| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12239 |
| DP12239 Leverage and Deepening Business Cycle Skewness | |
| Ivan Petrella; Henrik Jensen; Søren Hove Ravn; Emiliano Santoro | |
| 发表日期 | 2017-08-24 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document that the U.S. and other G7 economies have been characterized by an increasingly negative business cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of households and firms. To support this view, we devise and estimate a dynamic general equilibrium model with collateralized borrowing and occasionally binding credit constraints. Improved access to credit increases the likelihood that financial constraints become non-binding in the face of expansionary shocks, allowing agents to freely substitute intertemporally. Contractionary shocks, on the other hand, are further amplified by drops in collateral values, since constraints remain binding. As a result, booms become progressively smoother and more prolonged than busts. Finally, in line with recent empirical evidence, financially-driven expansions lead to deeper contractions, as compared with equally-sized non-financial expansions. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Credit constraints Business cycles Skewness Deleveraging |
| URL | https://cepr.org/publications/dp12239-0 |
| 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/541050 |
| 推荐引用方式 GB/T 7714 | Ivan Petrella,Henrik Jensen,Søren Hove Ravn,et al. DP12239 Leverage and Deepening Business Cycle Skewness. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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