메뉴 건너뛰기




Volumn 32, Issue 11, 2008, Pages 3415-3440

The external finance premium and the macroeconomy: US post-WWII evidence

Author keywords

Bayesian estimation; DSGE; External finance premium; Financial frictions

Indexed keywords


EID: 52949114179     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jedc.2008.02.008     Document Type: Article
Times cited : (101)

References (30)
  • 2
    • 84977364496 scopus 로고
    • Agency costs, net worth, and business fluctuations
    • Bernanke B., and Gertler M. Agency costs, net worth, and business fluctuations. American Economic Review 79 (1989) 14-31
    • (1989) American Economic Review , vol.79 , pp. 14-31
    • Bernanke, B.1    Gertler, M.2
  • 3
    • 70449530457 scopus 로고    scopus 로고
    • The financial accelerator in a quantitative business cycle framework
    • Taylor J., and Woodford M. (Eds), North-Holland, Amsterdam
    • Bernanke B., Gertler M., and Gilchrist S. The financial accelerator in a quantitative business cycle framework. In: Taylor J., and Woodford M. (Eds). Handbook of Macroeconomics vol. 1 (1999), North-Holland, Amsterdam 1341-1393
    • (1999) Handbook of Macroeconomics , vol.1 , pp. 1341-1393
    • Bernanke, B.1    Gertler, M.2    Gilchrist, S.3
  • 5
    • 0000829544 scopus 로고    scopus 로고
    • Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis
    • Carlstrom C.T., and Fuerst T.S. Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis. American Economic Review 87 (1997) 893-910
    • (1997) American Economic Review , vol.87 , pp. 893-910
    • Carlstrom, C.T.1    Fuerst, T.S.2
  • 6
    • 37049012507 scopus 로고    scopus 로고
    • Monetary policy in an estimated DSGE model with a financial accelerator
    • Christensen I., and Dib A. Monetary policy in an estimated DSGE model with a financial accelerator. Review of Economic Dynamics 11 (2008) 155-178
    • (2008) Review of Economic Dynamics , vol.11 , pp. 155-178
    • Christensen, I.1    Dib, A.2
  • 8
    • 15844392342 scopus 로고    scopus 로고
    • Nominal rigidities and the dynamic effects of a shock to monetary policy
    • Christiano L.J., Eichenbaum M., and Evans C. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113 (2005) 1-45
    • (2005) Journal of Political Economy , vol.113 , pp. 1-45
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.3
  • 10
    • 33845301130 scopus 로고    scopus 로고
    • Competition, transmission and bank pricing policies: evidence from Belgian loan and deposit markets
    • De Graeve F., De Jonghe O., and Vander Vennet R. Competition, transmission and bank pricing policies: evidence from Belgian loan and deposit markets. Journal of Banking and Finance 31 (2007) 259-278
    • (2007) Journal of Banking and Finance , vol.31 , pp. 259-278
    • De Graeve, F.1    De Jonghe, O.2    Vander Vennet, R.3
  • 11
    • 52949140298 scopus 로고    scopus 로고
    • Faia, E., Monacelli, T., 2005. Optimal monetary policy, asset prices and credit frictions. CEPR Discussion Paper 4880.
    • Faia, E., Monacelli, T., 2005. Optimal monetary policy, asset prices and credit frictions. CEPR Discussion Paper 4880.
  • 12
    • 34547677653 scopus 로고    scopus 로고
    • Optimal interest rate rules, asset prices and credit frictions
    • Faia E., and Monacelli T. Optimal interest rate rules, asset prices and credit frictions. Journal of Economic Dynamics and Control 31 (2007) 3228-3254
    • (2007) Journal of Economic Dynamics and Control , vol.31 , pp. 3228-3254
    • Faia, E.1    Monacelli, T.2
  • 13
    • 0033371705 scopus 로고    scopus 로고
    • The information in the high-yield bond spread for the business cycle: evidence and some implications
    • Gertler M., and Lown C. The information in the high-yield bond spread for the business cycle: evidence and some implications. Oxford Review of Economic Policy 15 (1999) 132-150
    • (1999) Oxford Review of Economic Policy , vol.15 , pp. 132-150
    • Gertler, M.1    Lown, C.2
  • 15
    • 0242508472 scopus 로고    scopus 로고
    • Asset prices and business cycles with costly external finance
    • Gomes J.F., Yaron A., and Zhang L. Asset prices and business cycles with costly external finance. Review of Economic Dynamics 6 (2003) 767-788
    • (2003) Review of Economic Dynamics , vol.6 , pp. 767-788
    • Gomes, J.F.1    Yaron, A.2    Zhang, L.3
  • 17
    • 0033963790 scopus 로고    scopus 로고
    • The role of investment-specific technological change in the business cycle
    • Greenwood J., Hercowitz Z., and Krusell P. The role of investment-specific technological change in the business cycle. European Economic Review 44 (2000) 91-115
    • (2000) European Economic Review , vol.44 , pp. 91-115
    • Greenwood, J.1    Hercowitz, Z.2    Krusell, P.3
  • 19
    • 52949121506 scopus 로고    scopus 로고
    • Levin, A.T., Natalucci, F.M., Zakrajšek, E., 2004. The magnitude and cyclical behaviour of financial market frictions. Finance and Economics Discussion Series 70, Federal Reserve Board.
    • Levin, A.T., Natalucci, F.M., Zakrajšek, E., 2004. The magnitude and cyclical behaviour of financial market frictions. Finance and Economics Discussion Series 70, Federal Reserve Board.
  • 21
    • 52949124533 scopus 로고    scopus 로고
    • Lown, C., Morgan, D., Rohatgi, S., 2000. Listening to loan officers: the impact of commercial credit standards on lending and output. FRBNY Economic Policy Review, Federal Reserve Bank of New York, July 2000.
    • Lown, C., Morgan, D., Rohatgi, S., 2000. Listening to loan officers: the impact of commercial credit standards on lending and output. FRBNY Economic Policy Review, Federal Reserve Bank of New York, July 2000.
  • 22
    • 52949121868 scopus 로고    scopus 로고
    • Meeks, R., 2007. Shocks and cycles in the credit market. Mimeo, University of Oxford.
    • Meeks, R., 2007. Shocks and cycles in the credit market. Mimeo, University of Oxford.
  • 23
    • 33746349173 scopus 로고    scopus 로고
    • Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions
    • Meier A., and Müller G.J. Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions. Journal of Money, Credit and Banking 38 (2006) 2099-2134
    • (2006) Journal of Money, Credit and Banking , vol.38 , pp. 2099-2134
    • Meier, A.1    Müller, G.J.2
  • 24
    • 4344563473 scopus 로고    scopus 로고
    • The high-yield spread as a predictor of real economic activity: evidence of a financial accelerator for the United States
    • Mody A., and Taylor M.P. The high-yield spread as a predictor of real economic activity: evidence of a financial accelerator for the United States. International Monetary Fund Staff Papers 50 (2003) 373-402
    • (2003) International Monetary Fund Staff Papers , vol.50 , pp. 373-402
    • Mody, A.1    Taylor, M.P.2
  • 25
    • 52949096596 scopus 로고    scopus 로고
    • Queijo, V., 2006. How important are financial frictions in the U.S. and Euro area? Seminar Paper 738, Institute for International Economic Studies.
    • Queijo, V., 2006. How important are financial frictions in the U.S. and Euro area? Seminar Paper 738, Institute for International Economic Studies.
  • 26
    • 77957241272 scopus 로고    scopus 로고
    • An estimated dynamic stochastic general equilibrium model of the Euro area
    • Smets F., and Wouters R. An estimated dynamic stochastic general equilibrium model of the Euro area. Journal of the European Economic Association 1 (2003) 1123-1175
    • (2003) Journal of the European Economic Association , vol.1 , pp. 1123-1175
    • Smets, F.1    Wouters, R.2
  • 27
    • 20744445987 scopus 로고    scopus 로고
    • Comparing shocks and frictions in US and Euro area business cycles: a Bayesian DSGE approach
    • Smets F., and Wouters R. Comparing shocks and frictions in US and Euro area business cycles: a Bayesian DSGE approach. Journal of Applied Econometrics 20 (2005) 161-183
    • (2005) Journal of Applied Econometrics , vol.20 , pp. 161-183
    • Smets, F.1    Wouters, R.2
  • 28
    • 34547309730 scopus 로고    scopus 로고
    • Shocks and frictions in US business cycles: a Bayesian DSGE approach
    • Smets F., and Wouters R. Shocks and frictions in US business cycles: a Bayesian DSGE approach. American Economic Review 97 (2007) 586-606
    • (2007) American Economic Review , vol.97 , pp. 586-606
    • Smets, F.1    Wouters, R.2
  • 29
    • 52949120405 scopus 로고    scopus 로고
    • Walentin, K., 2005. Asset Pricing implications of two financial accelerator models. Mimeo, New York University.
    • Walentin, K., 2005. Asset Pricing implications of two financial accelerator models. Mimeo, New York University.
  • 30
    • 0043227270 scopus 로고    scopus 로고
    • Speed limit policies: the output gap and optimal monetary policy
    • Walsh C.E. Speed limit policies: the output gap and optimal monetary policy. American Economic Review 93 (2003) 265-278
    • (2003) American Economic Review , vol.93 , pp. 265-278
    • Walsh, C.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.