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This paper characterizes the transition dynamics of a continuous-time neoclassical production economy with capital accumulation in which households face idiosyncratic income risk and cannot commit to repay their debt. Therefore, even though a full set of contingent claims that pay out...
Persistent link: https://www.econbiz.de/10015056206
-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …
Persistent link: https://www.econbiz.de/10003898815
effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …
Persistent link: https://www.econbiz.de/10003857672
of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic … of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle … ; cross-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks …
Persistent link: https://www.econbiz.de/10003857682
-level investment is procyclical. We show that a heterogeneous-firm RBC model with quantitatively realistic countercyclically disperse … state investment rate distribution, produces investment dispersion that positively comoves with the cycle, with a …-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms …
Persistent link: https://www.econbiz.de/10003888063
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …
Persistent link: https://www.econbiz.de/10011958806
This paper analyzes the counter-cyclical behavior of asset trading volume and the effect of idiosyncratic income to trading decisions of households. The model is in the class of DSGE models with incomplete markets. The paper makes two contributions: firstly, a structural break in trading volume...
Persistent link: https://www.econbiz.de/10013035165
In this paper, we analyze the impact of external uncertainty shocks on the Korean economy, focusing on Russian geopolitical risks and U.S. monetary policy uncertainty. We find that increases in external uncertainties negatively affect the Korean macroeconomy, with a particularly pronounced...
Persistent link: https://www.econbiz.de/10015337684
Recessions and expansions are often caused or reinforced by developments in private consumption - the largest component of aggregate demand - which, as a result, varies over the business cycle. As such, an accurate measurement of the cyclical component of consumption and an understanding of its...
Persistent link: https://www.econbiz.de/10014380708
as the economy is demand-driven in the short-run. The decline in output is more severe, if the central bank is …
Persistent link: https://www.econbiz.de/10010340551