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Displaying results 1 to 6 of 6.

  1. Greenhouse gas mitigation and price-driven growth in a baumol-solow-swan economy
    Author: Burda, Michael C.; Zessner-Spitzenberg, Leopold
    Published: 07 June 2022
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper series / Centre for Economic Policy Research ; DP17368$p
    Subjects: Solow-Swan growth model; Baumol model; anthropogenic climate change; mitigation; price-driven economic growth
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. Fear of hiking?
    monetary policy and sovereign risk
    Author: Wolf, Martin; Zessner-Spitzenberg, Leopold
    Published: 01 April 2022
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16837
    Subjects: monetary policy; Sovereign debt; sovereign default; Spreads; Currency Union; monetary fiscal interaction
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  3. Long-term bank lending and the transfer of aggregate risk
    Author: Reiter, Michael; Zessner-Spitzenberg, Leopold
    Published: [2020]
    Publisher:  Institut für Höhere Studien - Institute for Advanced Studies (IHS), Wien

    Long-term debt contracts transfer aggregate risk from borrowing firms to lending banks. When aggregate shocks increase the future default probability of firms, banks are not compensated for the default risk of existing contracts. If banks are highly... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 387
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    Long-term debt contracts transfer aggregate risk from borrowing firms to lending banks. When aggregate shocks increase the future default probability of firms, banks are not compensated for the default risk of existing contracts. If banks are highly leveraged, this can lead to financial instability with severe repercussions in the real economy. To study this mechanism quantitatively, we build a macroeconomic model of financial intermediation with long-term defaultable loan contracts and calibrate it to match aggregate firm and bank exposure to business cycle risks. Our model exhibits banking crises that closely resemble observed crisis episodes. We find that such crises do not arise in an economy with short-term debt. Our results on the role of long-term debt completely reverse if financial regulation is implemented to increase banks' risk bearing capacity. The financial sector is then well equipped to take on the aggregate risk, such that long-term lending stabilizes the business cycle by providing insurance to the corporate sector.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/217040
    Series: IHS working paper ; 13 (April 2020)
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  4. Greenhouse gas mitigation and price-driven growth in a Solow-Swan economy with an environmental limit
    Author: Burda, Michael C.; Zessner-Spitzenberg, Leopold
    Published: January 2024
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    The existence of an environmental limit in the Solow-Swan economy changes the nature of economic growth, but does not preclude it. When atmospheric greenhouse gases reach a predetermined absolute threshold, further growth requires a permanently... more

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    The existence of an environmental limit in the Solow-Swan economy changes the nature of economic growth, but does not preclude it. When atmospheric greenhouse gases reach a predetermined absolute threshold, further growth requires a permanently expanding, resource-intensive mitigation effort. If the rate of technical progress in mitigation is too low, it becomes the effective constraint on economic growth. Yet growth in both quantities and relative prices remains a robust feature of this class of economies. It also characterizes the social planner's optimum that anticipates the costs of reaching the environmental limit abruptly.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper series / IZA ; no. 16771
    Subjects: Solow-Swan growth model; Baumol cost disease; anthropogenic climate change; mitigation; price-driven economic growth; Ramsey optimal policy
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  5. Sudden stops and reserve accumulation in the presence of liquidity risk
    Author: Lutz, Flora; Zessner-Spitzenberg, Leopold
    Published: 2019
    Publisher:  Department of Economics, University of Vienna, Vienna

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 543
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Department of Economics, University of Vienna ; no: 19, 07 (September 2019)
    Scope: 1 Online-Ressource (circa 107 Seiten), Illustrationen
  6. Sudden stops and reserve accumulation in the presence of international liquidity risk
    Author: Lutz, Flora; Zessner-Spitzenberg, Leopold
    Published: February 12, 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    We propose a small open economy model where agents borrow internationally and invest in liquid foreign assets to insure against liquidity shocks, which temporarily shut out the economy of short-term credit markets. Due to the presence of a pecuniary... more

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    We propose a small open economy model where agents borrow internationally and invest in liquid foreign assets to insure against liquidity shocks, which temporarily shut out the economy of short-term credit markets. Due to the presence of a pecuniary externality individual agents borrow too much and hold too little liquid assets relative to a social planner. This inefficiency rationalizes macroprudential policy interventions in the form of reserve accumulation at the central bank coupled with a tax on foreign borrowing. Unless combined with other measures, a tax on foreign borrowing is detrimental to welfare; it reduces agents' incentives to invest in liquid assets and thereby increases financial instability. Our model can quantitatively match the simultaneous depreciation of the exchange rate and contractions in output, gross trade ows, foreign liabilities and foreign reserves during sudden stop episodes.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/224520
    Series: Jahrestagung 2020 / Verein für Socialpolitik ; 50
    Subjects: international reserves; sudden stops; liquidity; macroprudential policy,pecuniary externalities
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen