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Capital deaccumulation and the large persistent effects of financial crises
Knowles, Matthew - 2023
, provided wages are sufficiently rigid. Critical to the model is the distinction between different types of capital with … different depreciation rates. Intangible capital and equipment have high depreciation rates, leading these stocks to drop …
Persistent link: https://www.econbiz.de/10014233623
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The global financial cycle and macroeconomic tail risks
Beutel, Johannes; Emter, Lorenz; Metiu, Norbert; … - 2022
We study the link between the global financial cycle and macroeconomic tail risks using quantile vector autoregressions. Contractionary shocks to financial conditions and monetary policy in the United States cause elevated downside risks to growth around the world. By tightening financial...
Persistent link: https://www.econbiz.de/10013459721
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Credit market frictions and sudden stops
Imura, Yuko - 2014
Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows … borrowing constraints lead firms to reduce investment and production, which in turn results in some firms holding capital stock … disproportionate to their productivity levels. This disrupts the optimal allocation of capital across firms, and generates an …
Persistent link: https://www.econbiz.de/10010426139
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Booms and Systemic Banking Crises
Boissay, Frédéric - 2013
The empirical literature on systemic banking crises (SBCs) has shown that SBCs are rare events that break out in the midst of credit intensive booms and bring about particularly deep and long-lasting recessions. We attempt to explain these phenomena within a dynamic general equilibrium model...
Persistent link: https://www.econbiz.de/10013086964
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Booms and Banking Crises
Boissay, Frédéric - 2014
Banking crises are rare events that break out in the midst of credit intensive booms and bring about particularly deep and long-lasting recessions. This paper attempts to explain these phenomena within a textbook DSGE model that features a non-trivial banking sector. In the model, banks are...
Persistent link: https://www.econbiz.de/10013065656
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It Ain't Over Till it's Over : A Global Perspective on the Great Moderation-Great Recession Interconnection
Bagliano, Fabio C. - 2015
A large-scale model of the global economy is used to investigate the structural determinants of the Great Moderation and the transition to the Great Recession (1986-2010). Beside the global economy perspective, the model presents the novel feature of a broad range of included financial variables...
Persistent link: https://www.econbiz.de/10013018832
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Detrending and Financial Cycle Facts Across G7 Countries : Mind a Spurious Medium Term!
Schüler, Yves Stephan - 2018
I show that the detrending of financial variables with the Hodrick and Prescott (1981, 1997) (HP) and band-pass filters leads to spurious cycles. I find that distortions become especially severe when considering medium-term cycles, i.e., cycles that exceed the duration of regular business...
Persistent link: https://www.econbiz.de/10012923312
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Detrending and Financial Cycle Facts Across G7 Countries : Mind a Spurious Medium Term!
Schüler, Yves Stephan - 2018
I show that the detrending of financial variables with the Hodrick and Prescott (1981, 1997) (HP) and band-pass filters leads to spurious cycles. I find that distortions become especially severe when considering medium-term cycles, i.e., cycles that exceed the duration of regular business...
Persistent link: https://www.econbiz.de/10012929797
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Oil price rise and the Great Recession of 2008
Monadjemi, Mehdi S. - In: Expert journal of economics 5 (2017) 1, pp. 14-19
The financial crises of 2007-2008, caused wide-spread falling output and unemployment, in the affected countries and also globally. The severity of the recession was such that it was called the "Great Recession". As a result of an increase in demand from China and India, at the same time, oil...
Persistent link: https://www.econbiz.de/10012062628
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Detrending and financial cycle facts across G7 countries : mind a spurious medium term!
Schüler, Yves S. - 2018
I show that the detrending of financial variables with the Hodrick and Prescott (1981, 1997) (HP) and band-pass filters leads to spurious cycles. I find that distortions become especially severe when considering medium-term cycles, i.e., cycles that exceed the duration of regular business...
Persistent link: https://www.econbiz.de/10011813473