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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011
We argue that positive comovements between land prices and business investment are a driving force behind the broad … joint dynamics of land prices and business investment. -- land prices ; collateral assets ; investment ; dynamic multiplier …
Persistent link: https://www.econbiz.de/10009160975
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Land-Price Dynamics and Macroeconomic Fluctuations
Liu, Zheng - 2015
We argue that positive comovements between land prices and business investment are a driving force behind the broad … joint dynamics of land prices and business investment …
Persistent link: https://www.econbiz.de/10013025794
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Land prices and unemployment
Liu, Zheng; Miao, Jianjun; Zha, Tao - 2013
We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. The model is confronted with the U.S. macroeconomic time series. Our estimated model can account for two prominent facts observed in the data. First, the land price and...
Persistent link: https://www.econbiz.de/10010397671
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Land prices and unemployment
Liu, Zheng; Miao, Jianjun; Zha, Tao - 2013
We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. The model is confronted with the U.S. macroeconomic time series. Our estimated model can account for two prominent facts observed in the data. First, the land price and...
Persistent link: https://www.econbiz.de/10010126854
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Land Prices and Unemployment
Liu, Zheng - 2015
We integrate the housing market and the labor market in a dynamic general equilibrium model with credit and search frictions. The model is confronted with the U.S. macroeconomic time series. Our estimated model can account for two prominent facts observed in the data. First, the land price and...
Persistent link: https://www.econbiz.de/10013026076
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Tax Policy, Investment Decisions and Economic Growth
Bonucchi, Manuel - 2016
This paper evaluates the impact of the taxation system on factor costs, investment and economic activity. This is … identifies the link between user cost and investment in the context of a full econometric model of investment demand determinants … taxation to investment and economic activity, and assesses the impact of future tax reform proposals …
Persistent link: https://www.econbiz.de/10013006211
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The macroeconomic forecasting model of the MNB
Békési, László; Köber, Csaba; Kucsera, Henrik; … - 2016
The lessons of the financial and macroeconomic crisis of 2007-2008 made the development of a new macroeconomic forecasting model necessary in the MNB. The model represents a small open economy. It is based on the DSGE philosophy but it deviates from it at several points. The new features of the...
Persistent link: https://www.econbiz.de/10011571328
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Do credit constraints amplify macroeconomic fluctuations?
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2010
mechanism to explain the observed persistent comovements between housing prices and business investment. We develop such a …
Persistent link: https://www.econbiz.de/10010292216
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News Shocks, Productivity and the U.S. Investment Boom-Bust Cycle
Karnizova, Lilia - Département d'Économie / Department of Economics, … - 2012
determinant of U.S. investment during the boom-bust cycle of 1995–2003. This view is formalized and evaluated in a general … of hours worked, output, investment, consumption, wages and stock prices are largely in conformity with U.S. data. The …
Persistent link: https://www.econbiz.de/10009416079
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Household Decisions, Credit Markets and the Macroeconomy : Implications for the Design of Central Bank Models
Muellbauer, John - 2013
It is widely acknowledged that the recent generation of DSGE models failed to incorporate many of the liquidity and financial accelerator mechanisms revealed in the global financial crisis that began in 2007. This paper complements the papers presented at the 2009 BIS annual conference focused...
Persistent link: https://www.econbiz.de/10013094782