Fiscal policy and lending relationships:
This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these resu...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, DC
IMF
2013
|
| Series: | IMF working paper
13/141 |
| Subjects: | |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results are mimicked by a Dynamic Stochastic General Equilibrium model where the bank spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it shows that lending relationships represent a friction that generates a financial accelerator effect in the transmission of the fiscal shock |
| Item Description: | Description based upon print version of record |
| Physical Description: | 1 Online-Ressource (47 Seiten) graph. Darst |
| Format: | Systemvoraussetzungen: Acrobat Reader |
| ISBN: | 9781484380277 |
Staff View
MARC
| LEADER | 00000nmm a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV048341451 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220713s2013 |||| o||u| ||||||eng d | ||
| 020 | |a 9781484380277 |9 978-1-484-38027-7 | ||
| 024 | 7 | |a 10.5089/9781484380277.001 |2 doi | |
| 035 | |a (ZDB-1-IMF)768411653 | ||
| 035 | |a (OCoLC)851160379 | ||
| 035 | |a (DE-599)GBV768411653 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-20 |a DE-824 |a DE-70 |a DE-155 |a DE-29 |a DE-22 |a DE-473 |a DE-1102 |a DE-703 |a DE-859 |a DE-706 |a DE-384 |a DE-860 |a DE-19 |a DE-739 |a DE-355 |a DE-Aug4 |a DE-1049 |a DE-12 |a DE-91 | ||
| 100 | 1 | |a Melina, Giovanni |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Fiscal policy and lending relationships |c Giovanni Melina and Stefania Villa |
| 264 | 1 | |a Washington, DC |b IMF |c 2013 | |
| 300 | |a 1 Online-Ressource (47 Seiten) |b graph. Darst | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a IMF working paper |v 13/141 | |
| 500 | |a Description based upon print version of record | ||
| 505 | 8 | |a 1. Degree of Deep Habits in Consumption and of Lending RelationshipsFigure B.1 Sensitivity of Impact Responses to the Parameter of Deep Habits in Consumption and of Lending Relationships; 2. Persistence of Deep Habits in Consumption and of Lending Relationships; Figure B.2 Sensitivity of Impulse Responses to the Persistence in Deep Habits in Consumption; Figure B.3 Sensitivity of Impulse Responses to the Persistence in Lending Relationships; 3. Quantitative Implications of a "Useless" Government Consumption; Figure B.4 Sensitivity to Government Consumption in the Utility Function | |
| 505 | 8 | |a C. A NK Extension of the Model1. Introducing Sticky Prices; 2. Results; Figure C.1 A government Spending Expansion (1% of output): Flexible Versus Sticky Price Version; D. Symmetric Equilibrium; E. Steady State | |
| 505 | 8 | |a Cover; Contents; I. Introduction; II. Empirics; III. Model; Figures; Figure 1. Estimated Impulse Responses from the SVAR over Sample 1954q1-2007q4 to a Shock to Government Consumption Expenditure of Size 1% of Real Output; A. Households; B. Government; C. Entrepreneurs; D. Final Good Firms; E. Banking Sector; F. Equilibrium; G. Functional Forms; H. Parameter Choice; IV. Results; Tables; Table 1. Parameter Choice; Figure 2. Impulse Responses to a Shock to Government Consumption Expenditures of Size 1% of Real Output; A. Financial Accelerator Effect; V. Effects of Some Model Features | |
| 505 | 8 | |a Figure 3. The Financial Accelerator EffectFigure 4. Effects of Some Model Features; VI. Conclusion; References; Appendix; A. Robustness of SVAR results; 1. Substitution of the Average Marginal Tax Rate with Net Taxes; 2. Introduction of the Inflation Rate and the Federal Funds Rate; Figure A.1 Various Robustness Checks for the SVAR Results; 3. Purified (unanticipated) Innovations in Government Spending Using SPF/ Greenbook Forecasts; 4. SPF/Greenbook Forecast Errors for the Growth Rate of Government Spending as Unanticipated Shocks; B. Sensitivity Exercises for the DSGE Model | |
| 520 | 3 | |a This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results are mimicked by a Dynamic Stochastic General Equilibrium model where the bank spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it shows that lending relationships represent a friction that generates a financial accelerator effect in the transmission of the fiscal shock | |
| 538 | |a Systemvoraussetzungen: Acrobat Reader | ||
| 653 | 6 | |a Electronic books | |
| 700 | 1 | |a Villa, Stefania |e Verfasser |4 aut | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-IMF | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-033720718 | ||
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBW01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UEI01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l LCO01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l SBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UER01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l SBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l FAN01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBT01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l FKE01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBY01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l FLA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UPA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l UBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l FHA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l FNU01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l BSB01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |l TUM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
Record in the Search Index
| _version_ | 1804184186660061184 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Melina, Giovanni Villa, Stefania |
| author_facet | Melina, Giovanni Villa, Stefania |
| author_role | aut aut |
| author_sort | Melina, Giovanni |
| author_variant | g m gm s v sv |
| building | Verbundindex |
| bvnumber | BV048341451 |
| collection | ZDB-1-IMF |
| contents | 1. Degree of Deep Habits in Consumption and of Lending RelationshipsFigure B.1 Sensitivity of Impact Responses to the Parameter of Deep Habits in Consumption and of Lending Relationships; 2. Persistence of Deep Habits in Consumption and of Lending Relationships; Figure B.2 Sensitivity of Impulse Responses to the Persistence in Deep Habits in Consumption; Figure B.3 Sensitivity of Impulse Responses to the Persistence in Lending Relationships; 3. Quantitative Implications of a "Useless" Government Consumption; Figure B.4 Sensitivity to Government Consumption in the Utility Function C. A NK Extension of the Model1. Introducing Sticky Prices; 2. Results; Figure C.1 A government Spending Expansion (1% of output): Flexible Versus Sticky Price Version; D. Symmetric Equilibrium; E. Steady State Cover; Contents; I. Introduction; II. Empirics; III. Model; Figures; Figure 1. Estimated Impulse Responses from the SVAR over Sample 1954q1-2007q4 to a Shock to Government Consumption Expenditure of Size 1% of Real Output; A. Households; B. Government; C. Entrepreneurs; D. Final Good Firms; E. Banking Sector; F. Equilibrium; G. Functional Forms; H. Parameter Choice; IV. Results; Tables; Table 1. Parameter Choice; Figure 2. Impulse Responses to a Shock to Government Consumption Expenditures of Size 1% of Real Output; A. Financial Accelerator Effect; V. Effects of Some Model Features Figure 3. The Financial Accelerator EffectFigure 4. Effects of Some Model Features; VI. Conclusion; References; Appendix; A. Robustness of SVAR results; 1. Substitution of the Average Marginal Tax Rate with Net Taxes; 2. Introduction of the Inflation Rate and the Federal Funds Rate; Figure A.1 Various Robustness Checks for the SVAR Results; 3. Purified (unanticipated) Innovations in Government Spending Using SPF/ Greenbook Forecasts; 4. SPF/Greenbook Forecast Errors for the Growth Rate of Government Spending as Unanticipated Shocks; B. Sensitivity Exercises for the DSGE Model |
| ctrlnum | (ZDB-1-IMF)768411653 (OCoLC)851160379 (DE-599)GBV768411653 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>07135nmm a2200661 cb4500</leader><controlfield tag="001">BV048341451</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220713s2013 |||| o||u| ||||||eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781484380277</subfield><subfield code="9">978-1-484-38027-7</subfield></datafield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.5089/9781484380277.001</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-IMF)768411653</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)851160379</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV768411653</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-20</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-91</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Melina, Giovanni</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Fiscal policy and lending relationships</subfield><subfield code="c">Giovanni Melina and Stefania Villa</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, DC</subfield><subfield code="b">IMF</subfield><subfield code="c">2013</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (47 Seiten)</subfield><subfield code="b">graph. Darst</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">IMF working paper</subfield><subfield code="v">13/141</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Description based upon print version of record</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">1. Degree of Deep Habits in Consumption and of Lending RelationshipsFigure B.1 Sensitivity of Impact Responses to the Parameter of Deep Habits in Consumption and of Lending Relationships; 2. Persistence of Deep Habits in Consumption and of Lending Relationships; Figure B.2 Sensitivity of Impulse Responses to the Persistence in Deep Habits in Consumption; Figure B.3 Sensitivity of Impulse Responses to the Persistence in Lending Relationships; 3. Quantitative Implications of a "Useless" Government Consumption; Figure B.4 Sensitivity to Government Consumption in the Utility Function</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">C. A NK Extension of the Model1. Introducing Sticky Prices; 2. Results; Figure C.1 A government Spending Expansion (1% of output): Flexible Versus Sticky Price Version; D. Symmetric Equilibrium; E. Steady State</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Cover; Contents; I. Introduction; II. Empirics; III. Model; Figures; Figure 1. Estimated Impulse Responses from the SVAR over Sample 1954q1-2007q4 to a Shock to Government Consumption Expenditure of Size 1% of Real Output; A. Households; B. Government; C. Entrepreneurs; D. Final Good Firms; E. Banking Sector; F. Equilibrium; G. Functional Forms; H. Parameter Choice; IV. Results; Tables; Table 1. Parameter Choice; Figure 2. Impulse Responses to a Shock to Government Consumption Expenditures of Size 1% of Real Output; A. Financial Accelerator Effect; V. Effects of Some Model Features</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Figure 3. The Financial Accelerator EffectFigure 4. Effects of Some Model Features; VI. Conclusion; References; Appendix; A. Robustness of SVAR results; 1. Substitution of the Average Marginal Tax Rate with Net Taxes; 2. Introduction of the Inflation Rate and the Federal Funds Rate; Figure A.1 Various Robustness Checks for the SVAR Results; 3. Purified (unanticipated) Innovations in Government Spending Using SPF/ Greenbook Forecasts; 4. SPF/Greenbook Forecast Errors for the Growth Rate of Government Spending as Unanticipated Shocks; B. Sensitivity Exercises for the DSGE Model</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results are mimicked by a Dynamic Stochastic General Equilibrium model where the bank spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it shows that lending relationships represent a friction that generates a financial accelerator effect in the transmission of the fiscal shock</subfield></datafield><datafield tag="538" ind1=" " ind2=" "><subfield code="a">Systemvoraussetzungen: Acrobat Reader</subfield></datafield><datafield tag="653" ind1=" " ind2="6"><subfield code="a">Electronic books</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Villa, Stefania</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-IMF</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033720718</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBW01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UEI01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">LCO01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">SBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UER01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">SBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">FAN01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBT01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">FKE01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBY01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">FLA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UPA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">UBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">FHA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">FNU01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml</subfield><subfield code="l">TUM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV048341451 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:13Z |
| indexdate | 2024-07-10T09:35:20Z |
| institution | BVB |
| isbn | 9781484380277 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033720718 |
| oclc_num | 851160379 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (47 Seiten) graph. Darst |
| psigel | ZDB-1-IMF |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | IMF |
| record_format | marc |
| series2 | IMF working paper |
| spelling | Melina, Giovanni Verfasser aut Fiscal policy and lending relationships Giovanni Melina and Stefania Villa Washington, DC IMF 2013 1 Online-Ressource (47 Seiten) graph. Darst txt rdacontent c rdamedia cr rdacarrier IMF working paper 13/141 Description based upon print version of record 1. Degree of Deep Habits in Consumption and of Lending RelationshipsFigure B.1 Sensitivity of Impact Responses to the Parameter of Deep Habits in Consumption and of Lending Relationships; 2. Persistence of Deep Habits in Consumption and of Lending Relationships; Figure B.2 Sensitivity of Impulse Responses to the Persistence in Deep Habits in Consumption; Figure B.3 Sensitivity of Impulse Responses to the Persistence in Lending Relationships; 3. Quantitative Implications of a "Useless" Government Consumption; Figure B.4 Sensitivity to Government Consumption in the Utility Function C. A NK Extension of the Model1. Introducing Sticky Prices; 2. Results; Figure C.1 A government Spending Expansion (1% of output): Flexible Versus Sticky Price Version; D. Symmetric Equilibrium; E. Steady State Cover; Contents; I. Introduction; II. Empirics; III. Model; Figures; Figure 1. Estimated Impulse Responses from the SVAR over Sample 1954q1-2007q4 to a Shock to Government Consumption Expenditure of Size 1% of Real Output; A. Households; B. Government; C. Entrepreneurs; D. Final Good Firms; E. Banking Sector; F. Equilibrium; G. Functional Forms; H. Parameter Choice; IV. Results; Tables; Table 1. Parameter Choice; Figure 2. Impulse Responses to a Shock to Government Consumption Expenditures of Size 1% of Real Output; A. Financial Accelerator Effect; V. Effects of Some Model Features Figure 3. The Financial Accelerator EffectFigure 4. Effects of Some Model Features; VI. Conclusion; References; Appendix; A. Robustness of SVAR results; 1. Substitution of the Average Marginal Tax Rate with Net Taxes; 2. Introduction of the Inflation Rate and the Federal Funds Rate; Figure A.1 Various Robustness Checks for the SVAR Results; 3. Purified (unanticipated) Innovations in Government Spending Using SPF/ Greenbook Forecasts; 4. SPF/Greenbook Forecast Errors for the Growth Rate of Government Spending as Unanticipated Shocks; B. Sensitivity Exercises for the DSGE Model This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results are mimicked by a Dynamic Stochastic General Equilibrium model where the bank spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it shows that lending relationships represent a friction that generates a financial accelerator effect in the transmission of the fiscal shock Systemvoraussetzungen: Acrobat Reader Electronic books Villa, Stefania Verfasser aut http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Melina, Giovanni Villa, Stefania Fiscal policy and lending relationships 1. Degree of Deep Habits in Consumption and of Lending RelationshipsFigure B.1 Sensitivity of Impact Responses to the Parameter of Deep Habits in Consumption and of Lending Relationships; 2. Persistence of Deep Habits in Consumption and of Lending Relationships; Figure B.2 Sensitivity of Impulse Responses to the Persistence in Deep Habits in Consumption; Figure B.3 Sensitivity of Impulse Responses to the Persistence in Lending Relationships; 3. Quantitative Implications of a "Useless" Government Consumption; Figure B.4 Sensitivity to Government Consumption in the Utility Function C. A NK Extension of the Model1. Introducing Sticky Prices; 2. Results; Figure C.1 A government Spending Expansion (1% of output): Flexible Versus Sticky Price Version; D. Symmetric Equilibrium; E. Steady State Cover; Contents; I. Introduction; II. Empirics; III. Model; Figures; Figure 1. Estimated Impulse Responses from the SVAR over Sample 1954q1-2007q4 to a Shock to Government Consumption Expenditure of Size 1% of Real Output; A. Households; B. Government; C. Entrepreneurs; D. Final Good Firms; E. Banking Sector; F. Equilibrium; G. Functional Forms; H. Parameter Choice; IV. Results; Tables; Table 1. Parameter Choice; Figure 2. Impulse Responses to a Shock to Government Consumption Expenditures of Size 1% of Real Output; A. Financial Accelerator Effect; V. Effects of Some Model Features Figure 3. The Financial Accelerator EffectFigure 4. Effects of Some Model Features; VI. Conclusion; References; Appendix; A. Robustness of SVAR results; 1. Substitution of the Average Marginal Tax Rate with Net Taxes; 2. Introduction of the Inflation Rate and the Federal Funds Rate; Figure A.1 Various Robustness Checks for the SVAR Results; 3. Purified (unanticipated) Innovations in Government Spending Using SPF/ Greenbook Forecasts; 4. SPF/Greenbook Forecast Errors for the Growth Rate of Government Spending as Unanticipated Shocks; B. Sensitivity Exercises for the DSGE Model |
| title | Fiscal policy and lending relationships |
| title_auth | Fiscal policy and lending relationships |
| title_exact_search | Fiscal policy and lending relationships |
| title_exact_search_txtP | Fiscal policy and lending relationships |
| title_full | Fiscal policy and lending relationships Giovanni Melina and Stefania Villa |
| title_fullStr | Fiscal policy and lending relationships Giovanni Melina and Stefania Villa |
| title_full_unstemmed | Fiscal policy and lending relationships Giovanni Melina and Stefania Villa |
| title_short | Fiscal policy and lending relationships |
| title_sort | fiscal policy and lending relationships |
| url | http://elibrary.imf.org/view/IMF001/20554-9781484380277/20554-9781484380277/20554-9781484380277.xml |
| work_keys_str_mv | AT melinagiovanni fiscalpolicyandlendingrelationships AT villastefania fiscalpolicyandlendingrelationships |