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Liquidity premia, price-rent dynamics, and business cycles
Miao, Jianjun; Wang, Pengfei; Zha, Tao - 2014
In the U.S. economy during the past 25 years, house prices exhibit fluctuations considerably larger than house rents, and these large fluctuations tend to move together with business cycles. We build a simple theoretical model to characterize these observations by showing the tight connection...
Persistent link: https://www.econbiz.de/10010395957
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Housing and debt over the life cycle and over the business cycle
Iacoviello, Matteo; Pavan, Marina - 2009
maximum borrowing limit, and housing investment, homeownership, and household debt closely track aggregate productivity. In …
Persistent link: https://www.econbiz.de/10003906135
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Housing and debt over the life cycle and over the business cycle
Iacoviello, Matteo; Pavan, Marina - 2009
maximum borrowing limit, and housing investment, homeownership, and household debt closely track aggregate productivity. In …
Persistent link: https://www.econbiz.de/10010280939
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Housing, portfolio choice, and the macroeconomcy
Silos, Pedro (contributor) - 2005
Much of the macroeconomics literature dealing with wealth distribution has abstracted from modeling housing explicitly. This paper investigates the properties of the wealth distribution and the portfolio composition regarding housing and equity holdings and their relationship to macroeconomic...
Persistent link: https://www.econbiz.de/10003258656
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Financial Shocks or Productivity Slowdown : Contrasting the Great Recession and Recovery in the United States and United Kingdom
Larkin, Kieran - 2023
Great Recession in the United Kingdom was more closely associated with a decline in productivity. Motivated by the similar …
Persistent link: https://www.econbiz.de/10014263358
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Productivity, energy prices, and the great moderation: A new link
Dhawan, Rajeev; Jeske, Karsten; Silos, Pedro - 2008
We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a … negatively affected productivity. This spillover has since disappeared. Second, we show that within the framework of a dynamic … stochastic general equilibrium model, the disappearance of this energy-productivity spillover generates the significantly lower …
Persistent link: https://www.econbiz.de/10010292361
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On the power and weakness of rational expectations : logical fallacies, periodic bubbles and business cycles
Gracia, Eduard - 2012
periodically impacting aggregate productivity and, as a consequence, GDP growth. -- Rational Expectations ; efficient markets …
Persistent link: https://www.econbiz.de/10009547387
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On the power and weakness of rational expectations: Logical fallacies, periodic bubbles and business cycles
Gracia, Eduard - 2012
periodically impacting aggregate productivity and, as a consequence, GDP growth. …
Persistent link: https://www.econbiz.de/10010309044
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US business cycle dynamics at the zero lower bound
Böhl, Gregor; Strobel, Felix - 2020
Using a nonlinear Bayesian likelihood approach that fully accounts for the lower bound on nominal interest rates, we analyze US post-crisis macroeconomic dynamics and provide reference parameter estimates. We find that despite the attention received in the literature, neither the inclusion of...
Persistent link: https://www.econbiz.de/10012406022
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Stock price cycles and business cycles
Adam, Klaus; Merkel, Sebastian - 2019
We present a simple model that quantitatively replicates the behavior of stock prices and business cycles in the United States. The business cycle model is standard, except that it features extrapolative belief formation in the stock market, in line with the available survey evidence....
Persistent link: https://www.econbiz.de/10012098187