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Real Business Cycles with Capital Maintenance
Albonico, Alice; Kalyvitis, Sarantis; Pappa, Evi - 2011
We develop a stochastic general equilibrium model in which maintenance endogenously affects the capital depreciation … the short run. We use Bayesian estimation to obtain the time profile of equipment capital depreciation in Canadian … manufacturing. The depreciation rate has been quite volatile and procyclical over the last 50 years. …
Persistent link: https://www.econbiz.de/10010343861
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Business Fluctuations and Leverage in the Collateral Constraints
Nah, Won Jun - 2015
This paper develops a simple model with collateralized borrowing constraints to explore the business cycle implications of financial leverage. The degree of leverage is shown to be an important factor in the amplifying role of collateral constraints, suggesting that the financial vulnerability...
Persistent link: https://www.econbiz.de/10013039013
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Putty-Clay and Investment : A Business Cycle Analysis
Gilchrist, Simon; Williams, John C. - 1998
This paper develops a dynamic stochastic general equilibrium model with putty-clay technology that incorporates embodied technology, investment irreversibility, and variable capacity utilization. Low short-run capital-labor substitutability native to the putty-clay framework induces the...
Persistent link: https://www.econbiz.de/10014217959
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Asymmetric responses of consumer spending to energy prices : a threshold VAR approach
Knotek, Edward S.; Zaman, Saeed - In: Energy economics 95 (2021), pp. 1-13
Persistent link: https://www.econbiz.de/10012816279
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Asymmetric responses of consumer spending to energy prices : a threshold VAR approach
Knotek, Edward S.; Zaman, Saeed - 2020
Persistent link: https://www.econbiz.de/10012388135
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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
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On transmission channels of energy prices and monetary policy shocks to household consumption : evidence from India
Priya, Pragati; Sharma, Chandan - In: Energy economics 136 (2024), pp. 1-21
Persistent link: https://www.econbiz.de/10015046829
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The impact of uncertainty and financial shocks in recessions and booms
Salzmann, Leonard - 2020
The literature has widely discussed the role of financial and economic uncertainty shocks for the macroeconomy. However, it has turned out to be difficult to isolate these shocks from financial market indicators and uncertainty proxies because any identifying restriction on their response...
Persistent link: https://www.econbiz.de/10012429635
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Fixed exchange rate - a friend or foe of labor cost adjustments?
Milivojević, Lazar; Tatar, Balint - 2021
This paper examines the effectiveness of labor cost reductions as a means to stimulate economic activity and assesses the differences which may occur with the prevailing exchange rate regime. We develop a medium-scale three-region DSGE model and show that the impact of a cut in employers' social...
Persistent link: https://www.econbiz.de/10012432966
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What's up with the Phillips curve?
Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; … - 2020
The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect...
Persistent link: https://www.econbiz.de/10012241237