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Concept

Welfare cost of business cycles

Related publications (12)

European Economic impacts of cutting energy imports from Russia: A computable general equilibrium analysis

Marc Vielle, Sigit Pria Perdana

The recent economic sanctions against Russia can jeopardise the sustainability of the European Union's (EU) energy supply. Despite the EU's strong commitment to stringent abatement targets, fossil fuels still play a significant role in the EU energy policy ...

ELSEVIER2022

Essays on Mortgage Supply in a Low Rate Environment and Gender Effects of Covid-19

Yu Wu

After the financial crisis, policy rates in the major advanced economies have moved downwards to near/below zero. Some countries have experienced an increase in house prices and an expansion of mortgages. Also, there have been considerable changes in the m ...

EPFL2021

Financial Stability and the Macroeconomy : the Role of Bank Liquidity Regulation and Deposit Insurance

Corinne Dubois

The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...

EPFL2018

Expectations-driven cycles in the housing market

Luisa Lambertini

This paper explores the transmission of "news shocks" in a model of the housing market and shows that anticipated signals or beliefs of future macroeconomic developments can generate boom-bust cycles in the housing market and lead to business cycle fluctua ...

2017

The effects of business cycle and debt maturity on a firm's investment and default decisions

We propose a model that jointly determines the capital structure and investment decisions taking business cycle and debt maturity into account. It endogenously determines the triggers of investment/disinvestment and default, which depend on the state of th ...

Elsevier Science Bv2015

On spurious and real fluctuations of dynamic functional connectivity during rest

Dimitri Nestor Alice Van De Ville, Nora Leonardi

Functional brain networks reconfigure spontaneously during rest. Such network dynamics can be studied by dynamic functional connectivity (dynFC); i.e., sliding-window correlations between regional brain activity. Key parameters-such as window length and cu ...

Elsevier2015

Macroeconomic conditions and a firm's investment decisions

We propose a model of a firm's reversible investment decision with macroeconomic conditions based on optimal switching of a diffusion regime. The switching costs and the cash flow generated from the firm depend on a business cycle alternating via a Markov ...

Academic Press Inc Elsevier Science2014

Measuring the Dynamics of Contrast & Daylight Variability in Architecture: A Proof of Concept Methodology

Marilyne Andersen, Siobhan Francois Rockcastle

Unlike artificial light sources, which can be calibrated to meet a desired luminous effect regardless of latitude, climate, or time of day, daylight is a dynamic light source, which produces variable shadow patterns and fluctuating levels of brightness. Wh ...

Elsevier2014

Expectation-Driven Cycles in the Housing Market: Evidence from Survey Data

Luisa Lambertini

Using a vector-autoregression (VAR) model and data from the University of Michigan Survey of Consumers, we provide evidence on the importance of news and consumers' beliefs for housing-market dynamics and aggregate fluctuations. We document that innovation ...

2013

Leaning Against Boom-Bust Cycles in Credit and Housing Prices

Luisa Lambertini

This paper studies the potential gains of monetary and macro-prudential policies that lean against house-price and credit cycles. We rely on a model that features Borrowers and Savers and allows for over-borrowing induced by news-shock-driven cycles. We fi ...

Elsevier2013

Tracking the US business cycle with a singular spectrum analysis

In this paper we resort to singular spectrum analysis to disentangle the US GDP into several underlying components of interest. The business cycle indicator yielded through this method is shown to bear a resemblance with band-pass filtered output, and our ...

Elsevier2012

'I pay enough taxes already!' Applying economic voting models to environmental referendums

Philippe Thalmann, Nicholas Bornstein

Objectives. Models of economic voting have rarely been applied to referendum votes. We fill this gap by testing citizens’ voting behavior on environmental policy in relation to their perception of the business cycle. Thus, the study examines the personal, ...

2008