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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/10010397671
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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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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
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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
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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
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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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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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Financial frictions and the real economy
Pietrunti, Mario - 2017
This paper investigates in a non-linear setting the impact on the real economy of frictions stemming from the financial sector. We develop a medium scale DSGE model with a banking sector where an occasionally binding constraint on banks' capital induces a relevant non-linearity. The model -...
Persistent link: https://www.econbiz.de/10011976236
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Investment in Productivity and the Long-Run Effect of Financial Crisis on Output
Ridder, Maarten de - 2017
.2% higher today if productivity-enhancing investment intensity had remained at its pre-crisis level …
Persistent link: https://www.econbiz.de/10012964611