Financial shocks and the real economy in a nonlinear world: From theory to estimation

We examine the inter-linkages between financial factors and real economic activity. We review the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models. We outline, from a policy perspective, the most recent empirical papers focusing on the propaga...

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Publié dans:369 EGFR SIGNALING IMPAIRS THE ANTIVIRAL ACTIVITY OF INTERFERON-ALPHA. - 2013 JPMOD : a social science forum of world issues. - Amsterdam [u.a.]
Auteur principal: Silvestrini, Andrea (Auteur)
Autres auteurs: Zaghini, Andrea (Autre)
Format: Article en ligne
Langue:English
Publié: 2015transfer abstract
Accès à la collection:369 EGFR SIGNALING IMPAIRS THE ANTIVIRAL ACTIVITY OF INTERFERON-ALPHA
Sujets:C32 E44 E32 E58
Description matérielle:15
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520 |a We examine the inter-linkages between financial factors and real economic activity. We review the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models. We outline, from a policy perspective, the most recent empirical papers focusing on the propagation of exogenous shocks to the economy, with a particular emphasis on works dealing with time variation of parameters and other types of nonlinearities. We then present an application to the analysis of the changing transmission of financial shocks in the euro area. Results show that the effects of a financial shock are time-varying and contingent on the state of the economy. They are of negligible importance in normal times but they greatly matter in conditions of stress. 
520 |a We examine the inter-linkages between financial factors and real economic activity. We review the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models. We outline, from a policy perspective, the most recent empirical papers focusing on the propagation of exogenous shocks to the economy, with a particular emphasis on works dealing with time variation of parameters and other types of nonlinearities. We then present an application to the analysis of the changing transmission of financial shocks in the euro area. Results show that the effects of a financial shock are time-varying and contingent on the state of the economy. They are of negligible importance in normal times but they greatly matter in conditions of stress. 
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