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Complete closed-form solution to a stochastic growth model and corresponding speed of economic recovery

Feicht, Robert; Stummer, Wolfgang - 2010

We consider a continuous-time neoclassical one-sector stochastic growth model of Ramsey-type with CRRA utility and Cobb-Douglas technology, where each of the following components are exposed to exogeneous uncertainties (shocks): capital stock K, effectiveness of labor A, and labor force L; the...

Persistent link: https://www.econbiz.de/10010302618

Macroeconomic factors and micro-level bank risk

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - 2010

The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...

Persistent link: https://www.econbiz.de/10010302760

The American consumer: Reforming, or just resting?

Carroll, Christopher D.; Slacalek, Jirka - 2009

American households have received a triple dose of bad news since the beginning of the current recession: The greatest collapse in asset values since the Great Depression, a sharp tightening in credit availability, and a large increase in unemployment risk. We present measures of the size of...

Persistent link: https://www.econbiz.de/10010303694

The impact of liquidity shocks through the limit order book

Wuyts, Gunther - 2008

best prices, as well as resiliency, i.e. how fast the different liquidity measures recover after a liquidity shock. Our … results show a somewhat less favorable image of liquidity than often found in the literature. After a liquidity shock (in the …

Persistent link: https://www.econbiz.de/10010303701

The economic crisis and medical care usage

Lusardi, Annamaria; Schneider, Daniel; Tufano, Peter - 2010

We use a unique, nationally representative cross-national dataset to document the reduction in individuals' usage of routine non-emergency medical care in the midst of the economic crisis. A substantially larger fraction of Americans have reduced medical care than have individuals in Great...

Persistent link: https://www.econbiz.de/10010303711

Financial structure and the impact of monetary policy on asset prices

Gerlach, Stefan; Assenmacher-Wesche, Katrin - 2008

We study the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006, using single-country VARs and panel VARs in which we distinguish between groups of countries depending on their financial...

Persistent link: https://www.econbiz.de/10010303735

Precautionary saving and the marginal propensity to consume out of permanent income

Carroll, Christopher D. - 2009

The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income … permanent shock. However, this paper shows that if consumers are impatient and are subject to transitory as well as permanent … stock savers have a target wealth-to-permanent-income ratio; a positive shock to permanent income moves the ratio below its …

Persistent link: https://www.econbiz.de/10010303738

Price pressures

Hendershott, Terrence; Menkveld, Albert J. - 2010

intermediary data reveal economically large price pressures. A $100,000 inventory shock causes an average price pressure of 0 …

Persistent link: https://www.econbiz.de/10010303739

On the importance of sectoral shocks for price-setting

Beck, Guenter W.; Hubrich, Kirstin; Marcellino, Massimiliano - 2009

We use a novel disaggregate sectoral euro area dataset with a regional breakdown that allows explicit estimation of the sectoral component of price changes (rather than interpreting the idiosyncratic component as sectoral as done in other papers). Employing a new method to extract factors from...

Persistent link: https://www.econbiz.de/10010303757

How bargaining mediates wage determination: An exploration of the parameters of wage functions in a pooled time-series cross-section framework

Kittel, Bernhard - 2001

The process of wage determination is mediated by the institutional framework of the labor market. Bargaining systems differ not only in their mode of governance, but also in the way that wages are related to unemployment, inflation, and productivity growth. Based on annual data for the period...

Persistent link: https://www.econbiz.de/10010303857