scholarly journals Amplification and Asymmetric Effects Without Collateral Constraints

2016 ◽  
Author(s):  
Dan Cao ◽  
Guangyu Nie
Keyword(s):  
Asymmetric Effects ◽  
Collateral Constraints

scholarly journals Amplification and Asymmetric Effects without Collateral Constraints

2017 ◽  
Vol 9 (3) ◽  
pp. 222-266 ◽  
Author(s):  
Dan Cao ◽  
Guangyu Nie
Keyword(s):  
Significant Role ◽  
Incomplete Markets ◽  
Relative Importance ◽  
Asymmetric Effects ◽  
Collateral Constraints ◽  
Exogenous Shocks ◽  
Market Incompleteness ◽  
Seminal Contribution ◽  
Vast Literature ◽  
Asymmetric Responses

The seminal contribution by Kiyotaki and Moore (1997) has spurred a vast literature on the importance of collateral constraints in propagating and amplifying shocks to the economy. However, most papers in the literature using collateral constraints assume non-state-contingent debt, i.e., markets are incomplete. To assess the relative importance of collateral constraints versus market incompleteness, we study a calibrated incomplete markets model and solve it with and without collateral constraints. We find that market incompleteness by itself plays a quantitatively significant role in the amplified and asymmetric responses of the economy, including land price and output, to exogenous shocks. (JEL D52, E32, E44, L26, O41)

Asymmetric Effects of Monetary Policy

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Tzu-Yu Lin
Keyword(s):  
Monetary Policy ◽  
Structural Vector Autoregression ◽  
Dsge Model ◽  
Monetary Policies ◽  
Asymmetric Effects ◽  
Collateral Constraints ◽  
Us Economy ◽  
Policy Shocks ◽  
Dynamic Stochastic ◽  
The Business Cycle

AbstractIn this paper, we first use a structural vector autoregression model to examine whether the US economy responds asymmetrically to expansionary and contractionary monetary policies. The empirical results show that monetary policy has significant asymmetric effects on output and investment. To provide an explanation of such asymmetries, we consider a nonlinear dynamic stochastic general equilibrium (DSGE) model in which collateral constraints are occasionally binding over the business cycle. The nonlinear DSGE model is able to match the empirical findings that macroeconomic aggregates react asymmetrically to positive and negative monetary policy shocks.

The Effects of Oil Prices Changes on Output Growth and Inflation: Evidence from Turkey

2013 ◽  
Vol 5 (11) ◽  
pp. 730-739 ◽  
Author(s):  
Pelin ÖGE GÜNEY
Keyword(s):  
Time Series Data ◽  
Output Growth ◽  
Oil Price ◽  
Series Data ◽  
Negative Effects ◽  
Price Changes ◽  
Asymmetric Effects ◽  
Price Increases ◽  
Causality Tests ◽  
The Impact

This paper investigates the effects of oil price changes on output and inflation for the case of Turkey using monthly time series data for the period 1990:1–2012:3. Recent studies suggest that oil price changes may have asymmetric effects on the macroeconomic variables. To account for asymmetric effects, we decompose oil price changes into positive and negative parts following Hamilton (1996). Our results show that while oil price increases have clear negative effects on output growth, the impact of oil price decline is insignificant. Similarly, oil price increases have positive and significant effects on inflation. However, oil price declines have not a significant effect on inflation. The Granger causality tests also support these results.

Exploring asymmetric effects of attribute performance on customer satisfaction in the hotel industry

2020 ◽  
Vol 77 ◽  
pp. 104006 ◽  
Author(s):  
Jian-Wu Bi ◽  
Yang Liu ◽  
Zhi-Ping Fan ◽  
Jin Zhang
Keyword(s):  
Customer Satisfaction ◽  
Hotel Industry ◽  
Asymmetric Effects
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