This paper investigates racial disparities in household credit constraints using U.K. survey data. We find a widening disparity in the proportion of racial minority households reporting they face credit constraints compared with non-minority households over the period 2006-2009. By 2009 three...

In this paper, we use a panel of 609 UK firms over the period 1980-2000 to test for the existence of a trade credit channel of transmission of monetary policy, and for whether this channel plays an offsetting effect on the traditional credit channel. We estimate error-correction inventory...

This paper investigates the role of trade credit in the transmission of monetary policy. Most models of the transmission mechanism allow firms to access only financial markets or bank lending according to some net worth criterion. In our model we consider external finance from trade credit as an...

Increasing wage inequality between similar workers plays an important role for overall inequality trends in industrialized societies. To analyze this pattern, we incorporate directed labor market search into a dynamic model of international trade with heterogeneous ï¬rms and homogeneous...

This paper presents a two-sector, two-country model showing that in ation in the housing market, a low personal savings rate, and a construction investment boom can contribute to a large current account decit. In the model, demand by a group of households in the domestic country is constrained...

The forecasting performance of a Global VAR model of actual and expected outputs in the G7 economies is compared with that of alternative models to judge the usefulness of modelling cross-country interdependencies and employing survey data. Both effects are found to be important in...

While the public debt has an interior maximum in the Diamond OLG model, due to an inherent nonlinearity [Rankin and Roffia (2003)], this feature also extends to a linear, AK model when it is conjoined with a backward-looking adjustment process for public debt [Braeuninger (2005)]. We show that...

This paper examines whether credit constraints affect Chinese ï¬rms’ absorption of productivity spillovers originating from the activity of foreign-owned ï¬rms. Using ï¬rm-level data for 2001-2005, we ï¬nd evidence of positive spillovers originating from foreign-owned ï¬rms...

This paper examines the effects of elections on central governments’ fiscal policy conducts. We construct a unique database of disaggregated spending and revenue series at the central government level, for a panel of up to 107 countries over the 1975-2010 period. Using this data, we show...

Survey data suggests that news of changes in business conditions are significantly related to house prices and consumers' beliefs of favorable buying conditions in the housing market. This paper explores the transmission of "news shocks" as a source of boom-bust cycles in the housing market....