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Credit Cycles, Expectations, and Corporate Investment

Gulen, Huseyin - 2019

We study the real effects of credit market sentiment on corporate investment and financing for a comprehensive panel of … U.S. public and private firms over 1963-2016. In the short term, we find that high credit market sentiment in year t … longer term, high credit market sentiment in year t correlates with a decline in debt issuance in years t+3 and t+4; and with …

Persistent link: https://www.econbiz.de/10012888921

Heterogeneity in corporate debt structures and the transmission of monetary policy

Holm-Hadulla, Fédéric; Thürwächter, Claire - 2020

find that: bond finance dampens the overall response of firm credit to monetary policy shocks in economies with a high …

Persistent link: https://www.econbiz.de/10012212853

The impacts of credit standards on aggregate fluctuations in a small open economy: The role of monetary policy

Le, Hai - In: Economies 9 (2021) 4, pp. 1-26

Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a … countercyclical movement in credit standards. Our analysis demonstrates that countercyclical fluctuations in credit standards work as … an amplifier of shocks to the economy. In particular, the existence of endogenous credit standards increases output …

Persistent link: https://www.econbiz.de/10013199941

The Aino 3.0 model

Silvo, Aino; Verona, Fabio - 2020

, and the presence of credit-constrained households, on the other hand, affect the transmission of key macroeconomic and …

Persistent link: https://www.econbiz.de/10012614203

The equity premium in a small open economy and an application to Israel

Borenstein, Eliezer; Elkayam, David - In: Economic Modelling 43 (2014) C, pp. 81-99

We show that the preferences suggested by Greenwood, Hercowitz and Huffman (GHH), which are quite common in real business cycle (RBC) models of small open economies, are not suited for reproducing both the business cycle and the equity premium facts of a small open economy. We show that by...

Persistent link: https://www.econbiz.de/10010939672

Essays on small open economy macroeconomics

Freystätter, Hanna - Suomen Pankki - 2012

This thesis consists of an introductory chapter and three essays, all of which aim to study the functioning of a small open economy. The thesis starts with an investigation of export and import price determination and moves to a small open economy DSGE model framework in order to study the role...

Persistent link: https://www.econbiz.de/10011019138

Housing and Banking in a Small Open Economy DSGE Model

Ajevskis, Viktors; Vitola, Kristine - Latvijas Banka - 2011

The severe repercussions of the latest financial crisis highlighted the crucial role of the financial sector in the propagation of economic and financial shocks. In this paper we analyse the role of financial market frictions in business cycle fluctuations and in the transmission of monetary...

Persistent link: https://www.econbiz.de/10009359849

Financial shocks in Japan : A case for a small open economy

Zhao, Yue - Institute of Economic Research, Kyoto University - 2013

Following Jermann and Quadrini (2012), we apply the dynamic stochastic general equilib- rium modeling method (DSGE) to assess whether nancial shocks matter for the Japanese economy. We construct time series of nancial shocks and productivity shocks using Japan's quarterly data since 2001 and...

Persistent link: https://www.econbiz.de/10010608025

Equity Returns and Business Cycles in Small Open Economies

Jahan-Parvar, Mohammad R.; Liu, Xuan; Rothman, Philip - Volkswirtschaftliche Fakultät, … - 2009

This is the first paper in the literature to match key business cycle moments and long-run equity returns in a small open economy with production. These results are achieved by introducing three modications to a standard real business cycle model: (1) borrowing and lending costs are imposed to...

Persistent link: https://www.econbiz.de/10005031391

Financial Intermediation and Monetary Policy in a Small Open Economy

Sarmiento, Juan David Prada - Banco de la Republica de Colombia

This paper analyses the role of a costly financial system in the transmission of monetary policy. The new-keynesian model for a small open economy is extended with a simple financial system based in Hamann and Oviedo (2006). The presence of the financial intermediation naturally allows the...

Persistent link: https://www.econbiz.de/10005274454