Essays On Financial Frictions In Macroeconomics
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Essays On Financial Frictions And Macroeconomics
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Author : Sewon Hur
language : en
Publisher:
Release Date : 2012
Essays On Financial Frictions And Macroeconomics written by Sewon Hur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Essays On Financial Frictions In Macroeconomics
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Author : Johannes Pöschl
language : en
Publisher:
Release Date : 2017
Essays On Financial Frictions In Macroeconomics written by Johannes Pöschl and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Essays On Financial Frictions And Macroeconomic Policy
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Author : Maryam Shafiei Deh Abad
language : en
Publisher:
Release Date : 2017
Essays On Financial Frictions And Macroeconomic Policy written by Maryam Shafiei Deh Abad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Finance categories.
Essays On Information And Financial Frictions In Macroeconomics
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Author : Abolfazl Rezghi
language : en
Publisher:
Release Date : 2023
Essays On Information And Financial Frictions In Macroeconomics written by Abolfazl Rezghi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This dissertation examines how information and financial frictions impact firms' investment decisions and shape the effectiveness of monetary policy. The first chapter studies the response of high and low credit quality firms to expansionary monetary shocks. According to the findings, high credit quality firms respond to an expansionary shock by increasing their investment, inventory, and sales, whereas low credit quality firms experience a decrease in these variables. Moreover, their financing behavior differs, with high credit quality firms raising funds through equity while low credit quality firms are unable to issue equity or debt. To provide a theoretical explanation for these findings, a simple model is constructed with two types of firms: financially constrained firms and unconstrained firms. Financially constrained firms face a trade-off in allocating their limited funds between wage payments and investment, while unconstrained firms have greater financial flexibility. As a result of an expansionary shock, an increase in wages affects constrained firms disproportionately, leading them to cut their investment to cover the additional labor costs. Furthermore, constrained firms, due to their limited collateral, have to reduce their debt, which aligns with the empirical observations. The second chapter examines the interaction between information and financial frictions and its implications for the investment channel of monetary policy. In a model with inattentive firms facing financial frictions, constrained firms are more attentive to monetary policy as they attempt to avoid financial costs, creating a new channel for financial frictions to affect price rigidity. Since the level of price rigidity is one of the determinants of the outcome of the monetary policy, the model suggests that the investment channel of monetary policy hinges on the interaction between financial frictions and rational inattention. The research provides empirical evidence that supports the predictions of the model. Firstly, the study uses firms' expectation surveys and, taking size as a proxy for financial constraint, finds that smaller firms have more precise nowcasts and forecasts of aggregate variables. Additionally, these firms are more willing to pay for professional forecasts. Secondly, the research employs firms' balance sheet data and a proxy for aggregate attentiveness to demonstrate that higher information rigidity leads to a sluggish and dampened aggregate investment response to monetary shocks, as predicted by the model. The third chapter finds that a contractionary monetary shock would increase the number of defaults and the aggregate liability of defaulted firms in the economy. Using a DSGE model with financial intermediaries, I show that a higher rate of default negatively impacts the balance sheets of banks and leads to a decrease in the supply of credit and a rise in the interest rate of loans. This further increases the cost of production, forcing more firms to file for bankruptcy. The study demonstrates that monetary policy can effectively dampen this amplification mechanism by considering the default rate in the policy rule, thereby ensuring a more stable economic environment
Essays On Money And Financial Frictions In Finance And Macroeconomics
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Author : Xuan Wang
language : en
Publisher:
Release Date : 2020
Essays On Money And Financial Frictions In Finance And Macroeconomics written by Xuan Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays On The Role Of Financial Frictions In Macroeconomics
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Author : Tobias König
language : en
Publisher:
Release Date : 2022*
Three Essays On The Role Of Financial Frictions In Macroeconomics written by Tobias König and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022* with categories.
Essays On Financial Frictions And Macroeconomic Dynamics
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Author : Juan Pablo Medina Guzman
language : en
Publisher:
Release Date : 2004
Essays On Financial Frictions And Macroeconomic Dynamics written by Juan Pablo Medina Guzman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Macroeconomics categories.
Three Essays In Financial Frictions And International Macroeconomics
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Author : Alexandre Kopoin
language : en
Publisher:
Release Date : 2014
Three Essays In Financial Frictions And International Macroeconomics written by Alexandre Kopoin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation investigates the role of financial frictions stemming from asymmetric information in financial markets on the transmission of shocks, and the fluctuations in economic activity. Chapter 1 uses the targeted factor modeling to assess the contribution of national and international data to the task of forecasting provincial GDPs in Canada. Results indicate using national and especially US-based series can significantly improve the forecasting ability of targeted factor models. This effect is present and significant at shorter-term horizons but fades away for longerterm horizons. These results suggest that shocks originating at the national and international levels are transmitted to Canadian regions and thus reflected in the regional time series fairly rapidly. While Chapter 1 uses a non-structural, econometric model to tackle the issue of transmission of international shocks, the last two Chapters develop structural models, Dynamic Stochastic General Equilibrium (DSGE) models to assess spillover effects of the transmission of national and international shocks. Chapter 2 presents an international DSGE framework with credit market frictions to assess issues regarding the propagation of national and international shocks. The theoretical framework includes the financial accelerator, the bank capital and exchange rate channels. Results suggest that the exchange rate channel, which has long been ignored, plays an important role in the propagation of shocks. Furthermore, with these three channels present, domestic and foreign shocks have an important quantitative role in explaining domestic aggregates. In addition, results suggest that economies whose banks remain well-capitalized when affected by adverse shock experience less severe downturns. These results highlight the importance of bank capital in an international framework and can be used to inform the worldwide debate over banking regulation. In Chapter 3, I develop a two-country DSGE model in which banks grant loans to domestic as well as to foreign firms to study effects of these cross-border banking activities in the transmission of national and international shocks. Results suggests that cross-border banking activities amplify the transmission of productivity and monetary policy shocks. However, the impact on consumption is limited, because of the cross-border saving possibility between the countries. Moreover, results suggests that under cross-border banking, bilateral correlations become greater than in the absence of these activities. Overall, results demonstrate sizable spillover effects of cross-border banking in the propagation of shocks and suggest that cross-border banking is an important source of the synchronization of business cycles.
Essays On The Macroeconomic Implications Of Financial Frictions
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Author : Shuyun Li
language : en
Publisher:
Release Date : 2005
Essays On The Macroeconomic Implications Of Financial Frictions written by Shuyun Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Essays On Financial Frictions In Macroeconomic Models
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Author : Fernando Jerico Mendo Lopez
language : en
Publisher:
Release Date : 2019
Essays On Financial Frictions In Macroeconomic Models written by Fernando Jerico Mendo Lopez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.