Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57075 
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dc.contributor.authorCasadio, Paoloen
dc.contributor.authorParadiso, Antonioen
dc.date.accessioned2012-04-12T14:26:15Z-
dc.date.available2012-04-12T14:26:15Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x576en
dc.subject.jelC50en
dc.subject.jelE12en
dc.subject.jelE17en
dc.subject.jelE20en
dc.subject.ddc330en
dc.subject.keywordfinancial balanceen
dc.subject.keywordasset marketsen
dc.subject.keywordbusiness cycleen
dc.subject.keywordfinancing gapen
dc.subject.keywordcointegrationen
dc.subject.keywordDLSen
dc.titleA financial sector balance approach and the cyclical dynamics of the US economy-
dc.typeWorking Paperen
dc.identifier.ppn621547107en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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