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Agency Problems and Endogenous Investment Fluctuations

Giovanni Favara.

in The Review of Financial Studies

July 2012; p ublished online March 2012 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Economics; Financial Institutions and Services. 17088 words.

This article proposes a theory of investment fluctuations in which the source of the oscillating dynamics is an agency problem between financiers and entrepreneurs. In the model, investment...

Aggregate demand and the endogeneity of the natural rate of growth: evidence from Latin American economies

Gilberto A. Libânio.

in Cambridge Journal of Economics

September 2009; p ublished online January 2009 .

Journal Article. Subjects: General Aggregative Models; Prices, Business Fluctuations, and Cycles; Economic Growth and Aggregate Productivity. 8356 words.

This paper aims to explore the Keynesian idea that aggregate demand matters for economic activity, both in the short and long run. To that extent, it discusses the endogeneity of the...

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Ambiguity Aversion and Asset Prices in Production Economies

Mohammad R. Jahan-Parvar and Hening Liu.

in The Review of Financial Studies

October 2014; p ublished online June 2014 .

Journal Article. Subjects: Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; Information, Knowledge, and Uncertainy; Prices, Business Fluctuations, and Cycles; Economics. 16760 words.

We examine a production-based asset-pricing model with an unobservable mean growth rate following a two-state Markov chain and with an ambiguity-averse representative agent. Our model...

Analysing food price trends in the context of Engel’s Law and the Prebisch-Singer hypothesis

By John Baffes and Xiaoli L. Etienne.

in Oxford Economic Papers

July 2016; p ublished online April 2016 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Economic Development; Agricultural, Environmental, and Natural Resource Economics; Agricultural Economics. 11086 words.

Income growth in emerging economies has been often cited as a key driver of the past decade’s commodity price boom—the longest and broadest boom since World War II. This article shows that...

Anchoring to the Euro (and Grouped Together)? The Case of African Countries

João Loureiro, Manuel M.F. Martins and Ana Paula Ribeiro.

in Journal of African Economies

January 2012; p ublished online August 2011 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; International Finance. 11728 words.

This paper assesses the adequacy of the exchange rate regime of 16 African countries that are pegged to the euro since 1999. The evaluation is based on three key criteria borrowed from the...

Applications and Interviews: Firms’ Recruiting Decisions in a Frictional Labour Market

Ronald Wolthoff.

in The Review of Economic Studies

April 2018; p ublished online August 2017 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Mobility, Unemployment, and Vacancies. 19401 words.

Abstract

I develop a directed search model to study the recruitment decisions of firms competing for workers who ex post differ in two dimensions: (1) their...

Are bank capital ratios pro-cyclical? New evidence and perspectives

Michael Brei and Leonardo Gambacorta.

in Economic Policy

April 2016; p ublished online March 2016 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit; Financial Regulation. 19898 words.

This paper analyses how the new Basel III leverage ratio and risk-weighted regulatory capital ratio behave over the cycle. The analysis proposes a set-up to test for the cyclical properties...

Asset price and monetary policy: the effect of expectations formation

Nan-Kuang Chen, Han-Liang Cheng and Hsiao-Lei Chu.

in Oxford Economic Papers

April 2015; p ublished online December 2014 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit. 10242 words.

This article studies the stabilization effect of monetary policy reacting to asset price, accounting for the expectations formation effect of policy regime shift, in a DSGE model calibrated...

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Asymmetric Cycles

Boyan Jovanovic.

in The Review of Economic Studies

January 2006; p ublished online January 2006 .

Journal Article. Subjects: Technological Change; Research and Development; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Economic Growth and Aggregate Productivity. 5943 words.

I estimate a model in which new technology entails random adjustment needs. Rapid adjustments may cause measured productivity to decline. The slow-downs persist because adjustment is...

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Austerity versus stimulus: the polarizing effect of fiscal policy

Richard McManus.

in Oxford Economic Papers

July 2015; p ublished online March 2015 .

Journal Article. Subjects: Fiscal Policies and Behaviour of Economic Agents; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 7512 words.

Through constructing a new Keynesian DSGE model with heterogeneous agents, this article investigates both the aggregate and distributional consequences of fiscal policy. Polarized...

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Balance Sheet Effects, Bailout Guarantees and Financial Crises

Martin Schneider and Aaron Tornell.

in The Review of Economic Studies

July 2004; p ublished online July 2004 .

Journal Article. Subjects: Corporate Governance; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 16474 words.

This paper provides a model of boom-bust episodes in middle-income countries. It is based on sectoral differences in corporate finance: the nontradables sector is special in that it faces a...

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Bank Credit Cycles

G. B. Gorton and Ping He.

in The Review of Economic Studies

October 2008; p ublished online October 2008 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Prices, Business Fluctuations, and Cycles; Banking. 16461 words.

A bank determines whether potential borrowers are creditworthy, that is, whether they meet the bank's credit or lending standards. In making this determination, each bank is in competition...

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Bank profitability, leverage and financial instability: a Minsky–Harrod model

Soon Ryoo.

in Cambridge Journal of Economics

September 2013; p ublished online March 2013 .

Journal Article. Subjects: General Aggregative Models; Prices, Business Fluctuations, and Cycles; Money and Interest Rates. 10667 words.

This paper develops a stock-flow-consistent macroeconomic model where bank profitability and bank leverage play a crucial role in the determination of firms’ liability structure. The model...

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Banking strategy and credit expansion: a post-Keynesian approach

Antonio J. Alves, Gary A. Dymski and Luiz-Fernando de Paula.

in Cambridge Journal of Economics

May 2008; p ublished online December 2007 .

Journal Article. Subjects: General Aggregative Models; Prices, Business Fluctuations, and Cycles; Banking; Money and Interest Rates. 11944 words.

This paper aims to clarify the relationship between individual banks and banking industry behaviour in credit expansion. The authors argue that the balance sheet structure of an individual...

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Barriers to retail competition and prices: evidence from Spain

Alexander W. Hoffmaister.

in Oxford Economic Papers

April 2010; p ublished online October 2009 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Single Equation Models; Single Variables; Market Structure and Pricing. 6657 words.

Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in regional barriers to entry in retail distribution. This paper develops a...

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Bubbles: Some Perspectives (and Loose Talk) from History

Maureen O'Hara.

in The Review of Financial Studies

January 2008; p ublished online January 2008 .

Journal Article. Subjects: Economics; History of Economic Thought; Prices, Business Fluctuations, and Cycles. 2791 words.

Bubbles are a topic of great importance and great controversy. This paper discusses alternative perspectives on the economic meaning and origin of bubbles. Drawing on historical approaches...

Business Cycle Dynamics under Rational Inattention

Bartosz Maćkowiak and Mirko Wiederholt.

in The Review of Economic Studies

October 2015; p ublished online August 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Prices, Business Fluctuations, and Cycles; Monetary Policy, Central Banking, and the Supply of Money and Credit. 15744 words.

We develop a dynamic stochastic general equilibrium (DSGE) model with rational inattention and compare its predictions to data. Households and decision-makers in firms have limited...

Calculating Rural-Urban Food Price Differentials from Unit Values in Household Expenditure Surveys: A Comparison with Existing Methods and A New Procedure

Amita Majumder, Ranjan Ray and Kompal Sinha.

in American Journal of Agricultural Economics

October 2012; p ublished online July 2012 .

Journal Article. Subjects: Econometric and Statistical Methods and Methodology: General; Household Behaviour and Family Economics; Urban, Rural, and Regional Economics; Prices, Business Fluctuations, and Cycles; Household Analysis. 9385 words.

While purchasing power parity (PPP) between countries has received a great deal of attention, PPP calculations within countries have received less attention. The idea that one unit of...

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Can globalisation stop the decline in commodities' terms of trade?

André Varella Mollick, João Ricardo Faria, Pedro H. Albuquerque and Miguel A. León-Ledesma.

in Cambridge Journal of Economics

September 2008; p ublished online January 2008 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance. 7564 words.

In this paper we address the following question: would a fully integrated world economy eliminate the widely reported decline in the terms of trade of primary commodities? We address the...

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Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?

V. V Chari, Patrick J. Kehoe and Ellen R. McGrattan.

in The Review of Economic Studies

July 2002; p ublished online July 2002 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 0 words.

The central puzzle in international business cycles is that fluctuations in real exchange rates are volatile and persistent. We quantify the popular story for real exchange rate...

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