Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/210755 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Staff Report No. 903
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
We estimate the evolution of the conditional joint distribution of economic and financial conditions in the United States, documenting a novel empirical fact: while the joint distribution is approximately Gaussian during normal periods, sharp tightenings of financial conditions lead to the emergence of additional modes-that is, multiple economic equilibria. Although the U.S. economy has historically reverted quickly to a "good" equilibrium after a tightening of financial conditions, we conjecture that poor policy choices under these circumstances could also open a pathway to a "bad" equilibrium for a prolonged period. We argue that such multimodality arises naturally in a macro-financial intermediary model with occasionally binding intermediary constraints.
Schlagwörter: 
density impulse response
multimodality
nonparametric density estimator
JEL: 
C14
E17
E37
G01
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
7.75 MB





Publikationen in EconStor sind urheberrechtlich geschützt.