By A. Van Riet , Peter Bull Bernhard Winkler

ISBN-10: 1137353015

ISBN-13: 9781137353016

ISBN-10: 1349469467

ISBN-13: 9781349469468

According to the hindrance adventure, the booklet deals an summary of classes for macrofinancial research and fiscal balance. It illustrates the interlinkages among the monetary aspect and the genuine facet of the economic system and highlights the position of stability sheet variables and sectoral stability sheet positions within the evolution of the monetary concern.

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Extra info for A Flow-of-Funds Perspective on the Financial Crisis: Volume II: Macroeconomic Imbalances and Risks to Financial Stability

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49 + 0. 35HLIt )Et log (yp /y)t (6. 2) ( − 6. 4) (7. 7) (6. 7) (1. 3) + 0. 101NLAt−1 /yt + 0. 017IFAt−1 /yt + 0. 055(HLIt−1 )HAt−1 /yt (7. 6) (8. 6) (5. 6, HLI is given by a smooth spline plus the change in the scaled ten-year US treasury minus Aaarated corporate bond yield spread as an indicator of a general risk premium. 6 While consumption in this equation is conditional on end of previous period portfolios, asset prices and current income, many useful insights into both long-run trends and short to medium-term policy issues can be obtained from a graphical decomposition of the long-run solution for the log ratio of consumption to non-property income.

Once developed, such sub-sector models could be linked in a tractable general equilibrium framework that focuses on modelling strategic sectors, rather than attempting to model the entire Flow-of-Funds matrix. , 2012b), and instabilities arising from systemic risks (Adrian and Shin, 2010; Gorton and Metrick, 2012). Notes 1. Some of the estimated marginal propensities are far too large (see Backus and Purvis 1980, table 1), and are then scaled down in mixed estimation, which imposes some priors (see table 3).

Evidence from credit card data’, Quarterly Journal of Economics, 117, 149–85. Hacker, J. and E. Jacobs (2008) ‘The rising instability of American family incomes, 1969–2004: evidence from the panel study of income dynamics’, Economic Policy Institute Briefing Paper, No. 213. E. (1978) ‘Stochastic implications of the life cycle-permanent income hypothesis: theory and evidence’, Journal of Political Economy, 96, 971–87. E. (2011) ‘The long slump’, American Economic Review, 101 (2), 431–69. Hausman, J.

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A Flow-of-Funds Perspective on the Financial Crisis: Volume II: Macroeconomic Imbalances and Risks to Financial Stability by A. Van Riet , Peter Bull Bernhard Winkler


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