Dissertations / Theses on the topic 'Business Cycles'
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Csabafi, Tamas Zoltan. "Business cycles, endogenous growth, and monetary cycles." Thesis, Cardiff University, 2015. http://orca.cf.ac.uk/88965/.
Full textLiu, Kai. "Essays on business cycles." Thesis, University of Cambridge, 2014. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.708384.
Full textZhang, Huiyan. "Essays on business cycles." Available to US Hopkins community, 2003. http://wwwlib.umi.com/dissertations/dlnow/3080804.
Full textBécard, Yvan. "Banks and business cycles." Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E009.
Full textThe main question at the heart of this thesis is, what drives business cycle fluctuations? A growing body of evidence suggests that financial factors and shocks matter most. Based on this premise, I ask whether financial shocks in dynamic macroeconomic models can generate the positive co-movements in output, consumption, investment, and hours worked observed in the data. The first chapter shows that standard models fail in doing so, because they typically imply a countercyclical response of consumption. One solution is to have banks lend both to firms and households, and to assume, that the financial shock is a common credit tightening on both. The second chapter offers a quantitative analysis of this idea. Together with David Gauthier, we motivate what we call the collateral shock by documenting that banks in the US effectively adjust standards in a similar way regard less if the borrower is a firm or a household. We estimate a rich macroeconomic model with Bayesian methods on US financial and macro data over the 1985-2015 period. We find that the collateral shock is the main driver of economic fluctuations. The reason is the collateral shock is able to generate pro cyclical consumption, investment, hours, and credit to firms and households, which are features of US business cycles. The third chapter attempts to go a step further by making lending standards endogenous. The idea is to have banks act as a propagation channel. A shock that emerges in the housing market and that initially affects households is transmitted to firms by a panic-prone financial sector that tightens credit to businesses. This model would replicate the story of the 2008 recession in the United States
Gatfaoui, Jamel. "Modeling Chinese provincial business cycles." Thesis, Aix-Marseille, 2012. http://www.theses.fr/2012AIXM1110.
Full textThis thesis deals with the Chinese provincial growth cycles over the period 1989-2009. First, we use a variety of techniques to examine the nature and degree of comovement among Chinese provincial growth cycles. We detect different properties of the provincial growth cycles. Using a model-based clustering methodology, we find that provinces can be classified among five major clusters as a function of standard measures of cyclical characteristics. Although the majority of provinces experienced the recession that occurred around the Asian crisis, the nation as whole experienced an expansionary phase. Moreover, all the provinces experienced the recession related to the subprime crisis that occurred in 2007/2008 except Jiangsu and Tianjing. However, All coastal provinces except Hainan are significantly synchronized with the national cycle. Furthermore, we find that the main four national recessions are well diffused across the country. Then, we analyse the co-cyclicality between provinces in each of the six regions defined by Groenewold et al. (2008). We rely on trend-cycle decomposition by using both univariate and multivariate unobserved component model. The majority of provincial cycles reflect demand rather than supply-side shocks. By examining the commonality of provincial growth cycles within each region, we ask whether the definition of these regions is supported by statistical analysis. We find mixed results. Finally, we use a Markov switching model that allow for the identification of business/seasonal cycle interaction
Erdem, Fatma Pinar. "Business Cycles In Emerging Economies." Phd thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613853/index.pdf.
Full textLinaa, Jesper Gregers. "Business cycles and monetary policy /." Copenhagen, 2005. http://www.gbv.de/dms/zbw/501512020.pdf.
Full textToyoda, Hiroki. "Asset Prices and Business Cycles." Kyoto University, 2019. http://hdl.handle.net/2433/236600.
Full textMachado, Caio Henrique. "Coordination failures in business cycles." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/18270.
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Coordination failures are often said to play an important role in business cycles. If agents’ incentives of taking a given action depend on the amount of other agents expected to take the same action, coordination failures can often arise. Firms may not invest because they do not expect others to invest, confirming their initial expectations. Similarly, banks may not lend because they do not expect others to lend. This dissertation analyzes different environments in which crises arise as a result of coordination failures. The first chapter analyzes an economy that is subject to a dynamic coordination problem. Because of aggregate demand externalities, firms’ incentives to increase their production depend on expected demand, which in turn depends on the amount produced by other firms. The problem is dynamic since firms do not take investment decisions at the same time, implying that a firm deciding today is trying to forecast what other firms will decide in the future. This opens the possibility of dynamic coordination traps: firms do not invest today because they do not believe others will invest tomorrow, generating lower incentives for firms to invest at future dates. This chapter focuses on the following questions: In economies subject to dynamic coordination traps, what is the optimal stimulus policies? Should policy makers provide higher incentives to production in times of low economic activity? The answer is that a constant subsidy implements the first-best in an economy where beliefs are endogenously determined. The reason is that, although it is harder to coordinate in times of low economic activity, agents are naturally more optimistic about the future in times of poor economic activity and reasonably good fundamentals. This optimism arise from the fact that in bad times negative shocks do not change the level of economic activity, while positive shocks may end a recession. The second chapter proposes a model to study unusually deep financial crises. Previous empirical work has found that financial crises are very deep and persistent on average, but there is a lot of heterogeneity across different episodes. Some financial crises feature a very distressed financial sector, but little distress on the real sector, while others are real macroeconomic disasters. In light of this evidence, I propose a model in which there is a highly non-linear feedback between the real and the financial sector. Disaster episodes arise from the dynamic interaction of two frictions: coordination frictions and financial frictions. When banks have weak balance sheets they do not intermediate much capital. This causes firms to get trapped in a self-reinforcing regime with low aggregate demand, which ends up provoking further damage to banks’ balance sheets. I use the model as a laboratory to study unusually deep financial crises and the effects of some policies. It is shown that the effects of disasters go far beyond what we observe during those episodes: they imply very low asset prices, economic growth and welfare, even in good times and when their probability is very small. Policies that protect the financial sector from those episodes can be very beneficial. Moreover, higher risk-taking in bad times may improve economic growth, welfare and financial stability. The third chapter studies the policy trade-off of a regulator that wants to avoid coordination failures, but at the same time does not want to generate distortions arising from moral hazard. Banks have investment opportunities with an expected return that depends positively on the amount of other banks undertaking similar investments, opening room for coordination failures. At the same time, banks may risk-shift to projects with smaller expected return but higher volatility. By providing guarantees in case of failures, a regulator can enhance coordination, but that leads banks to switch to worse projects. It is shown that in some states a regulator will provide no guarantees, even if it that means allowing a coordination failure to happen. Moreover, the possibility of risk-shifting reduces the amount of guarantees needed to avoid a coordination failure.
Com frequência argumenta-se que falhas de coordenação têm um papel importante no ciclo de negócios. Se os incentivos dos agentes a realizar determinada ação depende da quantidade esperada de outros agentes que tomarão a mesma ação, falhas de coordenação podem acontecer. Empresas podem não investir porque não esperam que outras empresas irão investir, confirmando suas expectativas iniciais. De maneira similar, bancos podem não conceder empréstimos porque eles não esperam que outros bancos irão fazer o mesmo. Esta tese analisa diferentes ambientes onde crises surgem como o resultado de falhas de coordenação. O primeiro capítulo analisa uma economia que está sujeita a falhas de coordenação dinâmicas. Por causa de externalidades de demanda agregada, os incentivos para uma dada firma aumentar sua produção dependem da demanda esperada, que por sua vez depende da quantidade produzida por outras firmas. O problema é dinâmico porque as firmas não tomam decisões de investimento ao mesmo tempo, implicando que uma firma tomando decisões hoje está tentando prever o que outras firmas decidirão no futuro. Isso abre a possibilidade de falhas de coordenação dinâmicas: firmas não investem hoje porque elas não acreditam que outras firmas investirão amanhã, gerando incentivos menores para outras firmas investirem no futuro. Este capítulo foca nas seguintes questões: Em economias sujeitas a este problema de coordenação dinâmico, qual a política de estímulo ótima? O governo deveria prover mais estímulos em épocas de baixa atividade econômica? A resposta é que um subsídio constante implementa o ótimo nesta economia. O motivo é que, embora seja mais difícil coordenar em tempos de baixa atividade, os agentes estão naturalmente mais otimistas sobre o futuro em tempos de baixa atividade e fundamentos razoavelmente bons. Este otimismo surge do fato que em tempos ruins choques negativos não alteram o nível de atividade econômica, mas choques positivos podem acabar com uma recessão. O segundo capítulo desta tese propõe um modelo para estudar crises financeiras mais severas que o usual. Trabalhos empíricos prévios mostram que, em geral, crises financeiras são muito profundas e persistentes, mas também que há muita heterogeneidade entre diferentes episódios. Algumas crises financeiras causam enormes danos no sistema financeiro, mas pouco dano no setor real, enquanto outras são verdadeiros desastres macroeconômicos. À luz desta evidência, esta tese propõe um modelo onde há um feedback extremamente não linear entre o setor financeiro e o setor real. Desastres surgem através da interação dinâmica de duas fricções: fricções de coordenação e fricções financeiras. Quando os bancos estão com problemas em seus balanços, eles optam por intermediar menos capital. Isso leva as firmas a entrar em um regime com baixa demanda agregada, que causa ainda mais dano ao capital dos bancos. Este modelo é utilizado como um laboratório para estudar crises financeiras muito severas e o efeito de algumas políticas. É mostrado que os efeitos de desastres econômicos vão muito além do que observamos durante estes episódios. Eles levam à queda dos preços de ativos, baixo crescimento e perdas de bem-estar, mesmo que a probabilidade destes eventos seja muito pequena. Finalmente, quando os bancos tomam mais risco em tempos ruins, podemos ter um aumento de crescimento, bem-estar e estabilidade financeira. O terceiro capítulo estuda o trade-off enfrentado por um regulador que quer evitar falhas de coordenação, mas ao mesmo tempo não quer gerar distorções que surgem por conta de risco moral. Os bancos possuem oportunidades de investimento cujo retorno esperado depende positivamente da quantidade de outros bancos investindo em projetos similares, abrindo espaço para a possibilidade de falhas de coordenação. Ao mesmo tempo, bancos podem escolher investir em projetos com menor retorno esperado e maior volatilidade. Ao prover garantias em caso de falha de um banco, um regulador pode melhorar a habilidade que estes têm de coordenar, mas ao mesmo isto pode levar os bancos a tomarem risco excessivo. É mostrado que em alguns estados o regulador não proverá garantias, mesmo que isso implique permitir que uma falha de coordenação aconteça. Ainda, a possibilidade dos bancos tomarem risco excessivo reduz a quantidade de garantias necessárias para evitar uma falha de coordenação.
Kangur, Alvar. "Complementarities in growth and business cycles." Thesis, University of Oxford, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.547770.
Full textLee, Jiho. "Essays on business cycles in Korea." Thesis, Durham University, 2008. http://etheses.dur.ac.uk/2277/.
Full textTiryaki, Suleyman Tolga. "Business cycles in emerging market economies." Thesis, University of York, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.533502.
Full textWongpunya, Nipit. "Thai business cycles : theory and practice." Thesis, University of Bath, 2009. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.512376.
Full textLuo, Daqing Letendre Marc-André. "Essays on open-economy business cycles." *McMaster only, 2006.
Find full textGrodecka, Anna [Verfasser]. "Essays on Business Cycles / Anna Grodecka." Bonn : Universitäts- und Landesbibliothek Bonn, 2015. http://d-nb.info/1077266847/34.
Full textUebele, Martin. "Historical business cycles and market integration." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2009. http://dx.doi.org/10.18452/15902.
Full textThis thesis addresses historical business cycles and market integration in Europe and America in the 19th and 20th centuries. For the analysis of historical business cycles, the widely used methodology of historical national accounting is complemented with a dynamic factor model that allows for using scarce historical data efficiently. In order to investigate how national and international markets developed since the early 1800s, a multivariate dynamic factor model is used. Spectral analysis helps in measuring frequency specific correlation between financial indicators and rivaling national income estimates for Germany between 1850 and 1913. One result is that the historical stock market index used helps to discriminate between competing estimates of German national income. A dynamic factor estimated from a broad time series data set confirms this result. Sub-indices for agriculture and industry suggest that the German economy industrialized earlier than evidence from national accounting shows. The finding for the U.S. business cycle is that relaxing the assumption of constant structural parameters yields higher postwar aggregate volatility relative to the period before World War I. Concerning market integration, it is found that European wheat markets integrated faster before mid-19th century than after. Thus, the impact of the metal hull and steam ship as well as the relevance of American wheat for the world wheat market have perhaps been overstated.
Ben, Mohamed Imen. "Credit market imperfections and business cycles." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010002/document.
Full textThe crisis of 2009 raised the question whether the financial conditions matter for the business cycles and the propagation of shocks originating in the financial sphere. I tried to drive a fine analysis of this issue using micro-founded general equilibrium models. The modelling choice was backed by empirical motivations. In three essays, i study the impact of monetary and financial shocks on growth and labour market dynamics. First, an expansionary monetary policy eases credit conditions, raises risk tolerance and the quality of borrowers and generates a liquidity effect. The potency of the monetary policy and the size of the credit channel depend considerably on the degree of financial frictions in the credit market. Second, a restrictive monetary policy shock, an positive credit shock and a positive uncertainty shocks have similar effects on the economy: they plunge the economy in a recession, with output, job creations, and hours worked decreasing, while unemployment and job destructions increase. In all cases the interest rate spread increase, therefore indicating that financial conditions deteriorate, which is interpreted as a sign that financial frictions play a critical role in the propagation of these shocks. Third, the interaction between financial and labour market frictions does exist. The interplay between the two indeed plays a role in propagating the shocks. A shock to net worth, a credit shock and an uncertainty shock play a non-trivial role for the dynamics on the labour market
Kernen, Joakim. "Trends, cycles and institutions : -Job polarization and the business cycle in Europe." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-367063.
Full textHussein, Siti Almafahaza. "Business and Real Estate Cycles The Kuala Lumpur Office Market." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-77472.
Full textJager, Bart Albert Fokko Klein de. "Consumer confidence and business cycles : a casy study for the Netherlands : are business cycles driven by animal spirits?" Tesis, Universidad de Chile, 2014. http://repositorio.uchile.cl/handle/2250/137445.
Full textAutor no envia autorización para el ingreso a texto completo de su documento
In this paper, an attempt is made to explore the relevance of a consumer confidence index in forecasting business cycles in the Netherlands. Furthermore, the possible heterogeneity regarding the information content of individual questions is addressed, and it is investigated whether this information can be attributed to the information view or to the animal spirits view. This paper constructs a Bayesian VAR (BVAR), which includes a consumer confidence index, the unemployment rate, a composite leading indicator, producer confidence, and the Michigan consumer sentiment index. The results show that for the 24-month-ahead forecast and the 48-month-ahead forecast of unemployment, consumer confidence explains respectively 3.96% - 8.06% and 10.25% - 15.99% of the error variance. Moreover, there seems to be significant heterogeneity among the individual questions in the consumer confidence survey. Finally, it is concluded that the additional predictive power of consumer confidence can be attributed to the information view.
Piger, Jeremy Max. "Essays on business cycle asymmetry /." Thesis, Connect to this title online; UW restricted, 2000. http://hdl.handle.net/1773/7395.
Full textOu, Shengliang. "Essays on macroeconomic policy and business cycles." Doctoral thesis, Universitat Pompeu Fabra, 2019. http://hdl.handle.net/10803/667206.
Full textAquesta tesi consta de tres capítols sobre política macroeconòmica i cicles empresarials. Al capítol 1, estimo un VAR estructural que varia amb el temps per estudiar els efectes de les xocs de la despesa pública en diverses variables macroeconòmiques dels Estats Units. A diferència de les prediccions dels nous models keynesians estàndard, no trobo canvis significatius en la grandària del multiplicador de despesa pública quan la taxa de fons federals arriba al límit zero inferior (ZLB). Proposo un model teòric on el banc central, mitjanant polítiques convencionals o no convencionals, controli directament el tipus d’interès del mercat i on els paràmetres de la regla de política estan subjectes a canvis de règim per capturar possibles canvis a causa de la restricció ZLB. Les estimacions del model suggereixen que el comportament de la taxa d’interès del mercat no es va veure molt afectat per la restricció ZLB i, per tant, el multiplicador de la despesa pública va romandre en gran part inalterat. Al capítol 2, proporcionem una estimació empírica de la regla d’orientació del banc central que reflecteix el pes relatiu que un banc central concedeix a l’assignació de la bretxa de producció i la inflació, i del paràmetre profund que caracteritza la funció de pèrdua d’un banc central, superant la simultaneïtat problema. En el capítol 3, explorem les implicacions del benestar d’una reducció de la rigidesa dels preus en un nou model keynesià amb rigidesa en preus i informació dispersa. Trobem que la introducció d’etiquetes de preus digitals que puguin facilitar l’ajust de preus podrien deteriorar el benestar. El mecanisme subjacent dominant és que una reducció de la rigidesa dels preus amplificarà les pèrdues de benestar associades a la dispersió de preus en les empreses de restabliment de preus quan els agents tenen creences heterogènies sobre l’economia.
Ouyang, Min. "Resource reallocation, productivity dynamics, and business cycles." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2717.
Full textThesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
Paul, Biru Paksha. "Essays on Indian business cycles and inflation." Diss., Online access via UMI:, 2007.
Find full textChoi, Horag. "Export penetration costs and international business cycles." Columbus, OH : Ohio State University, 2003. http://www.gbv.de/dms/zbw/557797594.pdf.
Full textNguyen, Quoc Hung. "Essays on business cycles in open economies." Thesis, University of British Columbia, 2009. http://hdl.handle.net/2429/14202.
Full textFORTUNATO, GRAZIELA XAVIER. "ADVERTISING EXPENDITURES OPTIMIZATION UNDER BUSINESS CYCLES UNCERTAINTY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2009. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=14262@1.
Full textEste estudo tem como objetivo principal verificar a contribuição dos dispêndios em publicidade no valor da empresa a partir de um modelo dinâmico e estocástico. O efeito dinâmico capta os impactos dos dispêndios de publicidade na geração de caixa em períodos subseqüentes. O efeito estocástico reflete a incerteza dos ciclos econômicos que influenciam a decisão de quanto gastar. Finalmente, com a otimização é possível comparar se a geração de caixa, sob esses efeitos, é de fato maior. Os resultados indicam evidências de que os dispêndios de publicidade, quando realizado de forma efetiva, contribuem para o valor da empresa. Dados de empresas norte-americanas do setor de consumo discricionário, de 1998 a 2007, foram utilizados para testar empiricamente o modelo proposto. É importante destacar a congruência entre as disciplinas de marketing e finanças, pelo caráter multidisciplinar desta pesquisa.
This study has as it principal objective to verify the contribution of advertising expenditures to firm value. To reach this goal, a dynamic and stochastic model was developed. The dynamic effect captures the advertising expenditure impact on the cash flows in subsequent periods. The stochastic effect reflects the uncertainty caused by business cycles that influence the decision as to the amount to be spent. Finally, with optimization it is possible to compare whether the cash flow generated, under these specific effects, is, in fact, higher. The results indicate evidence that advertising expenditures, when effectively spent, can contribute to firm value. Data of American companies of the consumer discretionary sector from 1998 to 2007 were employed to test empirically the proposed model. It is also important to point out the interface between marketing and finance through the multidisciplinary character of this research.
Hammour, Mohamad L. "Endogenous business cycles : some theory and evidence." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/80456.
Full textRubio, Margarita. "Housing markets, business cycles and monetary policy." Thesis, Boston College, 2008. http://hdl.handle.net/2345/354.
Full textThesis advisor: Matteo Iacoviello
This dissertation studies the implications of housing market heterogeneity for the trans- mission of shocks, welfare and the conduct of monetary policy. In the first chapter I focus on mortgage contract heterogeneity (fixed vs. variable-rate mortgages). I develop and solve a New Keynesian dynamic stochastic general equilibrium model that features a housing market and a group of constrained individuals who need housing collateral to obtain loans. A given proportion of constrained households borrows at a variable rate, while the rest borrows at a fixed rate. The model predicts that in an economy with mostly variable-rate mortgages, an exogenous interest rate shock has larger effects on borrowers than in a fixed-rate economy. For plausible parametrizations, aggregate differences are muted by wealth effects on labor supply and by the presence of savers. More persistent shocks cause larger aggregate differences. From a normative perspective I find that, in the presence of collateral constraints, the optimal Taylor rule is less aggressive against inflation than in the standard sticky-price model. Furthermore, for given monetary policy, a high proportion of fixed-rate mortgages is welfare enhancing. Then, I develop a two-country version of the model to study the implications of housing market heterogeneity for a monetary union as well as costs and benefits of being in a monetary union when there are asymmetric shocks. Results show that consumption reacts more strongly to common shocks in countries with high loan-to-value ratios (LTVs), a high proportion of borrowers or variable-rate mortgages. I also find that country-specific housing price shocks increase consumption not only in the country where the shock takes place. Welfare analysis shows that housing-market homogeneization is not beneficial per se, only when it is towards low LTVs or predominantly fixed-rate mortgages. As for costs and benefits of monetary unions, when there is a technology shock in one of the countries and they are symmetric, the monetary union regime is welfare worsening. However, results are dependent on whether or not countries are symmetric and on the source of the asymmetry
Thesis (PhD) — Boston College, 2008
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
Pasha, Farooq. "Essays on Business Cycles in Developing Countries." Thesis, Boston College, 2012. http://hdl.handle.net/2345/3408.
Full textMy dissertation consists of three papers on business cycles in developing countries. All the papers are different from each other and emphasize different aspects of understanding economic fluctuations in developing countries. The first paper is titled `Medium Term Business Cycles in Developing Countries' (with Diego Comin, Norman Loayza and Luis Serven). This paper models the link between business cycle fluctuations in developed countries with fluctuations in developing countries. Business cycle fluctuations in developed economies tend to have large and persistent effects on developing countries. We study the transmission of business cycle fluctuations from developed to developing economies with a two-country asymmetric DSGE model with two important features: (i) endogenous and slow diffusion of technologies from the developed to the developing country, and (ii) adjustment costs to investment flows. Consistent with the model, we observe that the flow of technologies from developed to developing economies co-moves positively with output in both developed and developing countries. After calibrating the model to Mexico and the U.S., it can explain the following stylized facts: (i) U.S. and Mexican output co-move more than consumption; (ii) U.S. shocks have a larger effect on Mexico than in the U.S.; (iii) U.S. business cycles lead over medium term fluctuations in Mexico; (iv) Mexican consumption is more volatile than output. The second paper of my dissertation is based on a price setting survey conducted by the State Bank of Pakistan (Central Bank). The paper is titled `Price-Setting Discoveries: Results from a Developing Country' (with M. Ali Choudhary, Abdul Faheem, Nadeem Hanif, and Saima Naeem) present the results of 1189 structured face-to-face interviews about price-setting behavior of the formal firms in the manufacturing and services sector of Pakistan. The key findings of the survey are:the frequency of price change is high in Pakistan, lowering the real impact of monetary policy. Price rigidity is mainly explained by firms caring about relative prices and the persistence of shocks. The exchange-rate and cost shocks are more important than financial and demand shocks for both setting prices and also the readiness with which these shocks pass-through to the economy. Formal sector firms with connections to the informal sector, especially through demand, have a lower probability of price adjustment. The lack of taxes and compliance with tax regime, i.e. enforcement are held responsible for existence of the informal sector by formal sector firms. The results from this paper provided motivation for the last paper of my dissertation about understanding and modeling the business cycle fluctuations in a developing economy like Pakistan. The last paper of my dissertation is titled `Modeling Business Cycles in Pakistan: A First Step'. In this paper, I establish the nature of short-run fluctuations of the Pakistani economy over the period of 1960-2010. There have been significant changes in the nature of the Pakistani economy over the last few decades. Therefore, I focus my detailed analysis on the last few decades where it seems more appropriate to investigate the nature and causes of business cycles in Pakistan. Furthermore, I evaluate the performance of a typical RBC and an augmented RBC model with an exogenous FDI shock in explaining cyclical fluctuations experienced by the Pakistani economy. I find that a simple RBC model does badly in terms of matching relevant second order moments of short run fluctuations as depicted by the data. However, augmented RBC model performs better compared to the simple RBC model
Thesis (PhD) — Boston College, 2012
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
Evangelista, Isaac Ricarte. "Synchronization of business cycles for Brazilian regions." Universidade Federal do CearÃ, 2009. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=13692.
Full textOs paÃses desenvolvidos tÃm grande interesse em saber qual à âo estado atual de sua economiaâ, e tenta prever qual deve ser esse estado em um futuro prÃximo. O interesse do governo no assunto està ligado a questÃes orÃamentÃrias, previdenciÃrias, e atà mesmo intervencionistas. As empresas tambÃm se interessam pela questÃo, pois disso depende a rentabilidade de seus negÃcios e de seus investimentos. Infelizmente, nenhuma sociedade atual possui uma estimativa direta (e um previsor) do âestado da economiaâ, pois essa à uma variÃvel latente, isto Ã, nÃo observÃvel. Recentemente hà uma preocupaÃÃo maior em tentar mensurar o comportamento cÃclico das economias. Em particular, a anÃlise da sincronizaÃÃo do ciclo econÃmico entre diferentes paÃses torna-se um tema de crescente interesse em ambos os cÃrculos acadÃmicos e polÃtico. à fato observar que economias desenvolvidas tÃm se tornado bem mais integrada nos Ãltimos anos. Nesses paÃses, os fluxos comerciais tÃm aumentado substancialmente e os mercados financeiros se tornam mais homogÃneos. Assim, uma crescente atenÃÃo està sendo dedicada em examinar se os esforÃos para coordenarem suas polÃticas econÃmicas levam a uma maior sincronizaÃÃo de dos ciclos econÃmicos desses paÃses. à de se esperar que paÃses com fortes ligaÃÃes em termos de correlaÃÃes de ciclo econÃmico enfrentem custos menores de aderir a uma uniÃo do que paÃses com menor relatividade cÃclica sincronizada. OBJETIVOS: Nesse contexto, os objetivos do presente trabalho foram dar uma dataÃÃo dos perÃodos de recessÃo das economias de oito estados brasileiros (Bahia, Minas Gerais, Pernambuco, ParanÃ, Rio de Janeiro, Rio Grande do Sul, Santa Catarina e SÃo Paulo) e determinar se hà ocorrÃncia de ciclos econÃmicos sincronizados entre essas economias locais. METODOLOGIA: Desta forma foram utilizadas as sÃries nÃmero-Ãndice da produÃÃo industrial mensal (IPI) â IndÃstria Geral, entre 1981:01 a 2009:03, divulgadas pelo Instituto Brasileiro de Geografia e EstatÃstica (IBGE). Os dados foram convertidos em trimestrais pela mÃdia aritmÃtica, totalizando 113 trimestres. Aplicamos duas ferramentas distintas para obtermos uma dataÃÃo dos ciclos econÃmicos para a economia de cada estado brasileiro. Uma nÃo-paramÃtrica, dada pelo Algoritmo de Harding e Pagan (2002) e uma paramÃtrica, atravÃs das mudanÃas de Markov, seguindo Hamilton (1989). A verificaÃÃo da ocorrÃncia de sincronizaÃÃo dos ciclos econÃmicos se deu atravÃs da construÃÃo de uma matriz simÃtrica de dissimilaridade, assim como foi proposta no trabalho de Camacho (2005). RESULTADOS: verificamos que ambas as metodologias de dataÃÃo se aproximaram no sentido de tentarem apresentar uma dataÃÃo para a recessÃo no ciclo econÃmico descrito pela produÃÃo industrial de cada estado. Quanto à verificaÃÃo de sincronizaÃÃo desses ciclos, ambas as matrizes de dissimilaridade sugerem que os estados de Minas Gerais, SÃo Paulo, Santa Catarina e Rio Grande do Sul apresentam sincronizaÃÃo dos ciclos econÃmicos de suas economias. Os estados do Rio de Janeiro e Paranà nÃo estÃo sincronizados. O estado do Rio de Janeiro està mais prÃximo dos demais estados das regiÃes sul e sudeste que dos estados representativos da regiÃo nordeste. O estado do Paranà nÃo està sincronizado com os estados do nordeste, e hà uma divergÃncia de resultados das matrizes paramÃtrica e nÃo-paramÃtrica em relaÃÃo aos demais estados do sul e sudeste. O estado da Bahia apresenta mÃdia sincronizaÃÃo, exceto com os estados do Pernambuco e ParanÃ. Finalmente, Pernambuco parece apresentar um dinamismo diferente dos demais estados, assim com retrata Carvalho (2005). CONCLUSÃO: Nossos resultados evidenciam uma sincronizaÃÃo dos ciclos econÃmicos entre os estados da regiÃo Sul e Sudeste, com exceÃÃo do estado do ParanÃ. Pernambuco nÃo està sincronizado com nenhum dos estados brasileiros estudados. O estado da Bahia està mais prÃximo dos estados do Sul e Sudeste, exceto Paranà e Rio de Janeiro, e como ressaltado anteriormente, nÃo apresenta sincronizaÃÃo com o estado de Pernambuco.
Developed countries are keen to know what "the current state of its economy", and tries to predict what should be the state in the near future. The government's interest in the subject is on the budget, social security, and even interventionist. Companies also are interested in the question, because it depends on the profitability of their business and their investments. Unfortunately, no current society has a direct estimate (and a predictor) of the "state of the economy", as this is a latent variable that is unobservable. Recently there is a greater concern in trying to measure the cyclical behavior of economies. In particular, the analysis of the business cycle synchronization between different countries becomes a subject of increasing interest in both academic and political circles. It is well to note that developed economies have become much more integrated in recent years. In these countries, trade flows have increased substantially and financial markets become more homogeneous. Thus, increasing attention is being devoted to examine whether efforts to coordinate their economic policies lead to greater synchronization of business cycles of these countries. It is expected that countries with strong links in terms of business cycle correlation face lower costs of joining a union than countries with less synchronized cyclic relativity. OBJECTIVES: In this context, the objectives of this study were to take a dating of recessions of economies of eight Brazilian states (Bahia, Minas Gerais, Pernambuco, ParanÃ, Rio de Janeiro, Rio Grande do Sul, Santa Catarina and SÃo Paulo) determine if there is occurrence of synchronized business cycles between these local economies. METHODOLOGY: This way we used the monthly industrial production index number series (IPI) - General Industry from 1981: 01-2009: 03, released by the Brazilian Institute of Geography and Statistics (IBGE). Data were converted to quarterly by the arithmetic average total of 113 quarters. We use two different tools to obtain a dating business cycle for the economy of each Brazilian state. A non-parametric, given by Harding algorithm and Pagan (2002) and a parametric, through the Markov changes, following Hamilton (1989). Verification of the occurrence of synchronization of business cycles was made through the construction of a symmetric matrix of dissimilarity, as was proposed in Camacho's work (2005). RESULTS: we found that both methods of dating approached in order to try to present a dating to the recession in the economic cycle described by industry each state. As for synchronization verification of these cycles, both dissimilarity matrices suggest that the states of Minas Gerais, SÃo Paulo, Santa Catarina and Rio Grande do Sul present synchronization of business cycles of their economies. The state of Rio de Janeiro is closer to the other states of the South and Southeast regions of representative states of the Northeast. The state of Paranà is not synchronized with the northeastern states, and there is a divergence of results of parametric and non-parametric arrays compared to other states in the south and southeast. The state of Bahia has an average synchronization, except with the states of Pernambuco and ParanÃ. Finally, Pernambuco seems to have a different dynamic in other states, so with portrays Carvalho (2005). CONCLUSION: Our results show a synchronization of business cycles between the states of the South and Southeast, with the exception of the state of ParanÃ. Pernambuco is not synchronized with any of the Brazilian states studied. The state of Bahia is closer to the South and Southeast, except Paranà and Rio de Janeiro, and as noted above, has no synchronization with the state of Pernambuco.
Soave, Gian Paulo. "Essays on business cycles in emerging markets." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-06072017-155012/.
Full textO propósito desta tese é investigar a dinâmica dos ciclos reais em economias emergentes, com atenção especial à relação entre as condições financeiras e o comportamento das variáveis macroeconômicas em tais economias. Os ciclos de negócios nos mercados emergentes diferem-se sobremaneira relativamente aos das economias avançadas: nos primeiros, as oscilações são bastante mais pronunciadas em termos de variáveis reais, de mercados financeiros e de variáveis associadas às políticas macroeconômicas. Por exemplo, em se tratando de variáveis macroeconômicas, o produto tende a ser duas vezes mais volátil em países emergentes comparativamente aos países desenvolvidos. Outra diferença interessante relaciona-se às variáveis fiscais: enquanto o gasto do governo tende a ser anticíclico em economias avançadas, em muitos países emergentes tal variável é comumente pró-cíclica, o que tende a reforçar a volatilidade dos agregados macroeconômicos. O presente trabalho visa esclarecer o papel das instabilidades financeiras nos ciclos econômicos em países emergentes e como a pró-ciclicidade de variáveis fiscais pode ser atenuada pela introdução de regras fiscais dependentes de dívida. O Capítulo 1 busca acessar empiricamente as implicações de fricções financeiras para os ciclos e para a dinâmica dos países emergentes. Usando um procedimento de dois estágios, o capítulo inicialmente estima índices de estresse financeiro para uma amostra de 25 economias emergentes visando construir medidas de como as condições financeiras em tais países se comportaram no período de 1994T1 até 2015T4. Em um segundo estágio, o capítulo introduz um modelo vetorial auto-regressivo (VAR) hierárquico bayesiano com efeitos limiares que usa técnicas de pooling bayesiano para estimar eficientemente os parâmetros dos VARs em cada um dos países. Os resultados são resumidos da seguinte maneira: (a) períodos de estresse financeiro ocorrem com frequência considerável nos dados (aproximadamente 30% do tempo); (b) segundos momentos de importantes variáveis macroeconômicas são regime-dependentes, com consumo e investimento sendo mais correlacionado com o produto e com maior volatilidade sob condições financeiras mais restritas; (c) o consumo é mais volátil do que o produto tanto em regimes de liquidez normais quanto em regimes de estresse financeiro; (d) a duração de um período de estresse financeiro é, em média, de 5.4 trimestres; (e) funções de resposta impulso não lineares denotam grandes efeitos de amplificação associados ao aperto nas condições de crédito. No Capítulo 2, um modelo em que instabilidade financeira emerge endogenamente como resultado da presença de restrições ocasionalmente ativas é utilizado para mostrar que muitas das não linearidades documentadas no Capítulo 1 podem ser entendidas como consequências de fricções financeiras. O capítulo baseia-se numa versão simplificada do modelo introduzido por Mendoza (2010), que se caracteriza pela presença de um mecanismo de deflação de dívida à lá Fisher e pela presença de duas externalidades pecuniárias que amplificam a volatilidade macroeconômica caso os agentes formulem expectativas de crise no futuro. Em tal situação, a incerteza se eleva e agentes racionais elevam a poupança precaucionaria como um seguro contra crises. Como extensões, duas fontes adicionais de fricções financeiras são adicionadas ao modelo: (i) volatilidade estocástica no processo da taxa real de juros - motivada por resultados de estimações de VARs com parâmetros variantes no tempo para 9 países emergentes; (ii) um choque financeiro que afeta a restrição de colateral da economia. Os resultados, condicionando-se num regime específico, são consistentes com aqueles do Capítulo 1. Entretanto, fontes adicionais de incerteza induzem uma queda na probabilidade de crise devido ao aumento na poupança precaucionaria. Tal resultado sugere que replicar a frequência de mudança de regime observada nos dados é uma tarefa não trivial para modelos com crises financeiras endógenas. O Capítulo 3 estuda implicações de regras fiscais simples dependentes de dívida em pequenas economias abertas sujeitas a crises financeiras endógenas com externalidade pecuniária. A análise sugere que regras ficais que acomodam os efeitos da acumulação de dívida sobre os preços dos ativos tendem a ser relativamente eficientes em reduzir as consequências das crises, mas podem ter impactos substanciais sobre o bem-estar caso uma crise possa ocorrer. Consolidações fiscais baseadas em regras ad-hoc desenhadas sobre o crescimento da dívida podem ser contraprodutivas nos momentos normais dos ciclos, e podem ter efeitos negativos significantes nos momentos de crise. Exercícios de simulação sugerem que, caso desenhadas com certo cuidado, regras fiscais baseadas em metas para o montante de dívida podem resultar em ganhos de bem-estar. Ressalta-se que, ao resolver os modelos não lineares nos capítulos 2 e 3, a tese estende os algoritmos desenvolvidos em Maliar e Maliar (2013) e Arellano et. al. (2016) do chamado Método Das Condições de Envelope para lidar com restrições ocasionalmente ativas. Tal método, combinado a técnicas de interpolação lineares, é robusto à presença de kinks nas policy functions e capaz de acomodar equilíbrios com distorção e efeitos expectacionais.
Giarda, Mario. "Essays in business cycles with household heterogeneity." Doctoral thesis, Universitat Pompeu Fabra, 2021. http://hdl.handle.net/10803/672875.
Full textEsta tesis contribuye al entendimiento de cómo la desigualdad afecta la transmisión de las fluctuaciones agregadas a través de la demanda agregada. Primero, documentamos cómo la desigualdad de los ingresos laborales (entre trabajadores calificados y no calificados) aumenta en respuesta a shocks expansivos de gasto del gobierno y a contracciones de la política monetaria en EEUU. Aumentos del gasto del gobierno generan desigualdad porque el gasto se concentra en sectores que son más intensivos en trabajo calificado y contracciones monetarias generan desigualdad debido a que los trabajadores no calificados tienen salarios más rígidos. Luego, analizamos el efecto de estos fenómenos sobre el consumo agregado. Mostramos que los trabajadores no calificados en EEUU están más restringidos financieramente que los calificados. Entonces, los primeros son menos capaces de suavizar consumo en respuesta a fluctuaciones en su ingreso. Esto, en adición a las diferencia de respuestas del ingreso, generan amplificación o disminuciópn del efecto de los shocks. Mostramos que a través de la demanda agregada, estas diferencias en rigideces de salarios amplifican el efecto de la política monetaria; y la actual distribución sectorial del gasto del gobierno disminuye el multiplicador fiscal si los trabajadores no calificados están más restringidos financieramente. Segundo, estudiamos las ganancias de flexibilizar precios y salarios con hogares restringidos financieramente. Mostramos que con restricciones financieras y precios y salarios rígidos, aparece un canal distribucional de rigideces nominales, que opera a través de la demanda agregada. Mostramos que la demanda agregada depende de la rigidez relativa de salarios y precios. En particular, que hay amplificación de shocks de demanda si los salarios son más flexibles relativo a los precios. Esto ocurre debido a que en respuesta al shock, el trabajador, que típicamente tiene una mayor propensión marginal a consumir (PMC) sufre más del shock que el dueño de la firma, que tiene una baja PMC.
Feng, Ning. "Essays on business cycles and macroeconomic forecasting." HKBU Institutional Repository, 2016. https://repository.hkbu.edu.hk/etd_oa/279.
Full textHuang, Rong. "Business cycles in East and Southeast Asia." Thesis, University of Surrey, 2010. http://epubs.surrey.ac.uk/844387/.
Full textHan, Jing. "Essays on Business Cycles and Monetary Policy." The Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1243891082.
Full textZhang, Fang. "Essays on Rational Inattention and Business Cycles." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1338256275.
Full textJo, In Hwan. "Essays on Business Cycles with Credit Shocks." The Ohio State University, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=osu1429292314.
Full textKim, Heejeong. "Inequality, Skills, Asset Choice, and Business Cycles." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu1492448320261651.
Full textPinchetti, Marco Luca. "Essays on Business Cycles and Monetary Policy." Doctoral thesis, Universite Libre de Bruxelles, 2020. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/314638.
Full textDoctorat en Sciences économiques et de gestion
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Winkler, Fabian. "Essays on financial markets and business cycles." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3136/.
Full textZagler, Martin. "Empirical evidence on growth and business cycles." Springer, 2017. http://dx.doi.org/10.1007/s10663-016-9336-4.
Full textDuncan, Alfred James Michael. "Essays on financial contracts and business cycles." Thesis, University of Glasgow, 2015. http://theses.gla.ac.uk/7267/.
Full textPeng, Tao. "Essays on business cycles in emerging economies." Diss., Connect to online resource - MSU authorized users, 2008.
Find full textSotoodehnia, Arash. "Business cycles and the financial propagation mechanism." Available to US Hopkins community, 2002. http://wwwlib.umi.com/dissertations/dlnow/3068247.
Full textZivanovic, Jelena. "Essays on Credit Markets and Business Cycles." Doctoral thesis, Humboldt-Universität zu Berlin, 2018. http://dx.doi.org/10.18452/19356.
Full textThis thesis examines the role of corporate debt financing for the real economy. First, I study the conditional dynamics of the external finance premium using US data and find that the premium is countercyclical following supply and monetary policy shocks. Second, I analyze to which extent bank and bond financing affect the transmission of economic shocks in the context of a DSGE model. To the extent that large firms predominantly use capital market finance, whereas small firms rely on bank loans, the model predicts that the composition of corporate debt is relevant for the propagation of shocks. Contractionary monetary policy and financial shocks impair the ability of leveraged banks to provide loans, which adversely affects small firms. Bond financing dependent firms can nevertheless issue bonds in times of rising bond finance premia. These firms do not reduce their investments as strongly as bank financing dependent firms. As a consequence, the economy that relies only on bank credit is affected more by shocks than the economy with bank and bond finance. Finally, the model is used to evaluate the optimal mix of conventional, unconventional and macroprudential policies for segmented credit markets. I find that the optimal policy mix attains the highest welfare gains following financial shocks.
Terada, Kevin Akio. "Conditional asymmetry and the business cycle /." view abstract or download file of text, 2000. http://wwwlib.umi.com/cr/uoregon/fullcit?p9998020.
Full textTypescript. Includes vita and abstract. Includes bibliographical references (leaves 179-182). Also available for download via the World Wide Web; free to University of Oregon users.
Male, Rachel Louise. "Developing country business cycles : characterizing the cycle and investigating the output persistence problem." Thesis, University of York, 2009. http://etheses.whiterose.ac.uk/864/.
Full textJung, Hyungmin. "Essays on business cycles persistence, shocks and estimation /." Connect to resource, 2005. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1120465599.
Full textTitle from first page of PDF file. Document formatted into pages; contains xi, 126 p.; also includes graphics. Includes bibliographical references (p. 121-126). Available online via OhioLINK's ETD Center
Morozumi, Atsuyoshi. "Credit market imperfections, nominal rigidities, and business cycles." Thesis, University of Warwick, 2009. http://wrap.warwick.ac.uk/3178/.
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