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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2017.4
- 수록면
- 63 - 92 (30page)
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초록· 키워드
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In this paper, we constructed a dynamic stochastic general equilibrium model with credit spread, government expenditure, productivity, investment specific technology and preference shocks in order to quantitatively account for the U.S. business cycle fluctuations through 1985-2014. We find that fluctuations in productivity and preference shocks are important in accounting for the fluctuations in output while investment specific technology shocks are important in accounting for the fluctuations in the investment rate. Moreover, credit spread shocks play a significant role in the decline in output and investment rate during the recent financial crisis. Therefore, in our environment, unlike Chari, Kehoe and McGrattan (2007), the intertemporal distortions caused by financial frictions do matter.
목차
1. INTRODUCTION
2. THE U.S. BUSINESS CYCLE AND CREDIT SPREADS
3. MODEL
4. QUANTITATIVE ANALYSIS
5. CONCLUSION
REFERENCES
참고문헌 (23)
참고문헌 신청
[보고서] - Adjemian, S. / 2011 / Dynare: Reference Manual Version 4
[학술지(정기간행물)] - Bernanke, B. / 1989 / Agency Costs, Net Worth, and Business Fluctuations / American Economic Review 79 (1) : 14 ~ 31
[단행본] - Bernanke, B. / 1999 / Handbook of Macroeconomics, vol. 1C : 1341 ~ 1393
[단행본] - Brinca, P. / 2016 / Handbook of Macroeconomics, vol. 2 : 1013 ~ 1063
[학술지(정기간행물)] - Buera, F. / 2015 / Aggregate Implications of a Credit Crunch: The Importance of Heterogeneity / American Economic Journal 7 (3) : 1 ~ 42
[학술지(정기간행물)] - Bernanke, B. / 1989 / Agency Costs, Net Worth, and Business Fluctuations / American Economic Review 79 (1) : 14 ~ 31
[단행본] - Bernanke, B. / 1999 / Handbook of Macroeconomics, vol. 1C : 1341 ~ 1393
[단행본] - Brinca, P. / 2016 / Handbook of Macroeconomics, vol. 2 : 1013 ~ 1063
[학술지(정기간행물)] - Buera, F. / 2015 / Aggregate Implications of a Credit Crunch: The Importance of Heterogeneity / American Economic Journal 7 (3) : 1 ~ 42
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UCI(KEPA) : I410-ECN-0101-2018-320-000829925