Narrow search
Showing 1 - 10 of 19,348
Cover Image
Credit, bankruptcy, and aggregate fluctuations
Nakajima, Makoto; Ríos-Rull, José-Víctor - 2019
We document the cyclical properties of unsecured consumer credit (procyclical and volatile) and of consumer bankruptcies (countercyclical and very volatile). Using a growth model with household heterogeneity in earnings and assets with access to unsecured credit (because of bankruptcy costs) and...
Persistent link: https://www.econbiz.de/10012197797
Cover Image
Intermediary balance sheets
Adrian, Tobias; Boyarchenko, Nina - 2013
We document the cyclical properties of the balance sheets of different types of intermediaries. While the leverage of the bank sector is highly procyclical, the leverage of the nonbank financial sector is acyclical. We propose a theory of a two-agent financial intermediary sector within a...
Persistent link: https://www.econbiz.de/10010202648
Cover Image
Heterogeneity in macroeconomics and the minimal econometricinterpretation for model comparison
Cozzi, Marco - 2014
This paper formally compares the fit of various versions of the incomplete markets model with aggregate uncertainty, relying on a simple Bayesian empirical framework. The models differ in the degree of households' heterogeneity, with a focus on the role of preferences. For every specification,...
Persistent link: https://www.econbiz.de/10010434845
Cover Image
Micro jumps, macro humps : monetary policy and business cycles in an estimated HANK model
Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - 2020
shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles. …
Persistent link: https://www.econbiz.de/10012154622
Cover Image
The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
-level investment is procyclical. We show that a heterogeneous-firm RBC model with quantitatively realistic countercyclically disperse … state investment rate distribution, produces investment dispersion that positively comoves with the cycle, with a …-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms …
Persistent link: https://www.econbiz.de/10003888063
Cover Image
Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …
Persistent link: https://www.econbiz.de/10003898815
Cover Image
Booms, recessions and financial turmoil : a fresh look at investment decisions under cyclical uncertainty
Chen, Yu-Fu; Funke, Michael - 2009
The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief … shows that macroeconomic risk acts as an important deterrent to investments. -- business cycles ; real options ; investment …
Persistent link: https://www.econbiz.de/10003872827
Cover Image
Booms, recessions and financial turmoil : a fresh look at investment decisions under cyclical uncertainty
Chen, Yu-Fu; Funke, Michael - In: Scottish journal of political economy : the journal of … 57 (2010) 3, pp. 290-317
Persistent link: https://www.econbiz.de/10003971036
Cover Image
Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …
Persistent link: https://www.econbiz.de/10003857672
Cover Image
The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic … of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle … ; cross-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks …
Persistent link: https://www.econbiz.de/10003857682