| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5164 |
| DP5164 German Bank Lending During Financial Crises: A Bank Level Analysis | |
| Beatrice Weder di Mauro; Natalja von Westernhagen; Thorsten Nestmann; Frank Heid | |
| 发表日期 | 2005-08-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper uses aggregate Japanese data and sectoral US data to explore the properties of the joint behaviour of stock prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business cycle theories. The approach used follows that presented in Beaudry and Portier (2004b). The main findings are that (i) in both Japan and the US, innovations in stock prices that are contemporaneously orthogonal to TFP precede most of the long run movements in total factor productivity, and (ii) such stock prices innovations do not affect US sectoral TFPs contemporaneously, but do precede TFP increases in those sectors that are driving US TFP growth, namely durable goods, and among them equipment sectors. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Stock prices Business cycle Productivity shocks |
| URL | https://cepr.org/publications/dp5164 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534049 |
| 推荐引用方式 GB/T 7714 | Beatrice Weder di Mauro,Natalja von Westernhagen,Thorsten Nestmann,et al. DP5164 German Bank Lending During Financial Crises: A Bank Level Analysis. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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