Essays On Money And Financial Frictions In Finance And Macroeconomics
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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.
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 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 Finance And Macroeconomics
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Author : Cynthia Mei Balloch
language : en
Publisher:
Release Date : 2018
Essays On Finance And Macroeconomics written by Cynthia Mei Balloch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
My dissertation studies the impact of banks on macroeconomic outcomes. Chapter 1 explores the effects of bond market growth on the financing decisions of firms, the lending behavior of banks, and the resulting equilibrium allocation of credit and capital. This chapter makes three contributions to understand the impact of bond market liberalization. First, using evidence from reforms in Japan that gave borrowers selective access to bond markets during the 1980s, it shows that firms that obtained access to the bond market used bond issuance to pay back bank debt. More importantly, this large, positive funding shock led banks to increase lending to small and medium enterprises and real estate firms. Second, it proposes a model of financial frictions that is consistent with the empirical findings, and uses the model to derive general conditions under which bond liberalization has this effect on banks. The model predicts that bond liberalization can significantly worsen the quality of the pool of bank borrowers, and so lower bank profitability.
Three Essays On Macroeconomics And Financial Frictions
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Author : Tiezheng Song
language : en
Publisher:
Release Date : 2019
Three Essays On Macroeconomics And Financial Frictions written by Tiezheng Song 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.
Essays On Macroeconomics
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Author : Duksang Cho
language : en
Publisher:
Release Date : 2016
Essays On Macroeconomics written by Duksang Cho and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic dissertations categories.
My dissertation is centered on economic heterogeneity endogenously derived from market imperfections or changes in technology. By introducing specific assumptions that capture a market imperfection or a change in technology, I study how the economic realities can affect resource distributions and aggregate outcomes in an equilibrium. Chapter 1 studies the economic impacts of business groups by focusing on their pyramidal ownership structure given capital market imperfections. An entrepreneur can alleviate financial frictions by creating a pyramidal business group in which a parent firm offers its subsidiary firm internal equity finance. This endogenous creation of pyramidal business groups can beget asymmetric financial frictions between business-group and stand-alone firms. I build a model to show that these asymmetric financial frictions can have sizable effects on resource allocation. On one hand, the financial advantage of pyramidal business groups can foster productive firms by incorporating subsidiaries. On the other hand, the asymmetrically large amount of external capital controlled by pyramidal business groups can push up the price of capital and hinder the growth of stand-alone firms. The model suggests that pyramidal business groups can improve the factor allocation of an economy with poor investor protection in which external capital markets are underdeveloped, but worsen the factor al- location of an economy with fine investor protection in which excessive capital is used up by unproductive business-group firms. Chapter 2 investigates consequence of declining labor shares in manufacture. I show that a Cobb-Douglas production function can be generated with a technology that substitutes capital for labor and decreases labor shares. A simple two-sector model is used to examine consequences of declining labor shares. The model suggests that a declining labor share in manufacture can be accompanied with an increase in the labor productivity dispersion, a decrease in the labor price, and an increase in the land price. Chapter 3 researches the possibility that changes in the number of households simultaneously purchasing durable goods can create a business cycle. Heterogeneous timings of durable goods purchases are examined as an extensive margin of aggregate consumption. I develop a model in which each household holds money to purchase durable goods and optimizes its purchase timing given adjustment costs. The model shows that a shock common to all households such as a change in the expected inflation rate or government transfers can synchronize durable goods purchases across households. I argue that altering the number of households simultaneously purchasing durable goods can generate a sizable, long- lasting business cycle without the help of sticky prices or shocks to TFP.
Essays On The Macroeconomic Implications Of Financial Frictions
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Author : Shuyun May Li
language : en
Publisher:
Release Date : 2005
Essays On The Macroeconomic Implications Of Financial Frictions written by Shuyun May 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 Macroeconomic Consequences Of Financial Frictions
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Author : Haiping Zhang
language : en
Publisher:
Release Date : 2006
Essays On Macroeconomic Consequences Of Financial Frictions written by Haiping Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Financial Integration And Financial Frictions
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Author : Pascal Towbin
language : en
Publisher:
Release Date : 2011
Financial Integration And Financial Frictions written by Pascal Towbin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Essays On Macroeconomics And International Finance
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Author : Dmitriy Sergeyev
language : en
Publisher:
Release Date : 2013
Essays On Macroeconomics And International Finance written by Dmitriy Sergeyev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
We calibrate a two-sector version of our model and demonstrate that a negative shock to construction employment calibrated to match employment shares can fully account for the outward shift in the Beveridge curve. We augment our standard multisector model with financial frictions to demonstrate that financial shocks or a binding zero lower bound can act like sectoral productivity shocks, generating a shift in the Beveridge curve that may be counteracted by expansionary monetary policy.