lower real GDP permanently or whether we can expect a rebound to earlier trend levels. Using a recent quantile … autoregression unit root test we check whether shocks to real GDP have permanent or temporary effects. In contrast to earlier studies … root hypothesis at the conditional mean of GDP, but also in the tails of the distribution where the lower tail corresponds …

A VAR analysis of Swiss data from 1987 to 2015 provides no evidence for significant long and short run influence of … leverage on GDP, credit and the interest rate spread. Increasing capital requirements for banks should therefore have no strong …