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Accounting for Japanese business cycles : a quest for labor wedges

Otsu, Keisuke - 2011

The Japanese business cycle from 1980-2007 portrays less contemporaneous correlation of labor with output than in the US and also tends to lead output by one quarter. A canonical real business cycle model cannot account for these facts. This paper uses the business cycle accounting method a la...

Persistent link: https://www.econbiz.de/10008990066

Efficiency, distortions and factor utilization during the interwar period

Klein, Alexander; Otsu, Keisuke - 2013

investment wedges each account for a quarter of it during the 1929-1933 period while in Western Europe labor wedges account for … more than one-third of the output drop and efficiency, government and investment wedges are responsible for the remaining …

Persistent link: https://www.econbiz.de/10010188538

Theories of finance and financial crisis : lessons for the Great Recession

Dodig, Nina; Herr, Hansjörg - 2015

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

Persistent link: https://www.econbiz.de/10010491508

Indian economic growth : lessons for the emerging economies

Chakraborty, Suparna (contributor) - 2008

investment market frictions did not play a significant role, though increased government consumption aided growth by propping up … demand. In addition, we examine the effective tax rates in India and find that while investment taxes barely fluctuated …

Persistent link: https://www.econbiz.de/10003745080

Financial system fragility models

Iancu, Aurel - 2011

This paper analyses two types of models: 1. Those based on assumptions of monetary and financial market equilibrium disturbance in line with mainstream thinking that there is self-regulating market, the units would have rational expectations, and the crisis would be a temporary phenomenon caused...

Persistent link: https://www.econbiz.de/10010529077

Macroprudential policy with capital buffers

Schroth, Josef - 2019

This paper studies optimal bank capital requirements in a model of endogenous bank funding conditions. I find that requirements should be higher during good times such that a macroprudential "buffer" is provided. However, whether banks can use buffers to maintain lending during a financial...

Persistent link: https://www.econbiz.de/10011975618

Allocative efficiency of UK firms during the Great Recession

Gerth, Florian - 2017

This paper argues that the fall and persistently low level of UK Total Factor Productivity (TFP) following the Great Recession was caused by the turnover (entry and exit) of firms, rather than by resource misallocation between firms within industries. I conduct a misallocation exercise employing...

Persistent link: https://www.econbiz.de/10011717067

A post-crisis slump in Europe : a business cycle accounting analysis

Gerth, Florian; Otsu, Keisuke - 2016

is the most important driver of the European Great Recession and that this adverse shock persists throughout our sample …

Persistent link: https://www.econbiz.de/10011530229

Housing and the business cycle revisited

Fehrle, Daniel - 2018

puzzles: First, residential investment correlates positively with house prices, and second, GDP residential and business … investment tend toward the empirically observed lead-lag pattern. I show that, except for relative prices, all co-movements and … the lead-lag pattern of different investment types are endogenous in the calibrated model and independent of the …

Persistent link: https://www.econbiz.de/10011848066

Tax smoothing in a business cycle model with capital-skill complementarity

Angelopulos, Kōnstantinos; Asimakopoulos, Stylianos; … - 2014

This paper undertakes a normative investigation of the quantitative properties of optimal tax smoothing in a business cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to public consumption as well as total factor and capital...

Persistent link: https://www.econbiz.de/10010340166