We show that an otherwise standard one-sector real business cycle model with variable capital utilization and mild increasing returns-to-scale is able to generate qualitatively as well as quantitatively realistic aggregate fluctuations driven by news shocks to two formulations of future...

This article provides a framework for the analysis of cartel formation. It models the strategic interaction among firms who invest into production capacity, sell a near-homogeneous good, and are subject to unexpected demand shocks with persistence. The firms either compete or collude in prices....

Knut Borchardt/Hans Otto Schötz (Herausgeber): Wirtschaftspolitik in der Krise. Die (Geheim-)Konferenz der Friedrich List-Gesellschaft im September 1931 über Möglichkeiten und Folgen einer Kreditausweitung. Nomos Verlagsgesellschaft, Baden-Baden 1991, 341 Seiten, 89 DM

Machine generated contents note: 1.Anatomy of Financial Hardship / Guglielmo Weber -- 2.The Consequences of Financial Hardship (and Recessions) on Income and Welfare / Guglielmo Weber -- 3.Characterizing Income Shocks and their Transmission to Household Consumption / Torben Heien Nielsen --...

"À l'été 2008, la planète tremble en découvrant l'ampleur de la crise financière. Les subprimes deviennent en quelques semaines une réalité dévastatrice. Peut-on considérer que l'échec a eu une vertu et que du séisme est sorti un bien? Sans doute, mais à quel prix? Success story,...

This paper shows that the consumption-based asset pricing model (C-CAPM) with low-probability disaster risk rationalizes large pricing errors, i.e., Euler equation errors. This result is remarkable, since Lettau and Ludvigson (2009) show that leading asset pricing models cannot explain sizeable...

The Spanish economy is currently plagued by a deep recession with very high unemployment. We ask how much of the unemployment increase in Spain can be traced back to the debt deleveraging needs of Spanish households. We use provincial household debt and sectoral unemployment data and follow Mian...