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Essays on Business Cycles Studies wi...

Saelee, Kittichai.

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Essays on Business Cycles Studies with Multiple Frictions.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Business Cycles Studies with Multiple Frictions./
Author:	Saelee, Kittichai.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
Description:	196 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
Contained By:	Dissertation Abstracts International78-09A(E).
Subject:	Economic theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10133508
ISBN:	9781339920832

Essays on Business Cycles Studies with Multiple Frictions.
Saelee, Kittichai.

Essays on Business Cycles Studies with Multiple Frictions. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 196 p.

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2016.

This thesis comprises of three essays, relating to the role of financial sector and real production linkages on business cycle fluctuations. The first chapter studies the dynamic responses of economic activities in durable and nondurable sector to monetary shocks. We extend the study of Bouakez et.al. (2011) by introducing the chains of investment linkages. We show that the newly added ingredient can generate pattern of sectoral responses to monetary policy shocks that are more consistent with empirical findings. The result arises without requiring the imperfect labor market mobility as needed in the original work where intermediate input-output linkages were only included.

ISBN: 9781339920832Subjects--Topical Terms:

1556984
Economic theory.

Essays on Business Cycles Studies with Multiple Frictions.
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100 1 $a Saelee, Kittichai. $3 3286532
245 1 0 $a Essays on Business Cycles Studies with Multiple Frictions.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2016
300 $a 196 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
500 $a Adviser: Kenneth D. West.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2016.
520 $a This thesis comprises of three essays, relating to the role of financial sector and real production linkages on business cycle fluctuations. The first chapter studies the dynamic responses of economic activities in durable and nondurable sector to monetary shocks. We extend the study of Bouakez et.al. (2011) by introducing the chains of investment linkages. We show that the newly added ingredient can generate pattern of sectoral responses to monetary policy shocks that are more consistent with empirical findings. The result arises without requiring the imperfect labor market mobility as needed in the original work where intermediate input-output linkages were only included.
520 $a In the second chapter, we offer an empirical evidence that, during the Great moderation era, US business cycles could be largely driven by common factors. Using the model developed in the first chapter, we quantify the importance of monetary policy shocks and total factor productivity (TFP) of durable and nondurable sector for the US business cycles. We estimate the shocks by using the classical linear regression technique. We find that idiosyncratic components of the sectoral TFPs can only account for 1/5 of the volatilities of the real GDP. Our finding stands in opposition to other recent studies using multi-sectoral DSGE models that highlight the importance of idiosyncratic shocks. The third chapter studies the implications of financial intermediaries' balance sheet for aggregate fluctuations. We extend the seminal work of Bernanke et.al. (1999) by adding a verification problem between financial institutions and potential savers into their original model. Our numerical studies reveal that the model with a one-sided verification problem, either between corporate firms and financial institutions or between financial borrowers and their depositors, replicates the result of that with two-sided frictions. This indicates that our proposed method to unravel credit market imperfections into two types of balance sheet components may be inappropriate. An alternative modeling framework is then proposed. We find that the type of frictions that are required for modeling the joint effect of both balance sheet channels should involve endogenizing banks' capital adequacy ratio or produce cyclical variations of intermediaries' financing premium to their leverage ratio.
590 $a School code: 0262.
650 4 $a Economic theory. $3 1556984
690 $a 0511
710 2 $a The University of Wisconsin - Madison. $b Economics. $3 2094978
773 0 $t Dissertation Abstracts International $g 78-09A(E).
790 $a 0262
791 $a Ph.D.
792 $a 2016
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10133508