Browsing ECO Working Papers by Subject "E44"

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Browsing ECO Working Papers by Subject "E44"

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    Title: Financial intermediation, house prices, and the distributive effects of the U.S. great recession  Author(s): MENNO, Dominik; OLIVIERO, Tommaso Date: 2013 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper quantifies the effects of credit spread and income shocks on aggregate house prices and households’ welfare. We address this issue within a stochastic dynamic general equilibrium model with heterogeneous households ...
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    Title: Family Firms and the Agency Cost of Debt: The role of soft information during a crisis  Author(s): D’AURIZIO, Leandro; OLIVIERO, Tommaso; ROMANO, Livio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In this paper we study how access to bank lending during the recent financial crisis differed between family and non-family firms. Our theoretical prediction is that the presence of a family block-holder in the company ...
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    Title: An Empirical Study of Credit Shock Transmission in a Small Open Economy  Author(s): BEDOCK, Nathan; STEVANOVIC, Dalibor Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: In this paper we identify and measure the effects of credit shocks in a small open economy. To incorporate information from a large number of economic and financial indicators we use the structural factor-augmented VARMA ...
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    Title: Stationary Equilibrium Distributions in Economies with Limited Commitment  Author(s): BROER, Tobias Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Limited commitment to contracts can explain imperfect risk sharing even when individuals have access to complete insurance markets. Past contributions have focused on the resulting cross-sectional distribution of consumption ...
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    Title: The Saving Glut Explanation of Global Imbalances. The Role of Underinvestment  Author(s): CORNELI, Flavia Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: According to the “Saving Glut hypothesis”, global imbalances are caused by inefficiently high level of precautionary savings in .nancially underdeveloped regions, where agents have limited opportunity to diversify idiosyncratic ...