Narrow search
Showing 1 - 10 of 7,670
Cover Image
Towards technology-news-driven business cycles
Di Casola, Paola; Sichlimiris, Spyridon - 2018
.S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption …
Persistent link: https://www.econbiz.de/10011930326
Cover Image
Unobserved components model(s) : output gaps and financial cycles
Guillochon, Justine; Le Roux, Julien - 2023
The Global Financial Crisis established that policymakers should consider the stage of the financial cycle to better evaluate the cyclical position of the economy when designing monetary policy decisions. If financial variables are omitted from the estimations of the output gap, a common and...
Persistent link: https://www.econbiz.de/10014343145
Cover Image
Liquidity, Inflation and Asset Prices in a Time-Varying Framework for the Euro Area
Baumeister, Christiane - 2010
In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state...
Persistent link: https://www.econbiz.de/10013137632
Cover Image
Understanding post-COVID inflation dynamics
Harding Affeld, Martín Ignacio; Lindé, Jesper; … - 2022 - Last updated: December 13, 2022
We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. The nonlinear Phillips curve in our model arises due to a quasi-kinked demand schedule for goods produced by...
Persistent link: https://www.econbiz.de/10013466150
Cover Image
Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, Christiane; Durinck, Eveline; Peersman, Gert - 2008
Persistent link: https://www.econbiz.de/10003769044
Cover Image
Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, Christiane; Durinck, Eveline; Peersman, Gert - 2008
In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state...
Persistent link: https://www.econbiz.de/10011610148
Cover Image
Business cycle implications of mortgage spreads
Walentin, Karl - 2014 - September 2013 (Updated March 2014)
increase in consumption, residential investment and GDP by 1.6 percent, 6.2 percent and 1.9 percent, respectively. These …
Persistent link: https://www.econbiz.de/10010202977
Cover Image
Semi-structural VAR and unobserved components models to estimate finance-neutral output gap
Kátay, Gábor; Kerdelhué, Lisa; Lequien, Matthieu - 2020
The paper assesses the impact of adding information on financial cycles on the output gap estimates for eight advanced economies using two unobserved components models: a reduced form extended Hodrick-Prescott filter, and a standard semi-structural unobserved components model. To complement...
Persistent link: https://www.econbiz.de/10012320331
Cover Image
Business-cycle consumption risk and asset prices
Bandi, Federico M. - 2020
We show that a business-cycle component of consumption growth (dubbed business-cycle consumption) with cycles between 2 … aggregation of returns and consumption growth over suitable horizons. Consistent with our formalization, we show that the factor … loadings associated with consumption growth aggregated over a 2-year horizon have similar pricing ability as those associated …
Persistent link: https://www.econbiz.de/10012856904
Cover Image
The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy
Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26
Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...
Persistent link: https://www.econbiz.de/10012800343