The Resource How Institutions Shape the Distributive Impact of Macroeconomic Shocks : A DSGE Analysis, Rudiger Ahrend, Charlotte Moeser and Tommaso Monacelli, (electronic resource)

How Institutions Shape the Distributive Impact of Macroeconomic Shocks : A DSGE Analysis, Rudiger Ahrend, Charlotte Moeser and Tommaso Monacelli, (electronic resource)

Label
How Institutions Shape the Distributive Impact of Macroeconomic Shocks : A DSGE Analysis
Title
How Institutions Shape the Distributive Impact of Macroeconomic Shocks
Title remainder
A DSGE Analysis
Statement of responsibility
Rudiger Ahrend, Charlotte Moeser and Tommaso Monacelli
Creator
Contributor
Subject
Language
eng
Summary
This paper examines how the the distributive impact of macroeconomic shocks is shaped by selected institutions. It uses a dynamic stochastic general equilibrium (DSGE) framework with heterogeneous agents and an endogenous collateral constraint. The model is based on the "credit view" of business cycles, where shocks affect the real economy also via their impact on the borrowing capacity of economic agents. In this framework a positive shock to credit spreads, as seen in the recent crisis, redistributes from capital to labour as well as from from equity to bond holders. In contrast, both productivity and inflation shocks redistribute towards capital or equity holders. Distributive impacts are shown to be shaped by institutions. More sophisticated financial markets are found to amplify the redistributive impact of shocks, whereas more flexible wages, a more elastic labour supply, and a more reactive central bank are found to dampen it
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Ahrend, Rudiger
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Moeser, Charlotte
  • Monacelli, Tommaso
Series statement
OECD Economics Department Working Papers,
Series volume
no.884
http://library.link/vocab/subjectName
Economics
Label
How Institutions Shape the Distributive Impact of Macroeconomic Shocks : A DSGE Analysis, Rudiger Ahrend, Charlotte Moeser and Tommaso Monacelli, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762088798
Dimensions
21 x 30 cm
Extent
1 online resource 51 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5kg84x0155s0-en
Specific material designation
remote
System control number
(OCoLC)762088798
Label
How Institutions Shape the Distributive Impact of Macroeconomic Shocks : A DSGE Analysis, Rudiger Ahrend, Charlotte Moeser and Tommaso Monacelli, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762088798
Dimensions
21 x 30 cm
Extent
1 online resource 51 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5kg84x0155s0-en
Specific material designation
remote
System control number
(OCoLC)762088798

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