There is a relatively recent, growing recognition about the importance of the interactive
nexus between and among housing markets and the macroeconomy. This paper provides a …

This paper surveys the theoretical and empirical literature on the macroeconomic
implications of financial imperfections. It focuses on two major channels through which …

内容提要: 本文从金融加速器理论出发, 运用门限向量自回归(TVAR) 模型在宏观层面上对中国
信贷市场与宏观经济波动的非线性关联展开实证研究. 通过非线性脉冲响应函数的检验结果我们 …

Are business cycles mainly a response to persistent exogenous shocks, or do they instead
reflect a strong endogenous mechanism which produces recurrent boom-bust phenomena …

In this paper, we examine empirically whether credit plays a role as a nonlinear propagator
of shocks. This propagation takes the form of a threshold vector autoregression in which a …

This paper introduces a framework for analyzing the role of financial factors as a source of
instability in small open economies. Our basic model is a dynamic open economy model …

We investigate the lending behavior of banks by exploiting a rich panel data set on the
contract terms of approximately two million commercial and industrial loans granted by 580 …

This paper lists theoretical reasons why neoclassical models of one-sector growth imply that
nations with identical economic structures need not converge to the same steady state or …

We first estimate the effects of a euro area‐wide monetary policy change on output growth in
eleven industries of seven euro area countries over the period 1980–98. On average the …

This paper analyzes a model in which long‐term risky assets are illiquid due to adverse
selection. The degree of adverse selection and hence the liquidity of these assets is …