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Статті в журналах з теми "Occasionally binding collateral constraints"

Автор: Grafiati

Опубліковано: 11 березня 2023

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1

Jensen, Henrik, Ivan Petrella, Søren Hove Ravn, and Emiliano Santoro. "Leverage and Deepening Business-Cycle Skewness." American Economic Journal: Macroeconomics 12, no. 1 (January 1, 2020): 245–81. http://dx.doi.org/10.1257/mac.20170319.

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Анотація:

We document that the United States and other G7 economies have been characterized by an increasingly negative business-cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of households and firms. To support this view, we devise and estimate a dynamic general equilibrium model with collateralized borrowing and occasionally binding credit constraints. Improved access to credit increases the likelihood that financial constraints become nonbinding in the face of expansionary shocks, allowing agents to freely substitute inter-temporally. Contractionary shocks, however, are further amplified by drops in collateral values, since constraints remain binding. As a result, booms become progressively smoother and more prolonged than busts. Finally, in line with recent empirical evidence, financially driven expansions lead to deeper contractions, as compared with equally sized nonfinancial expansions. (JEL D14, E23, E32, E44)

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2

HOLDEN, TOM D., PAUL LEVINE, and JONATHAN M. SWARBRICK. "Credit Crunches from Occasionally Binding Bank Borrowing Constraints." Journal of Money, Credit and Banking 52, no. 2-3 (January 13, 2019): 549–82. http://dx.doi.org/10.1111/jmcb.12601.

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3

Cuba‐Borda, Pablo, Luca Guerrieri, Matteo Iacoviello, and Molin Zhong. "Likelihood evaluation of models with occasionally binding constraints." Journal of Applied Econometrics 34, no. 7 (September 2, 2019): 1073–85. http://dx.doi.org/10.1002/jae.2729.

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4

Christiano, Lawrence J., and Jonas D. M. Fisher. "Algorithms for solving dynamic models with occasionally binding constraints." Journal of Economic Dynamics and Control 24, no. 8 (July 2000): 1179–232. http://dx.doi.org/10.1016/s0165-1889(99)00016-0.

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5

Cao-Alvira, José J. "Finite Elements in the Presence of Occasionally Binding Constraints." Computational Economics 35, no. 4 (February 18, 2010): 355–70. http://dx.doi.org/10.1007/s10614-010-9203-5.

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6

Brzoza-Brzezina, Michał, Marcin Kolasa, and Krzysztof Makarski. "A penalty function approach to occasionally binding credit constraints." Economic Modelling 51 (December 2015): 315–27. http://dx.doi.org/10.1016/j.econmod.2015.07.021.

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7

Brumm, Johannes, and Michael Grill. "Computing equilibria in dynamic models with occasionally binding constraints." Journal of Economic Dynamics and Control 38 (January 2014): 142–60. http://dx.doi.org/10.1016/j.jedc.2013.09.007.

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8

Abo-Zaid, Salem. "Optimal long-run inflation with occasionally binding financial constraints." European Economic Review 75 (April 2015): 18–42. http://dx.doi.org/10.1016/j.euroecorev.2015.01.004.

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9

Li, Shuyun May, and Scott Dressler. "Business cycle asymmetry via occasionally binding international borrowing constraints." Journal of Macroeconomics 33, no. 1 (March 2011): 33–41. http://dx.doi.org/10.1016/j.jmacro.2010.09.007.

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10

Dixon, Huw, and Panayiotis M. Pourpourides. "On imperfect competition with occasionally binding cash-in-advance constraints." Journal of Macroeconomics 50 (December 2016): 72–85. http://dx.doi.org/10.1016/j.jmacro.2016.09.002.

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11

Nakata, Taisuke. "Optimal Fiscal and Monetary Policy with Occasionally Binding Zero Bound Constraints." Finance and Economics Discussion Series 2013, no. 40 (April 2013): 1–30. http://dx.doi.org/10.17016/feds.2013.40.

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12

BLUWSTEIN, KRISTINA, MICHAł BRZOZA‐BRZEZINA, PAOLO GELAIN, and MARCIN KOLASA. "Multiperiod Loans, Occasionally Binding Constraints, and Monetary Policy: A Quantitative Evaluation." Journal of Money, Credit and Banking 52, no. 7 (June 29, 2020): 1691–718. http://dx.doi.org/10.1111/jmcb.12689.

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13

Nakata, Taisuke. "Optimal fiscal and monetary policy with occasionally binding zero bound constraints." Journal of Economic Dynamics and Control 73 (December 2016): 220–40. http://dx.doi.org/10.1016/j.jedc.2016.09.011.

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14

Biljanovska, Nina. "OPTIMAL POLICY IN COLLATERAL CONSTRAINED ECONOMIES." Macroeconomic Dynamics 23, no. 2 (September 18, 2017): 798–836. http://dx.doi.org/10.1017/s1365100517000049.

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Анотація:

This paper examines optimal policy in a macroeconomic model with collateral constraints. Binding collateral constraints yield inefficient competitive equilibrium allocations because they distort the optimal utilization of real resources. I identify the set of policy instruments that can be used by a Ramsey planner to achieve the first-best and the second-best (i.e., constrained planner's) allocations. A system of distortionary taxes on capital and labor income, along with direct lump-sum transfers among borrowers and lenders replicates the first-best outcome. The tax rates correct for the marginal distortions, whereas the direct lump-sum transfers perform income redistributions among the agents. In absence of direct lump-sum transfers, the distortionary taxes have an additional role, i.e., to perform implicit income transfers, and only second-best outcomes are attainable. I also derive the optimal policy in response to real and financial shocks, and show how the policy recommendations differ depending on the set of policy instruments available.

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15

Aruoba, S. Borağan, Pablo Cuba-Borda, Kenji Higa-Flores, Frank Schorfheide, and Sergio Villalvazo. "Piecewise-linear approximations and filtering for DSGE models with occasionally-binding constraints." Review of Economic Dynamics 41 (July 2021): 96–120. http://dx.doi.org/10.1016/j.red.2020.12.003.

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16

Guerrieri, Luca, and Matteo Iacoviello. "OccBin : A Toolkit for Solving Dynamic Models with Occasionally Binding Constraints Easily." Finance and Economics Discussion Series 2014, no. 047 (2014): 1–49. http://dx.doi.org/10.17016/feds.2014.047.

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17

Guerrieri, Luca, and Matteo Iacoviello. "OccBin: A toolkit for solving dynamic models with occasionally binding constraints easily." Journal of Monetary Economics 70 (March 2015): 22–38. http://dx.doi.org/10.1016/j.jmoneco.2014.08.005.

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18

Hintermaier, Thomas, and Winfried Koeniger. "The method of endogenous gridpoints with occasionally binding constraints among endogenous variables." Journal of Economic Dynamics and Control 34, no. 10 (October 2010): 2074–88. http://dx.doi.org/10.1016/j.jedc.2010.05.002.

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19

White, Neil. "An envelope method for solving continuous-time stochastic models with occasionally binding constraints." Economics Letters 214 (May 2022): 110434. http://dx.doi.org/10.1016/j.econlet.2022.110434.

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20

Cao, Dan, Wenlan Luo, and Guangyu Nie. "Uncovering the Effects of the Zero Lower Bound with an Endogenous Financial Wedge." American Economic Journal: Macroeconomics 15, no. 1 (January 1, 2023): 135–72. http://dx.doi.org/10.1257/mac.20200495.

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Анотація:

We study the effects of the zero lower bound (ZLB) on the severity of financial crises using an incomplete markets New Keynesian model with two occasionally binding constraints: a ZLB on the nominal interest rate and a borrowing constraint tied to an asset price. The model’s financial wedge corresponds to an endogenous multiplier on the borrowing constraint. Binding ZLB exacerbates financial crises through its interaction with the asset fire sale vicious cycle, driving up the financial wedge. Our results offer a novel reinterpretation of the negligible effect of the ZLB in representative agent New Keynesian models with exogenous wedges. (JEL E12, E31, E32, E43, E52, G01)

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21

Mendoza, Enrique G., and Sergio Villalvazo. "FiPIt: A simple, fast global method for solving models with two endogenous states & occasionally binding constraints." Review of Economic Dynamics 37 (July 2020): 81–102. http://dx.doi.org/10.1016/j.red.2020.01.001.

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22

Rush, Jamie. "MODELLING STATE-CONTINGENT FISCAL RULES IN THE UNITED KINGDOM." National Institute Economic Review 254 (November 2020): R41—R53. http://dx.doi.org/10.1017/nie.2020.40.

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Анотація:

I assess a novel rule that was introduced in the UK in 2015. It gave the British government fiscal flexibility whenever GDP growth warranted it. This rule lasted just a year, but it had features worth exploring. I apply solution methods for models with occasionally-binding constraints to assess the demand stabilisation properties of state-contingent fiscal rules. First it is shown that fiscal flexibility can make recessions shallower. Second, it is suggested that GDP growth, rather than measures of the output gap, is a better indicator for triggering fiscal flexibility.

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23

Devereux, Michael B., and Changhua Yu. "International Financial Integration and Crisis Contagion." Review of Economic Studies 87, no. 3 (October 9, 2019): 1174–212. http://dx.doi.org/10.1093/restud/rdz054.

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Анотація:

Abstract International financial integration helps to diversify risk but also may spread crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with collateral-constrained borrowing using a global solution method. Borrowing constraints bind occasionally, depending upon the state of the economy and levels of inherited debt. We examine different degrees of international financial integration, moving from financial autarky, to bond and equity market integration. Financial integration leads to a significant increase in global leverage, substantially escalates the probability of crises for any one country, and dramatically increases the degree of “contagion” across countries. Outside of crises, the impact of financial integration on macroeconomic aggregates is relatively small. But the impact of a crisis with integrated international financial markets is much less severe than that under financial market autarky. Thus, a trade-off emerges between the probability of crises and the severity of crises. Using a large cross-country database of financial crises in developing and developed economies over a forty-year period, we find evidence in support of the model.

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24

Farhi, Emmanuel, and Iván Werning. "Monetary Policy, Bounded Rationality, and Incomplete Markets." American Economic Review 109, no. 11 (November 1, 2019): 3887–928. http://dx.doi.org/10.1257/aer.20171400.

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Анотація:

This paper extends the benchmark New-Keynesian model by introducing two frictions: (i) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (ii) bounded rationality in the form of level-k thinking. Compared to the benchmark model, we show that the interaction of these two frictions leads to a powerful mitigation of the effects of monetary policy, which is more pronounced at long horizons, and offers a potential rationalization of the “forward guidance puzzle.” Each of these frictions, in isolation, would lead to no or much smaller departures from the benchmark model. (JEL D52, D81, E12, E52)

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25

Ferraro, Domenico, and Giuseppe Fiori. "Non-Linear Employment Effects of Tax Policy." International Finance Discussion Paper 2021, no. 1333 (December 20, 2021): 1–60. http://dx.doi.org/10.17016/ifdp.2021.1333.

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We study the non-linear propagation mechanism of tax policy in a heterogeneous agent equilibrium business cycle model with search frictions in the labor market and an extensive margin of employment adjustment. The model exhibits endogenous job destruction and endogenous hiring standards in the form of occasionally-binding zero-surplus constraints. After parameterizing the model using U.S. data, we find that the dynamic response of employment to a temporary change in the labor income tax is highly non-linear, displaying sizable asymmetries and state-dependence. Notably, the response to a tax rate cut is at least twice as large in a recession as in an expansion.

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26

Akinci, Ozge, and Albert Queralto. "Credit Spreads, Financial Crises, and Macroprudential Policy." American Economic Journal: Macroeconomics 14, no. 2 (April 1, 2022): 469–507. http://dx.doi.org/10.1257/mac.20180059.

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Credit spreads display occasional spikes and are more strongly countercyclical in times of elevated financial stress. Financial crises are extreme cases of this nonlinear behavior, featuring skyrocketing credit spreads, sharp losses in bank equity, and deep recessions. We develop and estimate a macroeconomic model with a banking sector in which banks’ leverage constraints are occasionally binding and equity issuance is endogenous. The model captures the nonlinearities in the data and produces quantitatively realistic crises. Banks’ precautionary equity issuance makes crises infrequent but does not prevent them altogether. A macroprudential policy inducing banks to issue more equity has considerable welfare benefits. (JEL E13, E32, E44, G01, G21, G28)

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27

Hebden, James, and Fabian Winkler. "Impulse-Based Computation of Policy Counterfactuals." Finance and Economics Discussion Series 2021, no. 041 (July 15, 2021): 1–47. http://dx.doi.org/10.17016/feds.2021.042.

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We propose an efficient procedure to solve for policy counterfactuals in linear models with occasionally binding constraints. The procedure does not require knowledge of the structural or reduced-form equations of the model, its state variables, or its shock processes. Forecasts of the variables entering the policy problem, and impulse response functions of these variables to anticipated policy shocks under an arbitrary policy, constitute sufficient information to construct valid counterfactuals. We show how to compute solutions for instrument rules and optimal discretionary and commitment policies with multiple policy instruments, and discuss various extensions, including imperfect information, asymmetric objectives, and limited commitment. Our procedure facilitates the comparison of the effects of policy regimes across models. As an application, we compute counterfactual paths of the U.S. economy around 2015 for several monetary policy regimes.

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28

Bobenrieth, Juan R. A., Eugenio S. A. Bobenrieth, Andrés F. Villegas, and Brian D. Wright. "Estimation of Endogenous Volatility Models with Exponential Trends." Mathematics 10, no. 15 (July 28, 2022): 2647. http://dx.doi.org/10.3390/math10152647.

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Nonlinearities, exponential trends, and Euler equations are three key features of standard dynamic volatility models of speculation, economic growth, or macroeconomic fluctuations with occasionally binding constraints and endogenous state-dependent volatility. A natural way to estimate a model with all such three features could be to use the observed nonstationary data in a single step without preliminary linearization, log-linearization, or preliminary detrending. Adoption of this natural strategy confronts a serious challenge that has been neither articulated nor solved: a dichotomy in the empirical model implied by the Euler equation. This leads to a discontinuity in the regression in the limit, rendering the approaches employed in available proofs of consistency inapplicable. We characterize the problem and develop a novel method of proof of consistency and asymptotic normality. Our methodological contribution establishes a foundation for consistent estimation and hypothesis testing of nonstationary models without resorting to preliminary detrending, an a priori assumption that any trend is exactly zero linearization or other restrictions on the model.

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29

Mijailovich, Srboljub M., Oliver Kayser-Herold, Boban Stojanovic, Djordje Nedic, Thomas C. Irving, and Michael A. Geeves. "Three-dimensional stochastic model of actin–myosin binding in the sarcomere lattice." Journal of General Physiology 148, no. 6 (November 18, 2016): 459–88. http://dx.doi.org/10.1085/jgp.201611608.

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The effect of molecule tethering in three-dimensional (3-D) space on bimolecular binding kinetics is rarely addressed and only occasionally incorporated into models of cell motility. The simplest system that can quantitatively determine this effect is the 3-D sarcomere lattice of the striated muscle, where tethered myosin in thick filaments can only bind to a relatively small number of available sites on the actin filament, positioned within a limited range of thermal movement of the myosin head. Here we implement spatially explicit actomyosin interactions into the multiscale Monte Carlo platform MUSICO, specifically defining how geometrical constraints on tethered myosins can modulate state transition rates in the actomyosin cycle. The simulations provide the distribution of myosin bound to sites on actin, ensure conservation of the number of interacting myosins and actin monomers, and most importantly, the departure in behavior of tethered myosin molecules from unconstrained myosin interactions with actin. In addition, MUSICO determines the number of cross-bridges in each actomyosin cycle state, the force and number of attached cross-bridges per myosin filament, the range of cross-bridge forces and accounts for energy consumption. At the macroscopic scale, MUSICO simulations show large differences in predicted force-velocity curves and in the response during early force recovery phase after a step change in length comparing to the two simplest mass action kinetic models. The origin of these differences is rooted in the different fluxes of myosin binding and corresponding instantaneous cross-bridge distributions and quantitatively reflects a major flaw of the mathematical description in all mass action kinetic models. Consequently, this new approach shows that accurate recapitulation of experimental data requires significantly different binding rates, number of actomyosin states, and cross-bridge elasticity than typically used in mass action kinetic models to correctly describe the biochemical reactions of tethered molecules and their interaction energetics.

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30

Smith, Philip H., Edward L. Bartlett, and Anna Kowalkowski. "Cortical and Collicular Inputs to Cells in the Rat Paralaminar Thalamic Nuclei Adjacent to the Medial Geniculate Body." Journal of Neurophysiology 98, no. 2 (August 2007): 681–95. http://dx.doi.org/10.1152/jn.00235.2007.

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The paralaminar nuclei, including the medial division of the medial geniculate nucleus, surround the auditory thalamus medially and ventrally. This multimodal area receives convergent inputs from auditory, visual, and somatosensory structures and sends divergent outputs to cortical layer 1, amygdala, basal ganglia, and elsewhere. Studies implicate this region in the modulation of cortical 40-Hz oscillations, cortical information binding, and the conditioned fear response. We recently showed that the basic anatomy and intrinsic physiology of paralaminar cells are unlike that of neurons elsewhere in sensory thalamus. Here we evaluate the synaptic inputs to paralaminar cells from the inferior and superior colliculi and the cortex. Combined physiological and anatomical evidence indicates that paralaminar cells receive both excitatory and inhibitory inputs from both colliculi and excitatory cortical inputs. Excitatory inputs from all three sources typically generate small summating EPSPs composed of AMPA and NMDA components and terminate primarily on smaller dendrites and occasionally on dendritic spines. The cortical input shows strong paired-pulse facilitation (PPF), whereas both collicular inputs show weak PPF or paired-pulse depression (PPD). EPSPs of cells with no low-threshold calcium conductance do not evoke a burst response when the cell is hyperpolarized. Longer-latency EPSPs were seen and our evidence indicates that these arise from axon collateral inputs of other synaptically activated paralaminar cells. The inhibitory collicular inputs are GABAergic, activate GABAA receptors, and terminate on dendrites. Their activation can greatly alter EPSP-generated spike number and timing.

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31

Putri, Mega Kurnia, Reka Dewantara, and Diah Aju Wisnu. "The Implementation of Prudential Principles in Liquiding Credit Using Covernote Notary." International Journal of Multicultural and Multireligious Understanding 7, no. 7 (August 8, 2020): 436. http://dx.doi.org/10.18415/ijmmu.v7i7.1865.

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Анотація:

The problems that often occur when using a notary Covernote in this credit agreement, until during the process of Proprietary certificates issuance and binding of the rights of liabilities has not been completed. In contrast, the credit has been disbursed to the customer debtor and the credit was stuck, or the debtor customer has tort. This condition certainly causes the bank not to execute the credit guarantee that could result in losses from the bank. The purpose of this research is to analyze the implementation of prudence principles in the process of disbursement of credit conducted by PT. Bank Rakyat Indonesia (Persero) Tbk. Bojonegoro Branch by using notary Covernote and analyzing the legal consequences of application of prudence principle in the use of notary cover note in the process of disbursement of credit conducted by PT. Bank Rakyat Indonesia (Persero) Tbk. Bojonegoro Branch. The study used an empirical and sociological juridical approach. The data sources in this study through Library Research and field research and the data used are primary data and secondary data. The sample in this study is all employees of PT. Bank Rakyat Indonesia (Persero) Tbk. Bojonegoro Branch Office. The results of this study showed that the constraints encountered in the application of prudence principles on the use of notary Covernote as the basis of disbursement of credit, among others: in terms of juridical, the arrangement on covernotes used as a condition of disbursement of financing has not existed either in the law, government regulations, Bank Indonesia regulation, and in the form of a memorandum of understanding. Covernote is arising based on the habit so that the bank that determines the use of covernote can be a factor that affects the implementation of the principle of banking prudence if each party does not understand clearly about the existence of the related covernote binding collateral. In terms of Non-juridical, the constraints encountered are influenced by the factors of law enforcement, facilities and facility, and socio-economic factors of society and culture.

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32

Praščević, Aleksandra, and Milutin Ješić. "Modeling Macroeconomic Policymakers’ Interactions under Zero Lower Bound Environment: The New Keynesian Theoretical Approach." Journal of Central Banking Theory and Practice 8, no. 1 (January 1, 2019): 5–38. http://dx.doi.org/10.2478/jcbtp-2019-0001.

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Анотація:

Abstract The paper examines how the implicit coordination mechanisms between the policymakers could help in overcoming negative macroeconomic consequences which are provoked by the problem of zero lower bound (ZLB) on the nominal interest rates. For the long period of time, before the global recession started, the ZLB problem was not found to be interesting for researchers. Immediately after the crisis outbreak, more attention was put on that problem within different approaches since conventional monetary policy faced substantial limitation in overcoming business cycles. Many authors have proposed new unconventional measures in both monetary policy and fiscal policy sphere. The theoretical approaches to the ZLB problem include many different aspects. In the paper we chose to use regime switching models adjusted to simulate occasionally binding constraints in order to investigate different scenarios within the New Keynesian framework. We found that coordination between more passive monetary policymaker and more active fiscal policymaker is crucial in the ZLB environment. Central bank has to follow monetary policy rule in which both inflation stabilization and output stabilization have certain positive weight. However, credible policy-making which is supported by the relevant institutions is a necessary precondition for implicit coordination, which substantially decrease the losses occurred as a consequence of ZLB on interest rates.

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33

Olson, K. C. "154 Awardee Talk – Tares among the wheat: sericea lespedeza invasion of native tallgrass prairie." Journal of Animal Science 97, Supplement_3 (December 2019): 151. http://dx.doi.org/10.1093/jas/skz258.310.

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Анотація:

Abstract North-American tallgrass prairie provides an array of ecosystem services including carbon sequestration, biodiversity preservation, and forage for grazing livestock. Once covering 68 million ha, only 4% remains today. The largest remnant (~1.5 million ha) lies in the Kansas Flint Hills, home to ~1.3 million yearling cattle and ~90,000 beef cows annually. Unfortunately, the functionality of this ecosystem is threatened by an exotic invader - sericea lespedeza (Lespedeza cuneata). Known colloquially as sericea, it is a perennial forb with prodigious capacity to proliferate. Sericea selection by grazing cattle is poor; condensed-tannin concentrations in wild-type sericea approach 20% of plant DM. Total-tract N digestibility by steers consuming sericea-contaminated tallgrass-prairie hay was documented at < 0%. Sericea control has been attempted using herbicides. This has not limited proliferation and has resulted in collateral damage to non-target lifeforms. Attempts to naturalize sericea to the ecosystem via enhanced herbivory were evaluated. Supplementation of beef cow diets with tannin-binding feedstuffs resulted in ≥29% increases in sericea selection compared with non-supplemented cows. Co-grazing beef cows and goats was associated with >20% more defoliation of sericea than beef-cow grazing alone. Sequential grazing of yearling steers followed by mature ewes resulted in >92% defoliation of sericea compared with < 2% in pastures grazed by steers alone. Unfortunately, widespread adoption of these techniques by the ranching community hasn’t occurred because of costs or logistical constraints. More recently, prescribed fire as a low-cost means of control was evaluated. Prescribed fires in late summer greatly diminished sericea proliferation compared with prescribed fires in spring (i.e., traditional prescribed-fire season). No changes in peak forage biomass or C4 grass-species abundance were observed; moreover, native legumes and nectar-producing forbs increased ≥2-fold in response to summer fire. Cultural acceptability of prescribed fire in the region is high; significant adoption by the ranching community has been observed.

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34

Lin, Tzu-Yu. "Asymmetric Effects of Monetary Policy." B.E. Journal of Macroeconomics, October 30, 2020. http://dx.doi.org/10.1515/bejm-2020-0084.

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Анотація:

AbstractIn this paper, we first use a structural vector autoregression model to examine whether the US economy responds asymmetrically to expansionary and contractionary monetary policies. The empirical results show that monetary policy has significant asymmetric effects on output and investment. To provide an explanation of such asymmetries, we consider a nonlinear dynamic stochastic general equilibrium (DSGE) model in which collateral constraints are occasionally binding over the business cycle. The nonlinear DSGE model is able to match the empirical findings that macroeconomic aggregates react asymmetrically to positive and negative monetary policy shocks.

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35

Aruoba, S. Boragan, Marko Mlikota, Frank Schorfheide, and Sergio Villalvazo. "Svars with Occasionally-Binding Constraints." SSRN Electronic Journal, 2021. http://dx.doi.org/10.2139/ssrn.3809534.

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36

Aruoba, S. Borağan, Marko Mlikota, Frank Schorfheide, and Sergio Villalvazo. "SVARs with occasionally-binding constraints." Journal of Econometrics, November 2021. http://dx.doi.org/10.1016/j.jeconom.2021.07.013.

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37

Werner, Maximilian. "Occasionally Binding Liquidity Constraints and Macroeconomic Dynamics." SSRN Electronic Journal, 2020. http://dx.doi.org/10.2139/ssrn.3635692.

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38

Werner, Maximilian. "Occasionally Binding Liquidity Constraints and Macroeconomic Dynamics." SSRN Electronic Journal, 2016. http://dx.doi.org/10.2139/ssrn.2828686.

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39

Binning, Andrew, and Junior Maih. "Modelling Occasionally Binding Constraints Using Regime-Switching." SSRN Electronic Journal, 2017. http://dx.doi.org/10.2139/ssrn.3073753.

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40

Cuba-Borda, Pablo, Luca Guerrieri, Matteo Iacoviello, and Molin Zhong. "Likelihood Evaluation of Models with Occasionally Binding Constraints." Finance and Economics Discussion Series 2019, no. 028 (April 2019). http://dx.doi.org/10.17016/feds.2019.028.

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41

Holden, Tom, Paul L. Levine, and Jonathan M. Swarbrick. "Credit Crunches from Occasionally Binding Bank Borrowing Constraints." SSRN Electronic Journal, 2018. http://dx.doi.org/10.2139/ssrn.3331452.

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42

Holden, Tom. "Estimation of Dynamic Models with Occasionally Binding Constraints." SSRN Electronic Journal, 2016. http://dx.doi.org/10.2139/ssrn.2966063.

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43

Brzoza-Brzezina, Michal, Marcin Kolasa, and Krzysztof Makarski. "A Penalty Function Approach to Occasionally Binding Credit Constraints." SSRN Electronic Journal, 2013. http://dx.doi.org/10.2139/ssrn.2350162.

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44

Abo-Zaid, Salem M. "Optimal Long-Run Inflation with Occasionally-Binding Financial Constraints." SSRN Electronic Journal, 2012. http://dx.doi.org/10.2139/ssrn.2069017.

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45

Ernesto Guerra, V., H. Eugenio Bobenrieth, H. Juan Bobenrieth, and Brian D. Wright. "Solving Dynamic Stochastic Models with Multiple Occasionally Binding Constraints." Economic Modelling, September 2021, 105636. http://dx.doi.org/10.1016/j.econmod.2021.105636.

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46

Biljanovska, Nina, Lucyna Gornicka, and Alexandros Vardoulakis. "Optimal Macroprudential Policy and Asset Price Bubbles." IMF Working Papers 19, no. 184 (August 30, 2019). http://dx.doi.org/10.5089/9781513511078.001.

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Анотація:

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.

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47

Föll, Tobias. "Collateral Constraints, Wage Rigidity, and Jobless Recoveries." B.E. Journal of Macroeconomics, September 15, 2021. http://dx.doi.org/10.1515/bejm-2020-0221.

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Abstract The Great Recession has drawn attention to the importance of macro-financial linkages. In this paper I explore the joint role of imperfections in labor and financial markets for the cyclical adjustment of the labor market. I show that jobless recoveries emerge when, upon exiting a recession, firms are faced with deteriorating credit conditions. On the financial side, collateral requirements affect the cost of borrowing for firms. On the employment side, hiring frictions and wage rigidity increase the need for credit, making the binding collateral constraint more relevant. In a general equilibrium business cycle model with search and matching frictions, I illustrate that tightening credit conditions calibrated from data negatively affect employment adjustments during recovery periods. Wage rigidity substantially amplifies this mechanism, generating empirically plausible fluctuations in employment and output.

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48

Boehl, Gregor. "Efficient Solution and Computation of Models with Occasionally Binding Constraints." SSRN Electronic Journal, 2022. http://dx.doi.org/10.2139/ssrn.4155283.

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49

Boehl, Gregor. "Efficient Solution and Computation of Models with Occasionally Binding Constraints." Journal of Economic Dynamics and Control, September 2022, 104523. http://dx.doi.org/10.1016/j.jedc.2022.104523.

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50

Harrison, Richard, and Matthew Waldron. "Optimal Policy with Occasionally Binding Constraints: Piecewise Linear Solution Methods." SSRN Electronic Journal, 2021. http://dx.doi.org/10.2139/ssrn.3796319.

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