Why are house prices -80% correlated with job losses over the UK business cycle? My paper studies this striking fact together with the strong comovements between house prices and labour market variables in general. First, a regional panel is estimated to quantify the impact of house prices on...

A készletgazdálkodás színvonala a forgóeszköz-gazdálkodáson belül kiemelt szerepű és folyamatosan napirenden lévő a vállalatok életében, ami a készletgazdálkodás gazdasági hatásaival magyarázható. A kapcsolódó forrásmunkákban közölt eredmények, a fogalmak...

We identify a ‘risk news' shock in a vector autoregression (VAR), modifying Barsky and Sims’s procedure, while incorporating sign restrictions to simultaneously identify monetary policy, technology and demand shocks. The VAR-identifed risk news shock is estimated to account for around 2%-12%...

We find that capital renting makes up one fifth of US capital expenditures, and it increases during downturns. Further, we present cross-country evidence that output losses after financial crises are smaller where renting is more prevalent. To understand these findings, we build a general...