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Neoclassical Growth Transition Dynamics with One-Sided Commitment

Krueger, Dirk; Li, Fulin; Uhlig, Harald - National Bureau of Economic Research - 2024

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

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …

Persistent link: https://www.econbiz.de/10003898815

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …

Persistent link: https://www.econbiz.de/10003857672

The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

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

The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

-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

Uncertainty and the cost of bank vs. bond finance

Grimme, Christian - 2019

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

Pump Up the Volume : Income Risk and Counter-Cyclical Asset Trading

Sarolli, Gian Domenico - 2015

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

The impact of external uncertainty shocks on the Korean economy

Kim, Junhyong - In: KDI-journal of economic policy 47 (2025) 1, pp. 19-66

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

Cyclical consumption

Berger, Tino; Pozzi, Lorenzo - 2023

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

Household income risk, nominal frictions, and incomplete markets : conference paper

Bayer, Christian; Luetticke, Ralph; Lien Pham; Tjaden, … - 2013

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