Titelaufnahme

Titel
Is risk the fuel of the business cycle? : financial frictions and oil market disturbances / Christoph Schult ; editor: Halle Institute for Economic Research (IWH) - Member of the Leibniz Association
VerfasserSchult, Christoph
KörperschaftLeibniz-Institut für Wirtschaftsforschung Halle
ErschienenHalle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, February 2024
Umfang1 Online-Ressource (III, 52 Seiten, 3,11 MB) : Diagramme
Anmerkung
Literaturverzeichnis: Seite 29-33
SpracheEnglisch
SerieIWH-Diskussionspapiere ; 2024, no. 4 (February 2024)
URNurn:nbn:de:gbv:3:2-1042891 
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Is risk the fuel of the business cycle? [3.11 mb]
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I estimate a dynamic stochastic general equilibrium (DSGE) model for the United States that incorporates oil market shocks and risk shocks working through credit market frictions. The findings of this analysis indicate that risk shocks play a crucial role during the Great Recession and the Dot-Com bubble but not during other economic downturns. Credit market frictions do not amplify persistent oil market shocks. This result holds as long as entry and exit rates of entrepreneurs are independent of the business cycle.