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The origins of aggregate fluctuations in a credit network economy
Altinoglu, Levent - 2018
shock to one firm affects its ability to make payments to its suppliers. The credit linkages between firms propagate …
Persistent link: https://www.econbiz.de/10011932181
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Cross-Sectional Heterogeneity and the Persistence of Aggregate Fluctuations
2004
aggregate persistence. The empirical evidence indicates that small firms grow faster than big ones. If this is true, a shock … that reallocates units across sizes will be absorbed, yet at very low decreasing rates. Once the shock hits the system …, firms are reallocated across sizes. If small firms grows faster than big ones, the shock will then be absorbed. However …
Persistent link: https://www.econbiz.de/10014189506
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Macroeconomic forecasts and the nature of economic shocks in Germany
Döpke, Jörg - 2000
The paper investigates the sources of macroeconomic forecast errors in Germany. The predictions of the so-called "six leading" research institutes are analyzed. The forecast errors are discussed within an aggregate demand/supply scheme. Structural Vector Autoregressive Models are estimated to...
Persistent link: https://www.econbiz.de/10011476550
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Financial Shocks and the Real Economy in a Nonlinear World : A Survey of the Theoretical and Empirical Literature
Silvestrini, Andrea - 2015
In this paper we present an overview of theoretical and empirical contributions exploring the inter-linkages between financial factors and real economic activity. We first revisit the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models, and...
Persistent link: https://www.econbiz.de/10013024293
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Lending Standards and Macroeconomic Dynamics
Gete, Pedro - 2021
This paper proposes a tractable way to incorporate lending standards ("credit qualification thresholds") into macro models of financial frictions. Banks can reject borrowers whose risk is above an endogenous threshold at which no lending rate sufficiently compensates banks for the borrowers’...
Persistent link: https://www.econbiz.de/10013315376
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Emerging Economy Business Cycles : Financial Integration and Terms of Trade Shocks
Bhattacharya, Rudrani - 2017
This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle...
Persistent link: https://www.econbiz.de/10012950443
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Financial Conditions, Macroeconomic Uncertainty, and Macroeconomic Tail Risks
Huang, Yu-Fan; Liao, Wenting; Luo, Sui - 2022
This paper investigates how financial conditions and macroeconomic uncertainty jointly affect macroeconomic tail risks. We first document that tight financial conditions decrease all conditional quantiles of future output growth in the near term, while high macroeconomic uncertainty stretches...
Persistent link: https://www.econbiz.de/10014077293
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Monitoring Multicountry Macroeconomic Risk
Korobilis, Dimitris; Schröder, Maximilian - 2023
We propose a multicountry quantile factor augmeneted vector autoregression (QFAVAR) to model heterogeneities both across countries and across characteristics of the distributions of macroeconomic time series. The presence of quantile factors allows for summarizing these two heterogeneities in a...
Persistent link: https://www.econbiz.de/10014350458
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Robustness report on "Discretionary tax changes and the macroeconomy: new narrative evidence from the United Kingdom", by James Cloyne (2013)
Kopecky, Joseph; Campbell, Douglas L.; Brodeur, Abel; … - 2024
Cloyne (2013) constructs a novel dataset documenting fiscal tax shocks in the United Kingdom using the narrative approach developed by Romer and Romer (2010), and estimates the impact of tax changes on GDP. He finds that a tax cut of one percent of GDP causes a 0.6 percent increase in output in...
Persistent link: https://www.econbiz.de/10014556602
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Sectoral Shocks and Aggregate Fluctuations
Horvath, Michael T. K. - 1998
This paper presents a multisector dynamic general equilibrium model of business cycles with a distinctive feature: aggregate fluctuations are driven by independent sectoral shocks. The model hypothesizes that trade among sectors provides a strong synchronization mechanism for these shocks due to...
Persistent link: https://www.econbiz.de/10014187470