Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/39643
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dc.contributor.authorvon Hagen, Jürgenen_US
dc.contributor.authorZhang, Haipingen_US
dc.date.accessioned2007-04-25en_US
dc.date.accessioned2010-09-01T09:49:06Z-
dc.date.available2010-09-01T09:49:06Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/39643-
dc.description.abstractWe address an important business cycle fact, i.e., the amplified and hump-shaped responses of output to productivity shocks, in a dynamic general equilibrium model with financial frictions. Models with financial frictions in the current literature have either the amplification mechanism or the propagation mechanism. Our model shows that the dynamic interaction of borrowing constraints, endogenous capital accumulation and capital reallocation among agents with different productivity constitutes a mechanism through which the effects of productivity shock on aggregate output are amplified and propagated, more in line with the empirical evidence than other related models in the literature.en_US
dc.language.isoengen_US
dc.publisher|aZEI |cBonnen_US
dc.relation.ispartofseries|aZEI working paper |xB 03-2006en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.jelG3en_US
dc.subject.ddc330en_US
dc.subject.keywordAmplificationen_US
dc.subject.keywordBusiness cyclesen_US
dc.subject.keywordCapital reallocationen_US
dc.subject.keywordFinancial frictionsen_US
dc.subject.keywordPropagationen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwInvestitionen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwAgency Theoryen_US
dc.subject.stwReal Business Cycleen_US
dc.subject.stwTheorieen_US
dc.titleFinancial frictions, capital reallocation, and aggregate fluctuationsen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn527776297en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zeiwps:B032006-

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