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A General Equilibrium Model of Sovereign Default and Business Cycles
Yue, Vivian Z. - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital …
Persistent link: https://www.econbiz.de/10013122339
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A General Equilibrium Model of Sovereign Default and Business Cycles
Mendoza, Enrique G. - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital …
Persistent link: https://www.econbiz.de/10013123681
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Uncertainty Shocks in a Model of Effective Demand
Basu, Susanto - 2012
Can increased uncertainty about the future cause a contraction in output and its components? An identified uncertainty shock in the data causes significant declines in output, consumption, investment, and hours worked. Standard general-equilibrium models with flexible prices cannot reproduce...
Persistent link: https://www.econbiz.de/10013100021
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A Simple Theory of the Financial Crisis or, Why Fischer Black Still Matters
Cowen, Tyler - 2009
The key question about the current financial crisis is how so many investors could have mispriced risk in the same way …
Persistent link: https://www.econbiz.de/10013159208
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Financial Risk in the Austrian Theory of the Business Cycle
Santos, Rui - 2020
level below the equilibrium or natural rate. While descriptions of the theory emphasize the imbalance between consumption … financial risk of the overall economy. At the same time, as some prices are less flexible, like wages and depreciation costs … great exposure of the economy to financial risk creates an increase of defaults in payments and a subsequent reduction in …
Persistent link: https://www.econbiz.de/10012839243
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Unemployment, Imperfect Risk Sharing, and the Monetary Business Cycle
Givens, Gregory - 2017
price model of the business cycle. To motivate a role for risk sharing behavior, I construct a quantitative equilibrium … model that gives prominence to an efficiency-wage theory of unemployment based on imperfectly observable labor effort …
Persistent link: https://www.econbiz.de/10012961766
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Financial Markets, the Real Economy, and Self-Fulfilling Uncertainties
Benhabib, Jess - 2019
We develop a general equilibrium model of informational interdependence between financial markets and the real economy, linking economic uncertainty to information production and aggregate economic activities. The mutual learning between financial markets and the real economy creates a strategic...
Persistent link: https://www.econbiz.de/10012902208
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Financial Markets, the Real Economy, and Self-Fulfilling Uncertainties
Benhabib, Jess - 2018
Uncertainty in both financial markets and the real economy rises sharply during recessions. We develop a model of informational interdependence between financial markets and the real economy, linking uncertainty to information production and aggregate economic activities. We argue that there...
Persistent link: https://www.econbiz.de/10012911472
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Uncertainty Shocks and Business Cycles in Brazil : A DSGE Approach
Melo, Caíque - 2019
In this paper we analyze the impact of uncertainty shocks on the Brazilian economy. We use a general equilibrium model in such a way that the transmission channels of the shocks could be identified and we solve the model using a third order approximation for the policy functions since lower...
Persistent link: https://www.econbiz.de/10012889314
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Countercyclical Endogenous Uncertainty Shocks, Efficiency Wages and Procyclical Precautionary Labor Productivity
Grandmont, Jean-Michel - 2017
current endogenous countercyclical uncertainty shock makes risk averse workers more willing to provide imperfectly monitored …
Persistent link: https://www.econbiz.de/10012945060