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Bayesian estimation of a DSGE model with inventories
Foerster, Marcel - 2011
This paper introduces inventories in an otherwise standard Dynamic Stochastic General Equilibrium Model (DSGE) of the business cycle. Firms accumulate inventories to facilitate sales, but face a cost of doing so in terms of costly storage of intermediate goods. The paper's main contribution is...
Persistent link: https://www.econbiz.de/10010281471
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Families in macroeconomics
Doepke, Matthias; Tertilt, Michele - 2016
Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision-making in families) is...
Persistent link: https://www.econbiz.de/10011454407
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Do banks lend less in uncertain times
Raunig, Burkhard; Scharler, Johann; Sindermann, Friedrich - 2014
We study the development of bank lending in the U.S. after four large jumps in uncertainty using an event study … uncertainty. Lending by smaller banks is also less responsive to increases in uncertainty. Banks with a higher capitalization …-bank holding company. This heterogeneity across banks suggests that declines in bank lending following increases in uncertainty are …
Persistent link: https://www.econbiz.de/10010252111
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Do Banks Lend Less in Uncertain Times?
Raunig, Burkhard; Scharler, Johann; Sindermann, Friedrich - 2014
We study the development of bank lending in the U.S. after four large jumps in uncertainty using an event study … uncertainty. Lending by smaller banks is also less responsive to increases in uncertainty. Banks with a higher capitalization …-bank holding company. This heterogeneity across banks suggests that declines in bank lending following increases in uncertainty are …
Persistent link: https://www.econbiz.de/10013370111
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Global Economic Uncertainty and the U.S. Equity Returns
Jahan-Parvar, Mohammad R.; Kitsul, Yuriy; Rahman, Jamil A. - 2021
We document the predictive ability and economic significance of global economic policy uncertainty for U.S. equity … returns. After orthogonalizing global economic policy uncertainty (global EPU) with respect to the U.S. EPU, we find that it …
Persistent link: https://www.econbiz.de/10013242535
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Beliefs, Aggregate Risk, and the U.S. Housing Boom
Jacobson, Margaret - 2022
Endogenously optimistic beliefs about future house prices can account for the path and standard deviation of house prices in the U.S. housing boom of the 2000s. In a general equilibrium model with incomplete markets and aggregate risk, agents form beliefs about future house prices in response to...
Persistent link: https://www.econbiz.de/10014238258
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Which financial frictions? : parsing the evidence from the financial crisis of 2007-09
Adrian, Tobias; Colla, Paolo; Shin, Hyun Song - 2011
The financial crisis of 2007-09 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending contracted during...
Persistent link: https://www.econbiz.de/10009411381
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Re-examining the role of sticky wages in the U.S. Great Contraction: A multi-sector approach
Amaral, Pedro S.; MacGee, James C. - 2012
We quantify the role of contractionary monetary shocks and wage rigidities in the U.S. Great Contraction. While the average economy-wide real wage varied little over 1929-33, real wages rose significantly in some industries. We calibrate a two-sector model with intermediates to the 1929 U.S....
Persistent link: https://www.econbiz.de/10010291896
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Survey of Professional Forecasters
Federal Reserve Bank <Philadelphia, Pa.>
The Survey of Professional Forecasters is the oldest quarterly survey of macroeconomic forecasts in the United States. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic Research. The Federal Reserve Bank of Philadelphia took...
Persistent link: https://www.econbiz.de/10005842838
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The Triffin dilemma again
Campanella, Edoardo - 2010
Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar's double role of national and international currency. This is the Triffin dilemma. The paper shows how it works through three examples: price of commodities, dollarization, and the...
Persistent link: https://www.econbiz.de/10008648332