Kontext dieser Schocks behandelt werden. Im ersten Teil der Dissertation wird eine Ereignisstudie eingesetzt, um die...