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  • Consumption and Saving
  • Interest Rates
  • International Business Cycles
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  • 1
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    Bern: University of Bern, Department of Economics
    Publication Date: 2019-10-25
    Description: We analyze the effects of intangible investment on international output synchronization. Using a dynamic stochastic general equilibrium model, we find that an increase in the importance of intangible capital leads to a higher degree of output comovement across countries. Therefore, countries in which intangible capital is more important are better suited to economic integration, such as forming a monetary union. This offers an insightful perspective on the potential relation between the considerable differences in intangible capital among Eurozone members and the discussion surrounding the Eurozone as a sub-optimal currency area. A high stock of intangible capital also tends to attract foreign equity investments, in particular foreign direct investments. We find that cross-border equity holdings in tangible and intangible capital further increase the degree of output synchronization. Our results imply that policy reforms to incentivize higher intangible capital formation and cross-border equity investments may not only foster economic growth but also improve the functioning of the monetary policy in the Eurozone.
    Keywords: E22 ; E32 ; F41 ; ddc:330 ; International Business Cycles ; Investment ; Cross-country Correlations ; Intangible Capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Amsterdam: Elsevier | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-03
    Description: What are the economic effects of a central bank that takes the evolution of house prices into account? In an attempt to answer this question, we use a New Keynesian dynamic stochastic general equilibrium model with a housing sector to explore the economic impacts of a central bank reacting to house price inflation. We examine this in the context of two different shocks that are associated with two factors cited as possible underlying sources of the recent bubble in the housing market and the ensuing financial crisis. First, we allow for a positive shock to the household borrowing constraint. Second, we analyze the effects of a preference shock to housing. Our results indicate that these two shocks lead to a more pronounced increase in house prices and an expansion of the housing sector if the central bank does not react to house prices. If the central bank reacts to house price increases, it must accept lower output growth rates over the business cycle. We also show that welfare decreases if a central bank reacts to house price inflation. Because of these effects, a central bank may be reluctant to react to house price inflation.
    Keywords: E21 ; E22 ; E58 ; R21 ; ddc:330 ; Housing Demand ; House Prices ; Interest Rates ; Consumption and Saving
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Heidelberg: Springer | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2020-01-15
    Description: Intangible capital is an increasingly important factor of production in advanced economies. Governments in Europe and elsewhere promote investment in intangible assets. However, the potential role of intangibles for business cycles and the international transmission of shocks is not well understood. In this paper, we investigate the international business cycle effects of intangible capital. To this aim, we build an otherwise standard two-country real business cycle model augmented by a production sector for intangibles and allow for the non-rivalrous use of intangible capital in the production of final output goods and new intangibles. We find that a model including intangibles is associated with international co-movement of tangible investment, which is a feature observed in the data that many models fail to produce.
    Keywords: ddc:330 ; International Business Cycles ; Investment ; Intangible Capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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