The financial accelerator : evidence using a procedure of structural model design
dc.contributor.author | Hammersland, Roger | |
dc.contributor.author | Jacobsen, Dag Henning | |
dc.date.accessioned | 2011-02-22T12:03:17Z | |
dc.date.available | 2011-02-22T12:03:17Z | |
dc.date.issued | 2008 | |
dc.identifier.issn | 0809-733X | |
dc.identifier.uri | http://hdl.handle.net/11250/180079 | |
dc.description.abstract | We find empirical evidence of a financial accelerator using a data based procedure of Structural Model Design. Credit to firms, asset prices and aggregate economic activity interact over the business cycle in our empirical model of a dynamic economy. Furthermore, the interdependence between credit and asset prices creates a mechanism by which the effects of shocks persist and amplify. However, while innovations to asset prices and credit do cause short-run movements in production, and while real activity spurs credit, such innovations do not precede real economy movements in the long run. Hence, there obviously is a case for Modigliani-Miller in the long run. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Statistics Norway, Research Department | en_US |
dc.relation.ispartofseries | Discussion Papers;569 | |
dc.subject | Financial variables and the real economy | en_US |
dc.subject | Financial accelerator | en_US |
dc.subject | Business fluctuations | en_US |
dc.subject | Structural vector error correction modeling | en_US |
dc.subject | Identification | en_US |
dc.subject | Cointegration | en_US |
dc.subject | Finanser | en_US |
dc.subject | Økonomi | en_US |
dc.subject | Pengemarked | en_US |
dc.subject | Kedittmarked | en_US |
dc.subject | Økonometriske modeller | en_US |
dc.subject | Makroøkonomi | en_US |
dc.subject | JEL classification: C30 | en_US |
dc.subject | JEL classification: C32 | en_US |
dc.subject | JEL classification: C50 | en_US |
dc.subject | JEL classification: C51 | en_US |
dc.subject | JEL classification: C53 | en_US |
dc.subject | JEL classification: E44 | en_US |
dc.subject | JEL classification: E51 | en_US |
dc.title | The financial accelerator : evidence using a procedure of structural model design | en_US |
dc.type | Working paper | en_US |
dc.source.pagenumber | 33 | en_US |
Files in this item
This item appears in the following Collection(s)
-
Discussion Papers [1002]