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Liu, Zheng; Miao, Jianjun; Zha, Tao - 2013

We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. The model is confronted with the U.S. macroeconomic time series. Our estimated model can account for two prominent facts observed in the data. First, the land price and...

Persistent link: https://www.econbiz.de/10010397671

Land prices and unemployment

Liu, Zheng; Miao, Jianjun; Zha, Tao - 2013

Persistent link: https://www.econbiz.de/10010126854

Rare Events and Long-Run Risks

Barro, Robert J. - 2020

Rare events (RE) and long-run risks (LRR) are complementary approaches for characterizing macroeconomic variables and understanding asset pricing. We estimate a model with RE and LRR using long-term consumption data for 42 economies, identify these two types of risks simultaneously from the...

Persistent link: https://www.econbiz.de/10012854524

Land-price dynamics and macroeconomic fluctuations with general household preferences

Chen, Been-lon; Lai, Zheng-Ze; Liao, Shian-Yu - In: Macroeconomic dynamics 28 (2024) 5, pp. 1097-1121

Persistent link: https://www.econbiz.de/10015055138

Investment shocks, tax evasion and the consumption puzzle : a DSGE analysis with financial frictions

Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2016

explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …

Persistent link: https://www.econbiz.de/10011515322

Financial Frictions and the Role of Investment Specific Technology Shocks in the Business Cycle

Kamber, Güneş - 2012

Various papers have identified shocks to investment as major drivers of output, investment, hours, and interest rates …. These investment shocks have been linked to financial frictions because financial markets are instrumental in transforming … consumption goods into installed capital. However, the importance of investment shocks is not robust once we explicitly account …

Persistent link: https://www.econbiz.de/10013105098

Investment Shocks, Tax Evasion and the Consumption Puzzle : A DSGE Analysis with Financial Frictions

Chiarini, Bruno - 2016

explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …

Persistent link: https://www.econbiz.de/10012984510

Financial frictions and the real economy

Pietrunti, Mario - 2017

This paper investigates in a non-linear setting the impact on the real economy of frictions stemming from the financial sector. We develop a medium scale DSGE model with a banking sector where an occasionally binding constraint on banks' capital induces a relevant non-linearity. The model -...

Persistent link: https://www.econbiz.de/10011976236

Fiscal Sustainability, Volatility and Oil Wealth: A Stochastic Analysis of Fiscal Spending Rules

van Wijnbergen, Sweder; Budina, Nina - 2011

Whether fiscal policy is sustainable depends on a government's future revenue and expenditure streams, both of which are highly uncertain. In commodity-rich countries, this problem is intensified by unpredictable and volatile commodity prices. We show how spending rules for oil income and...

Persistent link: https://www.econbiz.de/10010325791

Fundamental shock selection in DSGE models

Ferroni, Filippo; Grassi, Stefano; León-Ledesma, Miguel A. - 2015

DSGE models are typically estimated assuming the existence of certain structural shocks that drive macroeconomic fluctuations. We analyze the consequences of introducing nonfundamental shocks for the estimation of DSGE model parameters and propose a method to select the structural shocks driving...

Persistent link: https://www.econbiz.de/10010517720

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