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Displaying results 1 to 5 of 5.

  1. O crédito imobiliário no Brasil e sua relação com a política monetária
    Author: Mendonça, Mário Jorge
    Published: 2013
    Publisher:  IPEA, Brasília, DF

    Switching model, we estimate the demand for mortgage using aggregate monthly data from January 2003 to September 2012. The results show that this variable has been subject to cycles of contraction and expansion since 2003. The boom starts at the end... more

    Location:
    Ibero-Amerikanisches Institut Preußischer Kulturbesitz, Bibliothek
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    Switching model, we estimate the demand for mortgage using aggregate monthly data from January 2003 to September 2012. The results show that this variable has been subject to cycles of contraction and expansion since 2003. The boom starts at the end of 2005 is marked by the alternation of two distinct regimes. The first one that concentrates between late 2005 until early 2009 seems to be driven by factors pro-market resulting from changes in legislation, economic growth, rising in real income, etc. The situation changes at the beginning of 2009 when the condition of the demand for mortgage is mainly motivated by countercyclical measures adopted by the federal government with the aim of mitigating the effects of the world economic crisis of 2007-2008. The recessive phase of the credit cycle is linked to a single regime that extends until 2005 returning around March 2012 when the series of credit seems to slow down. We also applied the structural VAR model with the purpose of evaluating the effect of a monetary policy shock on the demand mortgage. According to the results, a contractionary shock produces a negative effect on real estate. We note a continuous and sharp decline in mortgage demand, price home, industrial output construction as well as a rising on defaults.

     
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    Content information
    Source: Union catalogues
    Language: Portuguese
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/121572
    Series: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 1909
    Subjects: mortgage choice; reverse causality; Markov Switching model; structural VAR; directed acyclic graph
    Scope: Online-Ressource (54 S.), graph. Darst.
    Notes:

    Zsfassung in engl. Sprache
  2. The price puzzle
    fact or artefact?
    Author: Arestis, Philip; Karoglou, Michail; Muratidēs, Kōstas
    Published: 2013
    Publisher:  Univ. of Sheffield, Dep. of Economics, Sheffield

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 202 (2013,8)
    Inter-library loan:
    No inter-library loan
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Sheffield economic research paper series ; 2013008
    Subjects: Monetary policy; price puzzle; Markov regime-switching; structural VAR
    Scope: Online-Ressource (8 S.), graph. Darst.
  3. Expansionary and contractionary technology improvements
    conference paper
    Author: Balleer, Almut; Enders, Zeno
    Published: 2013
    Publisher:  ZBW, [Kiel

    This paper examines the effects of expansionary technology shocks (shocks that increase labor productivity and factor inputs) as opposed to contractionary technology shocks (shocks that increase labor productivity, but decrease factor inputs). We... more

    Location:
    HeiBIB - Die Heidelberger Universitätsbibliographie
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DSM 13
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    This paper examines the effects of expansionary technology shocks (shocks that increase labor productivity and factor inputs) as opposed to contractionary technology shocks (shocks that increase labor productivity, but decrease factor inputs). We estimate these two shocks jointly based on a minimum set of identifying restrictions in a structural VAR. We show that most of the business cycle variation of key macroeconomic variables such as output and consumption is driven by expansionary technology shocks. However, contractionary technology shocks are important to understand the variation in labor productivity and production inputs. In addition, these shocks trigger different reactions of certain variables, which can help explain why existing evidence on technology shocks does not deliver clear results. In a simple DSGE model with managerial technology, which is consistent with our identifying restrictions, we interpret contractionary technology shocks as process innovations and motivate the difference to expansionary technology shocks.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/80046
    Edition: Preliminary and incomplete
    Series: Array ; V3
    Subjects: Technology shocks; business cycles; productivity; structural VAR
    Scope: Online-Ressource (19 S.), graph. Darst.
  4. O crédito imobiliário no Brasil e sua relação com a política monetária
    Author: Mendonça, Mário Jorge
    Published: 2013
    Publisher:  IPEA, Brasília, DF

    Switching model, we estimate the demand for mortgage using aggregate monthly data from January 2003 to September 2012. The results show that this variable has been subject to cycles of contraction and expansion since 2003. The boom starts at the end... more

    Location:
    Ibero-Amerikanisches Institut Preußischer Kulturbesitz, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 194 (1909)
    Inter-library loan:
    No inter-library loan

     

    Switching model, we estimate the demand for mortgage using aggregate monthly data from January 2003 to September 2012. The results show that this variable has been subject to cycles of contraction and expansion since 2003. The boom starts at the end of 2005 is marked by the alternation of two distinct regimes. The first one that concentrates between late 2005 until early 2009 seems to be driven by factors pro-market resulting from changes in legislation, economic growth, rising in real income, etc. The situation changes at the beginning of 2009 when the condition of the demand for mortgage is mainly motivated by countercyclical measures adopted by the federal government with the aim of mitigating the effects of the world economic crisis of 2007-2008. The recessive phase of the credit cycle is linked to a single regime that extends until 2005 returning around March 2012 when the series of credit seems to slow down. We also applied the structural VAR model with the purpose of evaluating the effect of a monetary policy shock on the demand mortgage. According to the results, a contractionary shock produces a negative effect on real estate. We note a continuous and sharp decline in mortgage demand, price home, industrial output construction as well as a rising on defaults.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: Portuguese
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/121572
    Series: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 1909
    Subjects: mortgage choice; reverse causality; Markov Switching model; structural VAR; directed acyclic graph
    Scope: Online-Ressource (54 S.), graph. Darst.
    Notes:

    Zsfassung in engl. Sprache
  5. Economic policy uncertainty, trust and inflation expectations
    Author: Istrefi, Klodiana; Piloiu-Popescu, Anamaria-Valeria
    Published: 2013
    Publisher:  CESifo, München

    Theory and evidence suggest that in an environment of well-anchored expectations, temporary news or shocks to economic variables, should not affect agents ́expectations of inflation in the long term. Our estimated structural VARs show that both long-... more

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (4294)
    Inter-library loan:
    No inter-library loan

     

    Theory and evidence suggest that in an environment of well-anchored expectations, temporary news or shocks to economic variables, should not affect agents ́expectations of inflation in the long term. Our estimated structural VARs show that both long- and short-term inflation expectations are sensible to policy-related uncertainty shocks. A rise of long-term inflation expectations in times of economic contraction, in response to such shocks, suggests that heightened policy uncertainty observed during the recent years indeed raises concerns about future inflation. Furthermore, both monetary and fiscal policy-related uncertainties are significant for the negative dynamics in citizens' trust in the ECB.

     
    Export to reference management software   RIS file
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/77710
    Edition: Second Draft: February 2013
    Series: Array ; 4294
    Subjects: Wirtschaftspolitik; Wirtschaftliche Sicherheit; Wirkungsanalyse; Inflationserwartung; Entscheidung unter Unsicherheit; USA; Eurozone; policy uncertainty; central banks; inflation expectations; structural VAR
    Scope: Online-Ressource (32 S.), graph. Darst.