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Land prices and unemployment
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/10010126854
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Land Prices and Unemployment
Liu, Zheng - 2015
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/10013026076
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Interest Rate Dynamics, Variable-Rate Loan Contracts, and the Business Cycle
Pintus, Patrick A. - 2019
, investment, and employment. We show that a Kiyotaki-Moore model accounts for both properties when business-cycle movements are … driven, in a significant way, by animal spirit shocks to credit-financed investment demand. The credit-based nature of such …, Bayesian estimation of our benchmark DSGE model on US data 1975-2010 shows that movements in investment driven by animal …
Persistent link: https://www.econbiz.de/10012903888
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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
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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
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Land-price dynamics and macroeconomic fluctuations with general household preferences
Chen, Been-lon; Lai, Zheng-Ze; Liao, Shian-Yu - 2023
Persistent link: https://www.econbiz.de/10014437496
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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
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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
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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
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Fiscal Sustainability, Volatility and Oil Wealth : A Stochastic Analysis of Fiscal Spending Rules
van Wijnbergen, Sweder - 2014
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/10013068238