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The Impact of Fiscal Policy on Economic Activity Over the Business Cycle - Evidence from a Threshold VAR Analysis

Baum, Anja - 2016

Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...

Persistent link: https://www.econbiz.de/10012991046

The Macroeconomic Impact of Financial and Uncertainty Shocks

Caldara, Dario - 2016

The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...

Persistent link: https://www.econbiz.de/10013210407

Are Commodity Price Shocks Important? A Bayesian Estimation of a DSGE Model for Russia

Malakhovskaya, Oxana - 2014

-push, and monetary policy shocks, we include the shock of commodity export revenues, which are supposed to be like a windfall …

Persistent link: https://www.econbiz.de/10013060045

The importance of global shocks for national policymakers : rising challenges for central banks

Belke, Ansgar; Rees, Andreas - 2009

We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether there is increasing uncertainty for central banks due...

Persistent link: https://www.econbiz.de/10010207060

Loan supply shocks during the financial crisis : evidence for the Euro Area

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2011

This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

Persistent link: https://www.econbiz.de/10009012054

Loan Supply Shocks During the Financial Crisis : Evidence for the Euro Area

Hristov, Nikolay; Hülsewig, Oliver; Wollmershaeuser, Timo - 2021

Persistent link: https://www.econbiz.de/10013316038

Forward guidance matters : disentangling monetary policy shocks

Ferreira, Leonardo Nogueira - 2020

Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...

Persistent link: https://www.econbiz.de/10012295693

News and uncertainty shocks

Cascaldi-Garcia, Danilo; Galvão, Ana Beatriz C. - 2018

We provide novel evidence that technological news and uncertainty shocks, identified one at a time using VAR models as in the literature, are correlated; that is, they are not truly structural. We then proceed by proposing an identification scheme to disentangle the effects of news and financial...

Persistent link: https://www.econbiz.de/10011967370

Macroeconomic effects of loan supply shocks : empirical evidence for Peru

Martínez, Jefferson; Rodriguez, Gabriel - In: Latin American economic review : LAER ; official … 30 (2021), pp. 1-24

This paper quantifies and assesses the impact of an adverse loan supply (LS) shock on Peru's main macroeconomic … restrictions. The main results indicate that an adverse LS shock: (i) reduces credit and real GDP growth by 372 and 75 basis points … identification schemes with sign restrictions; and that an adverse LS shock has a greater impact on non-primary real GDP growth. …

Persistent link: https://www.econbiz.de/10012594182

Discouraging Workers : Estimating the Impacts of Macroeconomic Shocks on the Search Intensity of the Unemployed

DeLoach, Stephen B.; Kurt, Mark R. - 2011

, contacting employers, interviewing, reading ads on the internet and so forth. Results from Tobit estimation indicate the …

Persistent link: https://www.econbiz.de/10014178012