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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

Land Prices and Unemployment

Liu, Zheng - 2015

Persistent link: https://www.econbiz.de/10013026076

Tax Policy, Investment Decisions and Economic Growth

Bonucchi, Manuel - 2016

This paper evaluates the impact of the taxation system on factor costs, investment and economic activity. This is … identifies the link between user cost and investment in the context of a full econometric model of investment demand determinants … taxation to investment and economic activity, and assesses the impact of future tax reform proposals …

Persistent link: https://www.econbiz.de/10013006211

The macroeconomic forecasting model of the MNB

Békési, László; Köber, Csaba; Kucsera, Henrik; … - 2016

The lessons of the financial and macroeconomic crisis of 2007-2008 made the development of a new macroeconomic forecasting model necessary in the MNB. The model represents a small open economy. It is based on the DSGE philosophy but it deviates from it at several points. The new features of the...

Persistent link: https://www.econbiz.de/10011571328

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

Cyclical lending standards : a structural analysis

Chen, Kaiji; Higgins, Patrick; Zha, Tao - 2020

Lending standards are a direct measure of credit conditions. We use the micro data merged from three separate sources to construct this measure and document that an uncertain macroeconomic outlook, rather than banks' balance sheet positions, was an important reason that a majority of banks...

Persistent link: https://www.econbiz.de/10012219575

Household Decisions, Credit Markets and the Macroeconomy : Implications for the Design of Central Bank Models

Muellbauer, John - 2013

It is widely acknowledged that the recent generation of DSGE models failed to incorporate many of the liquidity and financial accelerator mechanisms revealed in the global financial crisis that began in 2007. This paper complements the papers presented at the 2009 BIS annual conference focused...

Persistent link: https://www.econbiz.de/10013094782

Wage rigidity : a solution to several asset pricing puzzles

Favilukis, Jack; Lin, Xiaoji - 2012

In standard production models wage volatility is far too high and equity volatility is far too low. A simple modification - sticky wages due to infrequent resetting together with a CES production function - leads to both (i) smoother wages and (ii) higher equity volatility. Furthermore, the...

Persistent link: https://www.econbiz.de/10009625907

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