Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/39643 
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dc.contributor.authorvon Hagen, Jürgenen
dc.contributor.authorZhang, Haipingen
dc.date.accessioned2007-04-25-
dc.date.accessioned2010-09-01T09:49:06Z-
dc.date.available2010-09-01T09:49:06Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aRheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI) |cBonnen
dc.relation.ispartofseries|aZEI Working Paper |xB 03-2006en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelG3en
dc.subject.ddc330en
dc.subject.keywordAmplificationen
dc.subject.keywordBusiness cyclesen
dc.subject.keywordCapital reallocationen
dc.subject.keywordFinancial frictionsen
dc.subject.keywordPropagationen
dc.subject.stwKonjunkturtheorieen
dc.subject.stwInvestitionen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwAgency Theoryen
dc.subject.stwReal Business Cycleen
dc.subject.stwTheorieen
dc.titleFinancial frictions, capital reallocation, and aggregate fluctuations-
dc.type|aWorking Paperen
dc.identifier.ppn527776297en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zeiwps:B032006en

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