dc.contributor.author | Benedictow, Andreas | |
dc.contributor.author | Hammersland, Roger | |
dc.date.accessioned | 2020-03-23T16:25:46Z | |
dc.date.available | 2020-03-23T16:25:46Z | |
dc.date.created | 2019-09-23T17:01:40Z | |
dc.date.issued | 2019 | |
dc.identifier.citation | Economic Systems, 2020, 44 (1), 100731 | en_US |
dc.identifier.issn | 0939-3625 | |
dc.identifier.uri | https://hdl.handle.net/11250/2648215 | |
dc.description.abstract | We have incorporated afinancial accelerator mechanism operating through investments in thebusiness sector in a dynamic macroeconometric model of the Norwegian economy. In this newand amended model aggregated credit and equity prices are determined simultaneously in asystem characterized by a two-directional contemporaneous causal link, which has been designedand estimated by a new procedure for simultaneous structural model design. Combined with amechanism where credit and asset prices are mutually influenced by real investments, this cre-ates afinancial accelerator amplified by a credit-asset price spiral. Simulations illustrate how theintroduction of afinancial accelerator significantly reinforces and extends the economic cycles inprojections and forecasts, in particular when confronted by a severe shock. Furthermore,monetary policy has a markedly stronger effect in the short and medium term, while the impactoffiscal policy is affected to a relatively small degree as it is more remotely linked tofinancialmarkets. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Elsevier | en_US |
dc.rights | Navngivelse-Ikkekommersiell-DelPåSammeVilkår 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-sa/4.0/deed.no | * |
dc.subject | Forecasting | en_US |
dc.subject | Business cycles | en_US |
dc.subject | Financial accelerator | en_US |
dc.subject | Structural vector error correction modelling | en_US |
dc.subject | Financial variables | en_US |
dc.title | A financial accelerator in the business sector of a macro-econometric model of a small open economy | en_US |
dc.type | Peer reviewed | en_US |
dc.type | Journal article | en_US |
dc.description.version | publishedVersion | en_US |
dc.rights.holder | ©2019 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/BY-NC-ND/4.0/). | en_US |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210 | en_US |
dc.source.volume | 44 | en_US |
dc.source.journal | Economic Systems | en_US |
dc.source.issue | 1 | en_US |
dc.identifier.doi | https://doi.org/10.1016/j.ecosys.2019.100731 | |
dc.identifier.cristin | 1727985 | |
cristin.unitcode | 5932,5,0,0 | |
cristin.unitname | Forskningsavdelingen | |
cristin.ispublished | false | |
cristin.fulltext | original | |
cristin.qualitycode | 1 | |