Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/56021 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorGerke, Rafaelen
dc.contributor.authorJonsson, Magnusen
dc.contributor.authorKliem, Martinen
dc.contributor.authorKolasa, Marcinen
dc.contributor.authorLafourcade, Pierreen
dc.contributor.authorLocarno, Albertoen
dc.contributor.authorMakarski, Krzysztofen
dc.contributor.authorMcAdam, Peteren
dc.date.accessioned2012-03-14-
dc.date.accessioned2012-03-20T16:41:59Z-
dc.date.available2012-03-20T16:41:59Z-
dc.date.issued2012-
dc.identifier.isbn978-3-86558-793-0en
dc.identifier.urihttp://hdl.handle.net/10419/56021-
dc.description.abstractThe recent global financial crisis has increased interest in macroeconomic models that incorporate financial linkages. Here, we compare the simulation properties of five mediumsized general equilibrium models used in Eurosystem central banks which incorporate such linkages. The financial frictions typically considered are the financial accelerator mechanism (convex \spread costs related to firms' leverage ratios) and collateral constraints (based on asset values). The harmonized shocks we consider illustrate the workings and mechanisms underlying the financial-macro linkages embodied in the models. We also look at historical shock decompositions of real GDP growth across the models since 2005 in order to shed light on the common driving factors underlying the recent financial crisis. In these exercises, the models share qualitatively similar and interpretable features. This gives us confidence that we have some broad understanding of the mechanisms involved. In addition, we also survey the current and developing trends in the literature on financial frictions.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aBundesbank Discussion Paper |x02/2012en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelE47en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordFinancial Frictionsen
dc.subject.keywordCredit Constraintsen
dc.subject.keywordFinancial Acceleratoren
dc.subject.keywordModel Comparisonen
dc.subject.keywordEurosystem central bank modelsen
dc.subject.stwMakroökonomiken
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwFinanzsektoren
dc.subject.stwFinanzmarkten
dc.subject.stwAkzeleratoren
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwVergleichen
dc.subject.stwTheorieen
dc.subject.stwEurozoneen
dc.titleAssessing macro-financial linkages: A model comparison exercise-
dc.typeWorking Paperen
dc.identifier.ppn688561063en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdps:022012en

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.