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dc.contributor.authorCasadio, Paoloen_US
dc.contributor.authorParadiso, Antonioen_US
dc.date.accessioned2012-04-12T14:26:15Z-
dc.date.available2012-04-12T14:26:15Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/57075-
dc.description.abstractThis paper investigates the relationship between asset markets and business cycles with regard to the United States economy. We consider the Goldman Sachs approach (2003) developed to study the dynamics of financial balances. By means of a small econometric model we find that asset market dynamics are fundamental to determining the long-run financial sector balance dynamics. The gap between long-run equilibrium values and the actual values of the financial balances help to explain the cyclical path of the economy. Among all financial sectors balances, the financing gap in the corporate sector shows a leading effect on business cycles, in a Minskyan spirit. The last results appear innovative with respect to Goldman Sachs's findings. Furthermore, our econometric results are robust and quite stable.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 576en_US
dc.subject.jelC50en_US
dc.subject.jelE12en_US
dc.subject.jelE17en_US
dc.subject.jelE20en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial balanceen_US
dc.subject.keywordasset marketsen_US
dc.subject.keywordbusiness cycleen_US
dc.subject.keywordfinancing gapen_US
dc.subject.keywordcointegrationen_US
dc.subject.keywordDLSen_US
dc.titleA financial sector balance approach and the cyclical dynamics of the US economyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn621547107en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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