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Capital deaccumulation and the large persistent effects of financial crises
Knowles, Matthew - 2023
, provided wages are sufficiently rigid. Critical to the model is the distinction between different types of capital with … different depreciation rates. Intangible capital and equipment have high depreciation rates, leading these stocks to drop …
Persistent link: https://www.econbiz.de/10014233623
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Globalization, transparency and economic growth : the vulnerability of Chinese firms to macroeconomic shocks
Oxelheim, Lars (contributor) - 2008
The process of globalization encompasses economic and financial integration. The abolition of capital controls and the …
Persistent link: https://www.econbiz.de/10003757004
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The Granular Origins of Macroeconomic Fluctuations in Europe
Ebeke, Christian - 2017
This paper investigates the microeconomic origins of aggregate economic fluctuations inEurope. It examines the relevance of idiosyncratic shocks at the top 100 large firms (thegranular shocks) in explaining aggregate macroeconomic fluctuations. The paper alsoassesses the strength of spillovers...
Persistent link: https://www.econbiz.de/10012942339
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Financial Shocks or Productivity Slowdown : Contrasting the Great Recession and Recovery in the United States and United Kingdom
Larkin, Kieran - 2023
This article contrasts the experiences of the United States and United Kingdom during and after the Great Recession to understand the role of financial shocks in the magnitude of the crises and length of the recoveries. It starts from the common consensus that the Great Recession first and...
Persistent link: https://www.econbiz.de/10014263358
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Financial frictions and global spillovers
Metiu, Norbert; Hilberg, Björn; Grill, Michael - 2015
We investigate whether frictions in US financial markets amplify the international propagation of US financial shocks. The dynamics of the US economy is modeled jointly with global macroeconomic and financial variables using a threshold vector autoregression that allows us to capture...
Persistent link: https://www.econbiz.de/10010493885
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Financial shocks and the real economy in a nonlinear world : from theory to estimation
Silvestrini, Andrea; Zaghini, Andrea - 2015
We examine the inter-linkages between financial factors and real economic activity. We review the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models. We outline, from a policy perspective, the most recent empirical papers focusing on the...
Persistent link: https://www.econbiz.de/10011279726
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To sign or not to sign? : on the response of prices to financial and uncertainty shocks
Meinen, Philipp; Röhe, Oke - 2018
Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm that such disturbances are important drivers of output...
Persistent link: https://www.econbiz.de/10011897983
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The global financial cycle and macroeconomic tail risks
Beutel, Johannes; Emter, Lorenz; Metiu, Norbert; … - 2022
We study the link between the global financial cycle and macroeconomic tail risks using quantile vector autoregressions. Contractionary shocks to financial conditions and monetary policy in the United States cause elevated downside risks to growth around the world. By tightening financial...
Persistent link: https://www.econbiz.de/10013459721
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Credit market frictions and sudden stops
Imura, Yuko - 2014
Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows … borrowing constraints lead firms to reduce investment and production, which in turn results in some firms holding capital stock … disproportionate to their productivity levels. This disrupts the optimal allocation of capital across firms, and generates an …
Persistent link: https://www.econbiz.de/10010426139
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Financial frictions, trends, and the great recession
Guerrón-Quintana, Pablo A.; Jinnai, Ryo - In: Quantitative economics : QE ; journal of the … 10 (2019) 2, pp. 735-773
We study the causes behind the shift in the level of U.S. GDP following the Great Recession. To this end, we propose a model featuring endogenous productivity à la Romer and a financial friction à la Kiyotaki–Moore. Adverse financial disturbances during the recession and the lack of strong...
Persistent link: https://www.econbiz.de/10012049309