Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/318142 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
BCAM Working Paper No. 1602
Verlag: 
Birkbeck, University of London, Birkbeck Centre for Applied Macroeconomics (BCAM), London
Zusammenfassung: 
This paper examines whether financial conditions of the non-financial corporate sector can explain why the recovery from recessions in the United States is slower since the mid-1980s. Leverage by the corporate sector has increased significantly since the financial deregulation of the mid-1980s. Empirical evidence shows that slow recoveries are associated with a significant drop in the growth rates of investment and bank loans, and with a surge in the growth rates of corporate bonds. In an estimated dynamic stochastic general equilibrium model with a financial accelerator, counterfactual experiments based on estimates of two samples - 1965-1983 and 1984-2007 - show that the non-financial corporate indebtedness affects only marginally the speed of the recovery in the two samples.
Schlagwörter: 
speed of recoveries
indebtedness
financial frictions
estimated DSGE model
JEL: 
E32
E44
URL der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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