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Money velocity in an endogenous growth business cycle with credit shocks
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2007
The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks, and finds that money and credit shocks explain much of the velocity variation. The role of the shocks varies across sub-periods in an intuitive fashion. Endogenous growth is key...
Persistent link: https://www.econbiz.de/10010322477
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Money velocity in an endogenous growth business cycle with credit shocks
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2007
The explanation of velocity in neoclassical monetary business cycle models relies on a goods productivity shocks to mimic the dataís procyclic velocity feature; money shocks are not important; and the Önancial sector plays no role. This paper sets the model within endogenous growth, adds...
Persistent link: https://www.econbiz.de/10010322765
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A Banking Explanation of the US Velocity of Money: 1919-2004
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009
money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. …
Persistent link: https://www.econbiz.de/10010494417
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Transmission of government spending shocks in the euro area: Time variation and driving forces
Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2010
This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...
Persistent link: https://www.econbiz.de/10011605265
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Transmission of Government Spending Shocks in the Euro Area: Time Variation and Driving Forces
Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2010
This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...
Persistent link: https://www.econbiz.de/10010325831
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The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
Aoki, Masanao; Yoshikawa, Hiroshi - 2008
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework …. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the …
Persistent link: https://www.econbiz.de/10010298573
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Has India emerged? Business cycle stylized facts from a transitioning economy
Ghate, Chetan; Pandey, Radhika; Patnaik, Ila - 2012
This paper presents a comprehensive set of stylised facts for business cycles in India from 1950-2010. We show that most macroeconomic variables are less volatile in the post reform period, even though the volatility of macroeconomic variables is still high and similar to other emerging market...
Persistent link: https://www.econbiz.de/10011807666
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Performance of the Service Sector in the Republic of Korea: An Empirical Investigation
Park, Donghyun; Shin, Kwanho - 2012
There is a widespread perception that the Republic of Korea's service sector lags behind its dynamic world-class manufacturing sector. We empirically analyze the past performance of the Republic of Korea's service sector in order to assess its prospects as an engine of growth. Our analysis...
Persistent link: https://www.econbiz.de/10010507363
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The impact of exchange rate shocks on sectoral activity and prices in the euro area
Hahn, Elke - 2007
activity and prices. According to our results, among the main euro area sectors an exchange rate shock has the strongest impact … supply, and in line with this producer prices in MIG energy are most sensitive to an exchange rate shock. …
Persistent link: https://www.econbiz.de/10011604842
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Macroeconomic Effects of Reallocation Shocks: A Generalised Impulse Reponse Function Analysis for Three European Countries
Panagiotidis, Theodore; Pelloni, Gianluigi; Polasek, … - 2003
We develop a generalised impulse response function (GIRF) approach to explore the different impacts of aggregate and sectoral shocks within a VAR-GARCH-M model. Using the output of our GIRF analysis, we explore the behaviour of three European countries (Germany, Spain and the UK). We analyse the...
Persistent link: https://www.econbiz.de/10011651399