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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011
We argue that positive comovements between land prices and business investment are a driving force behind the broad … joint dynamics of land prices and business investment. -- land prices ; collateral assets ; investment ; dynamic multiplier …
Persistent link: https://www.econbiz.de/10009160975
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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011
We argue that positive comovements between land prices and business investment are a driving force behind the broad … joint dynamics of land prices and business investment. …
Persistent link: https://www.econbiz.de/10009130631
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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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US volatility cycles of output and inflation, 1919 - 2004 : a money and banking approach to a puzzle
Benk, Szilárd (contributor); Gillman, Max (contributor);  … - 2008
The post-1983 moderation coincided with an ahistorical divergence in the money aggregate growth and velocity volatilities away from the downward trending GDP and inflation volatilities. Using an endogenous growth monetary DSGE model, with micro-based banking production, enables a contrasting...
Persistent link: https://www.econbiz.de/10003785301
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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011
Persistent link: https://www.econbiz.de/10009313750
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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - In: Econometrica : journal of the Econometric Society, an … 81 (2013) 3, pp. 1147-1184
Persistent link: https://www.econbiz.de/10009763130
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Credit constraints and consumer spending
Beaton, Kimberly - 2009
This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability. Moreover, she provides a formal assessment of the possibility...
Persistent link: https://www.econbiz.de/10003933295
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The propagation of U.S. shocks to Canada : understanding the role of real-financial linkages
Beaton, Kimberly; Lalonde, René; Snudden, Stephen - 2010
This paper examines the transmission of U.S. real and financial shocks to Canada and, in particular, the role of financial frictions in affecting the transmission of these shocks. These questions are addressed within the Bank of Canada's Global Economy Model (de Resende et al. forthcoming), a...
Persistent link: https://www.econbiz.de/10008771569
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Financial spillovers across countries : the case of Canada and the United States
Beaton, Kimberly; Desroches, Brigitte - 2011
The authors investigate financial spillovers across countries with an emphasis on the effect of shocks to financial conditions in the United States on financial conditions and economic activity in Canada. These questions are addressed within a global vector autoregression model. The framework...
Persistent link: https://www.econbiz.de/10008908820
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Fundamentals, misvaluation, and investment : the real story
Chirinko, Robert S.; Schaller, Huntley - 2006
Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We … introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama … misvaluation into standard investment equations to estimate the quantitative effect of misvaluation on investment. Overall, the …
Persistent link: https://www.econbiz.de/10009736657