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Switching-track after the great recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10012533939

Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model

Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - 2020

shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles. …

Persistent link: https://www.econbiz.de/10012179850

Overdeterminacy and endogenous cycles :Trygve Haavelmo’s business cycle model and its implications for monetary policy

Anundsen, André K.; Krogh, Tord S. H.; Nymoen, Ragnar; … - 2011 - Publisert 10. feb. 2011 11:06

This paper presents the business cycle model that Trygve Haavelmo developed as part of his research program in macroeconomic and monetary theory. Driven by a mismatch between the marginal return to capital and the rate of return required by capital owners, this model generates endogenous cycles....

Persistent link: https://www.econbiz.de/10008825351

Investment-Saving Imbalances with Endogenous Capital Stock

Mazzocchi, Ronny - 2014

the macroeconomics of saving-investment imbalances …

Persistent link: https://www.econbiz.de/10013056401

Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment

Howes, Cooper - 2021

While investment in most sectors declines in response to a contractionary monetary policy shock, investment in the …

Persistent link: https://www.econbiz.de/10013213795

Post-crisis business investment in the euro area and the role of monetary policy

Ademmer, Martin; Jannsen, Nils - In: Applied Economics 50 (2018) 34-35, pp. 3787–3797

Business investment in the euro area strongly declined during the Global Financial Crisis and the Sovereign Debt Crisis … analyse the sluggish recovery in business investment in the euro area and the role of monetary policy in three steps. We … investigate the main factors that have impeded business investment since the Global Financial Crisis. We empirically analyse how …

Persistent link: https://www.econbiz.de/10011877516

The Costs of Zombification in Europe: Why Austrian Economics Fails and the Empirical Findings for Japan are a Misleading Guide

Schlotmann, Olaf; Eberhardt, Frank - In: Credit and Capital Markets – Kredit und Kapital 53 (2020) 1, pp. 17-42

Supporters of the Austrian School of Economics and a number of empirical studies have claimed that the increasing number of "zombie" companies is a supply-side reason for the low growth rates in Europe. Often, these studies cite empirical findings for Japan to justify their claims, and conclude...

Persistent link: https://www.econbiz.de/10014523490

Convex supply curves

Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020

We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...

Persistent link: https://www.econbiz.de/10012422122

Switching-track after the Great Recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10012661624

Overdeterminacy and endogenous cycles : Trygve Haavelmo's business cycle model and its implications for monetary policy

Anundsen, André K.; Krogh, Tord S. H.; Nymoen, Ragnar; … - 2011

Persistent link: https://www.econbiz.de/10010285598