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Different no more : country spreads in advanced and emerging economies
Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes; … - 2020
Interest-rate spreads fluctuate widely across time and countries. We characterize their behavior using some 3,200 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Before the financial crisis, spreads are 10 times more volatile in emerging economies than in...
Persistent link: https://www.econbiz.de/10012162762
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Macroeconomic Adjustment to the Lehman Shock in Japan
Asako, Kazumi - 2017
In this paper we overview the macroeconomic adjustment to the Lehman shock in Japan. After retrospecting the Japanese … the Japanese economy to the Lehman shock by selectively looking at such aspects as the contribution of GDP growth by …
Persistent link: https://www.econbiz.de/10012942730
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Different no more: country spreads in advanced and emerging economies
Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes; … - 2020
Interest-rate spreads fluctuate widely across time and countries. We illustrate this on the basis of about 3,100 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Prior to the financial crisis, spread fluctuations in advanced economies are an order of...
Persistent link: https://www.econbiz.de/10012160079
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Globalization, transparency and economic growth : the vulnerability of Chinese firms to macroeconomic shocks
Oxelheim, Lars (contributor) - 2008
The process of globalization encompasses economic and financial integration. The abolition of capital controls and the dismantling of barriers of different kinds will expose previously sheltered companies to shocks on the global economic arena. Policy-makers in already globalized countries have...
Persistent link: https://www.econbiz.de/10003757004
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The German manufacturing sector is a granular economy
Wagner, Joachim - 2011
Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...
Persistent link: https://www.econbiz.de/10009519874
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Firm entry and exit during recessions
Ayres, Joao; Raveendranathan, Gajendran - 2021
We analyze shocks to productivity, collateral constraint (credit shock), firm operation, and labor disutility in a …. Compared to the productivity shock, the credit and the lockdown shocks generate larger changes in firm entry and exit. The … credit shock accounts for lower entry, higher exit, and concentration of exit among young firms during the Great Recession …
Persistent link: https://www.econbiz.de/10012583735
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Debunking the granular origins of aggregate fluctuations : from real business cycles back to Keynes
Dosi, Giovanni; Napoletano, Mauro; Roventini, Andrea; … - 2018
In this work we study the granular origins of business cycles and their possible underlying drivers. As shown by Gabaix (2011), the skewed nature of firm size distributions implies that idiosyncratic (and independent) firm-level shocks may account for a significant portion of aggregate...
Persistent link: https://www.econbiz.de/10011873811
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The macroeconomic impact of financial and uncertainty shocks
Caldara, Dario; Fuentes-Albero, Cristina; Gilchrist, Simon - 2016
The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...
Persistent link: https://www.econbiz.de/10011563004
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Uncertainty Shocks, Banking Frictions and Economic Activity
Bonciani, Dario - 2015
In this paper we investigate the effects of uncertainty shocks on economic activity in the euro area by using a Dynamic Stochastic General Equilibrium (DSGE) model with heterogenous agents and a stylized banking sector. We show that frictions in credit supply amplify the effects of uncertainty...
Persistent link: https://www.econbiz.de/10013019593
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The Macroeconomic Impact of Financial and Uncertainty Shocks
Caldara, Dario - 2016
The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...
Persistent link: https://www.econbiz.de/10013210407