Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/82432
Authors: 
Jacobson, Tor
Lindé, Jesper
Roszbach, Kasper
Year of Publication: 
2005
Series/Report no.: 
Sveriges Riksbank Working Paper Series 184
Abstract: 
In this paper we empirically study interactions between real activity and the financial stance. Using aggregate data we examine a number of candidate measures of the financial stance of the economy. We find strong evidence for substantial spillover effects on aggregate activity from our preferred measure. Given this result, we use a large micro data-set for corporate firms to develop a macro-micro model of the interaction between the financial and real economy. This approach implies that the impulse responses of a given aggregate shock will depend on the portfolio structure of firms at any given point in time.
Subjects: 
Default-risk models
Business Cycles
Financial Stability
Price stability
Financial and real economy interaction
JEL: 
C41
G21
G33
G38
Document Type: 
Working Paper

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