BS Bernanke,
M Gertler… - Handbook of macroeconomics, 1999 - Elsevier
Abstract This chapter develops a dynamic general equilibrium model that is intended to help
clarify the role of credit market frictions in business fluctuations, from both a qualitative and a
quantitative standpoint. The model is a synthesis of the leading approaches in the ...
We present evidence on the cyclical behavior of small versus large manufacturing firms, and
on the response of the two classes of firms to monetary policy. Our goal is to take a step
toward quantifying the role of credit market imperfections in the business cycle and in the ...
Adverse shocks to the economy may be amplified by worsening credit-market conditions--
the financial'accelerator'. Theoretically, we interpret the financial accelerator as resulting
from endogenous changes over the business cycle in the agency costs of lending. An ...
S Gilchrist… - Journal of Monetary Economics, 1995 - Elsevier
Recent work in macroeconomics argues that imperfections in capital markets may lead to
business cycle fluctuations by propagating relatively modest shocks. Evidence for such a
mechanism (also known as the 'financial accelerator') consists largely of firm-level studies ...
M Gertler, S Gilchrist - The Scandinavian Journal of Economics, 1993 - JSTOR
Recently, a debate has resurfaced on whether and how credit market imperfections may
play a role in the transmission of monetary policy. This new literature attempts to identify the
effects of credit market imperfections by analyzing the response to tight money of different ...
M Gertler, S Gilchrist… - Journal of Money, Credit …, 2007 - Wiley Online Library
1. The views in this paper are solely the responsibility of the authors and should not be
interpreted as reflecting the views of the Board of Governors of the Federal Reserve System
or of any other person associated with the Federal Reserve System. We thank Philippe ...
S Gilchrist… - 1999 - nber.org
It is well recognized that financial variables such as cash flow and cash stocks are robust
and quantitatively important explanatory variables for investment in reduced-form equations
estimated with firm-level data. Following the seminal work of Fazzari, Hubbard, and ...
S Gilchrist… - Journal of Monetary Economics, 2002 - Elsevier
The first part of this paper surveys the literature on asset prices and monetary policy. We
then consider the appropriate policy response to two types of shocks that are associated
with how asset prices affect the economy. The first set of shocks are the ones whose ...
S Gilchrist, CP Himmelberg… - Journal of Monetary …, 2005 - Elsevier
Dispersion in investor beliefs and short-selling constraints can lead to stock market bubbles.
This paper argues that firms, unlike investors, can exploit such bubbles by issuing new
shares at inflated prices. This lowers the cost of capital and increases real investment. ...
S Gilchrist… - 1998 - nber.org
This paper develops a dynamic stochastic general equilibrium model with putty-clay
technology that incorporates embodied technology, investment irreversibility, and variable
capacity utilization. Low short-run capital-labor substitutability native to the putty-clay ...
S Gilchrist,
V Yankov… - Journal of Monetary Economics, 2009 - Elsevier
To identify disruptions in credit markets, research on the role of asset prices in economic
fluctuations has focused on the information content of various corporate credit spreads. We
re-examine this evidence using a broad array of credit spreads constructed directly from ...
[CITATION] An empirical analysis of corporate investment and financing hierarchies using firm level panel data
S Gilchrist - Manuscript. Board of Governors of the Federal Reserve …, 1990
M Gertler, S Gilchrist - Finance and Economics Discussion Series, 1993 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
S Gilchrist,
A Ortiz… - Unpublished manuscript, 2009 - sws.bu.edu
Abstract Embedded in canonical macroeconomic models is the assumption of frictionless
financial markets, implying that the composition of borrowers' balance sheets has no effect
on their spending decision. As a result, these models have a difficult time accounting for ...
S Gilchrist… - Conference Series;[Proceedings], 1995 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. The
importance of credit for macroeconomic activity: identification through heterogeneity. Simon
Gilchrist () and Egon Zakrajsek. Conference Series ; [Proceedings], 1995, pages 129-173. ...
S Gilchrist… - 2006 - nber.org
This paper studies the implications of financial market imperfections represented by a
countercyclical external finance premium and the gradual recognition of changes in the drift
of technology growth for the design of an interest rate rule. Asset price movements ...
S Gilchrist, JO Hairault… - 2003 - papers.ssrn.com
Abstract: In this paper, we consider the effect of a monetary union in a model with a
significant role for financial market imperfections. We do so by introducing a financial
accelerator into a stochastic general equilibrium macro model of a two country economy. ...
S Gilchrist… - 2007 - nber.org
We study the effect of variation in interest rates on investment spending, employing a large
panel data set that links yields on outstanding corporate bonds to the issuer income and
balance sheet statements. The bond price data--based on trades in the secondary market- ...
S Gilchrist… - 2004 - nber.org
We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that
relies on a catch-up mechanism through capital accumulation where technology is
embodied in new capital goods. Using a putty-clay model of production and investment, ...
S Gilchrist… - 2011 - nber.org
This paper examines the evidence on the relationship between credit spreads and
economic activity. Using an extensive data set of prices of outstanding corporate bonds
trading in the secondary market, we construct a credit spread index that is—compared ...
S Gilchrist… - Review of Economic Dynamics, 2005 - Elsevier
We embed the microeconomic decisions associated with investment under uncertainty,
capacity utilization, and machine replacement in a general equilibrium model based on putty–
clay technology. In the presence of irreversible factor proportions, a mean-preserving ...
S Gilchrist - 2003 - comisiondistorsionesdeprecios.cl
Abstract In this paper, we consider the role of financial market imperfections in a simplified
version of a twocountry model. We model cross-country financial heterogeneity through
differences in leverage. We show that high leverage economies are particularly ...
S Gilchrist, V Gurbaxani… - Preliminary Draft, 2001 - Citeseer
Is there a 'new economy,'and if so, what has it brought? In 1951, Remington-Rand
introduced the first commercially available mainframe computer (the UNIVAC) and in the
process ushered in the modern computer age. 1 Over the last half century, computers ...
S Gilchrist, JW Sim… - 2010 - nber.org
Abstract This paper analyzes—both empirically and theoretically—how fluctuations in
uncertainty interact with financial market imperfections in determining economic outcomes.
In a standard bond-contracting framework, an increase in uncertainty benefits equity ...
[CITATION] The Flight to Quality and the Financial Accelerator
BS Bernanke, M Gertler… - Review of Economics and Statistics, 1996
[CITATION] The Role of Cash Flow in Reduced-Form Investment Equations
S Gilchrist… - Journal of monetary Economics, 1995
S Gilchrist, BS Bernanke… - Finance and Economics …, 1994 - econpapers.repec.org
Related works: Working Paper: The Financial Accelerator and the Flight to Quality (1994) Working
Paper: The Financial Accelerator and the Flight to Quality (1994) Journal Article: The Financial
Accelerator and the Flight to Quality (1996) This item may be available elsewhere in ...
S Gilchrist… - 2007 - nber.org
This paper uses firm-level panel data to analyze the role of financial factors in determining
investment outcomes during the Korean financial crisis. Our identification strategy exploits
the presence of foreign-denominated debt to measure shocks to the financial position of ...
[CITATION] PCs and the productivity revolution
S Gilchrist, V Gurbaxani… - Center for Research on Information Technology …, 2001
[CITATION] The cyclical behavior of short-term business lending: Implications for financial propagation mechanisms
G Mark… - European Economic Review, 1993
S Gilchrist… - V Manuscript, 2008 - people.bu.edu
The United States is currently in the throes of an acute liquidity and credit crunch, by all
accounts, the severest financial crisis since the Great Depression. The roots of this crisis lie
in the collapse of the subprime mortgage market in the wake of an unprecedented and ...
S Gilchrist, S Zagrajsek - manuscript, Boston University, 2010 - Citeseer
Abstract We construct a new credit spread index, employing an extensive micro-level data
set of secondary market prices of outstanding senior unsecured bonds over the 1973–2009
period. Compared with the standard default-risk indicators such as the Baa-Aaa corporate ...
[CITATION] Commentary to" Identifying the liquidity effect at the daily frequency
S Gilchrist - Federal Reserve Bank of St. Louis Review July/August, 2001
O Fuentes, S Gilchrist - Labor Markets …, 2005 - comisiondistorsionesdeprecios.cl
412 Olga M. Fuentes and Simon Gilchrist the adoption of new technologies or a shift toward
importing hightechnology capital goods that complement skilled labor. In this case, trade
liberalization may lead to rising capital-labor ratios and a shift toward skilled labor relative ...
S Gilchrist,
J Williams… - FINANCE AND …, 1998 - c.federalreserve.gov
Abstract In this paper, we embed the microeconomic decisions associated with investment
under uncertainty, capacity utilization, and machine replacement in a general equilibrium
model based on putty-clay technology. We show that the combination of log-normally ...
[CITATION] The Financial Accelerator in a Quantitative
B Bernanke, M Gertler… - 1999
[CITATION] S., Thomas Laubach, Frederic S. Mishkin, and Adam S. Posen. 1999. Inflation targeting: Lessons from the international experience
B Bernanke, M Gertler… - Princeton, NJ: Princeton University …
S Gilchrist, JW Sim… - 2009 - wwws.chicagofed.org
Abstract In the standard bond-pricing framework (eg, Merton [1974]), the return function of
holders of risky corporate debt is a concave function of the firm's stochastic return, implying
that a mean-preserving spread is associated with an increase in the bond risk premium. ...
[CITATION] Tobin's Q, Fundamental Q, and Corporate Investment: A Comparison Using Panel Data
S Gilchrist… - Unpublished paper. New York University, 1991
S Gilchrist… - IMF Economic Review, 2011 - palgrave-journals.com
Abstract The depth and duration of the 2007–09 recession serves as a powerful reminder of
the real consequences of financial shocks. Although channels through which disruptions in
financial markets can affect economic activity are relatively well understood from a ...
[CITATION] 999,“The Financial Accelerator in a Quantitative Business Cycle Framework,”
BS Bernanke… - Handbook of Macroeconomics
J Faust, S Gilchrist, JH Wright… - 2011 - nber.org
Employing a large number of real and financial indicators, we use Bayesian Model
Averaging (BMA) to forecast real-time measures of economic activity. Importantly, the
predictor set includes option-adjusted credit spread indexes based on bond portfolios ...
S Gilchrist, J Sim - 2004 - nber.org
Abstract Without capital market imperfections, the capital structure of a firm, including the
size, the maturity and the currency compostion of debts, should not matter for investment
decisions. The Asian financial crises provide a good opportunity to test this hypothesis. ...
[CITATION] Monetary Policy, Business Cycles, and the Behavior of
M Gertler, S Gilchrist - 1994
[CITATION] Hump-output dynamics in a rational expectations framework: the role of investment delays
M Gertler, S Gilchrist - 2000 - mimeo
[CITATION] Credit markets and aggregate fluctuations
B Bernanke, M Gertler… - Handbook of Macroeconomics', Amsterdam: …, 1999
[CITATION] Investment, fundamentals
S Gilchrist… - 1998 - and finance. Working Paper
J Walliser, RD Cullinan, S Gilchrist… - 1997 - cbo.gov
Abstract This paper employs the heterogenous-agent life cycle model developed in Walliser
(1997), which successfully generates the observable amount of loading in annuities markets
under current policy, to explore the effect of two funded retirement systems with mandatory ...
[CITATION] Himmelberh, 1995, vidence on the role of cash flow for investment
CP Simon Gilchrist - Journal of Monetary Economics
O Fuentes, S Gilchrist… - 2006 - cepr.eu
Abstract We study the investment and productivity dynamics of Chilean manufacturing plants
over the 1979-1986 period. We find that Chilean plants are much more likely to have periods
of inaction (zero investment) than their US counterparts. We propose a full information ...
[CITATION] lThe financial accelerator in a
B Bernanke, M Gertler… - 1999
[CITATION] VThe Fi'financial Accelerator and the Flight to Quality
B Bernanke, M Gertler… - V Review of Economics and Statistics, June, 1995
O Fuentes, S Gilchrist - … a la Séptima …, 2003 - comisiondistorsionesdeprecios.cl
Abstract We document the evolution and composition of labor in Chilean manufacturing over
the period 1979-1995. This period is notable in that it follows a substantial trade
liberalization of the Chilean economy. The average share of skilled labor in total plant ...
OM Fuentes… - 2005 - bu.edu
Abstract We examine the evolution of the demand for skilled workers relative to unskilled
workers in the Chilean manufacturing sector following Chile's liberalization of trade in the
late 1970's. Following such trade reforms, the standard Heckscher-Olin model predicts ...
[CITATION] Credit market frictions and cyclical fluctuations
BS Bernanke, M Gertler… - Handbook of Macroeconomics (North-Holland, …, 1998
[CITATION] Investment, Fundamentals and Finance,” NBER Working Paper# 6652 (July)
S Gilchrist… - 1998
O Fuentes, S Gilchrist… - 2006 - 128.197.153.21
Abstract We study the investment and productivity dynamics of Chilean manufacturing plants
over the 1979-2000 period. We find that Chilean plants are much more likely to have periods
of inaction (zero investment) than their US counterparts. We propose a full information ...
[CITATION] Sim, 2007.“Investment During the Korean Financial Crisis: A Structural Econometric Analysis,”
S Gilchrist… - NBER Working Papers
[CITATION] 0The Financial AcceleraM tor in a Quantitative Business Cycle Framework, 1 in Handbook of MacroecoM nomics, ed. by John B. Taylor and Mark …
BS Bernanke, M Gertler… - North Holland (AmsM terdam: 2000)
[CITATION] Transition Dynamics in Vintage Capital Models: Explaining the Post-war Experience of German and Japan
S Gilchrist, J Williams - 2004 - mimeo
[CITATION] Hump-Shaped Output Dynamics in a Forward Looking Model: The Role of Time-to-Plan
M Gertler, S Gilchrist - Unpublished manuscript, New York University, 1999
[CITATION] Sim, and Egon Zakrajšek. 2010.“Uncertainty, Financial Frictions, and Investment Dynamics.”
S Gilchrist… - Working Paper
[CITATION] Monetary policy, business fluctuations, and the behavior of small manufacturing firms
M Gertler, S Gilchrist - 1991 - Mimeo, NYU
[CITATION] «Monetary Policy
GJ Mark… - Business Cycles and the, 1994
S Gilchrist… - Working Papers, 1995 - ideas.repec.org
Two-step generalized method of moment (2SGMM) estimation procedures are often applied
to models that impose nonlinear cross-equation restrictions. Though less efficient than joint
estimation, 2SGMM is often desirable due to its computational ease. This paper extends ...
[CITATION] qThe Financial Accelerator in a Quantitative Business Cycle Framework. qIn: Taylor, John B. and Woodford, Michael, eds. Handbook of macroeconomics. …
BS Bernanke, M Gertler… - Handbooks in Economics
[CITATION] Monetary Policy, Busines Cycles, and the Behavior of Small
M Gertler, S Gilchrist - Endogenous Sudden Stops in a Business Cycle Model …, 1993
[CITATION] Credit Market Shocks: Evidence from Corporate Bond and Stock Markets, forthcoming in
S Gilchrist, V Yankov… - Journal of Monetary Economics
[CITATION] The Financial Accelerator in a Quantitative Business Cycle Framework," NBER Working Paper No. 6455, March
B Bernanke, M Gertler… - 1998
C Himmelberg, S Gilchrist… - FRB of New York Staff …, 2004 - papers.ssrn.com
Abstract: Building on recent developments in behavioral asset pricing, we develop a model
in which an increase in the dispersion of investor beliefs under short-selling constraints
predicts a bubble, or a rise in a stock's price above its fundamental value. Our model ...
[CITATION] The Financial Accelerator in a Quantitative Business Cycle Framework. In: Taylor, J., Woodford, M.(Eds.), Handbook of Macroeconomics. North-Holland
BB Bernanke, M Gertler… - 1999
[CITATION] Discrete adjustment costs and investment dynamics: a maximum likelihood approach
O Fuentes, S Gilchrist… - 2006 - working paper, Boston University
[CITATION] The Financial Accelarator in a Quatitative Business Cycle Framework.''Handbook of Macroeconomics. Volume 1. Edited by JB Taylor and M. Woodford. …
B Bernanke, M Gertler… - 1999
[CITATION] Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms (November 1991)
G Mark… - NBER Working Paper, 1991
[CITATION] The financial accelerator and the flight to quality., Princeton University, Princeton
B Bernanke, M Gertler… - NJ Unpublished working paper, 1993
S Gilchrist… - Boston University-Department of Economics- …, 2007 - people.bu.edu
Abstract Without capital market imperfections, the capital structure of a firm, including the
size, the maturity and the currency composition of debts, should not matter for investment
decisions. The Asian financial crises provide a good opportunity to test this hypothesis. ...
[CITATION] External Constraints on Monetary Policy and the Financial Accelerator," mimeo
M Gertler, S Gilchrist… - 2000
[CITATION] VThe Financial Accelerator in a Quantitative Business Cycle FrameworkV NBER Working Paper W6455
BS Bernanke, M Gertler… - 1998
S Gilchrist - Journal of Monetary Economics, 2007 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Comment
on: Banking and interest rates in monetary policy analysis: A quantitative exploration. Simon
Gilchrist (). Journal of Monetary Economics, 2007, vol. 54, issue 5, pages 1508-1514. ...
S Gilchrist - NBER Macroeconomics Annual, 1997 - JSTOR
though through a different route from that developed in the paper. As has been emphasized
by Modigliani in the context of life-cycle saving, precautionary motives may not be very
important if wealth is being accumulated for other purposes. Modigliani argues that ...
S Gilchrist, JO Hairault… - 2001 - bdfbs-ws01.heb3.fr.colt.net
Abstract In this paper, we study the consequence of the introduction of a financial
accelerator in a model of monetary union. We do so by developing a dynamic stochastic
general equilibrium macro model of a two country economy, studied under four variants: ...
[CITATION] The Finanacal Acceleration in a Quantitive Business Cycle Framework
BS Bernanke, M Gertler… - NBER Working Paper, 1998
S Gilchrist - Review, 2001 - ideas.repec.org
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S Gilchrist - comisiondistorsionesdeprecios.cl
28 Simon Gilchrist balance sheets deteriorate, and financial intermediaries increase the
premiums on external funds. Rising premiums on external finance cause further contractions
in investment spending and output. In an international setting, shocks may be rapidly ...
A Dixit, M Dooley, J Drake-Brockman, R Duncan… - … versus Multilateral Trade … - nber.org
Bayoumi, Tamim, lllnl , 112-13t, 115, 143 Beckerman, W., 61113 Becketti, Sean, 169 Beghin,
John, 85 Beltratti, A,, 63n4 Benedick, R. E., 64118 Berger, Allen N., 330n15 Bergsten, C.
Fred, 122, 123 Bergstrand, Jeffrey, 124113, 1421-11 Berliner, Diane T., 346 Bemanke, ...
S Gilchrist - 2011 - nber.org
Page 1. 1 Liquidity Mismatch Measurement Markus Brunnermeier, Arvind Krishnamurthy, and
Gary Gorton1 January 18, 2012 Policy-makers and academics recognize that liquidity is central
in the dynamics of a financial crisis, and that measurement of liquidity is critical in ...
More than ever before financial factors are shaping the business cycle. This is true not only
in those countries struggling to come to grips with recently liberalised financial systems, but
also in those that have had a couple of decades to adapt. Around the globe, we have seen ...
S Gilchrist - Proceedings, 2006 - ideas.repec.org
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view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
S Gilchrist - banque-france.fr
be used as a tool for analysing the implications of moving to a monetary union viewed from
the perspective of macroeconomic stabilisation policy. However, there is more to a monetary
union. Here one should refer to the heated debates on the benefits of currency unions, ...
S Gilchrist - NBER Macroeconomics Annual, 2001 - JSTOR
GILCHRIST view. In my comment, I will provide some discussion of what exactly I think the
cost channel is. I will then discuss their evidence and identification, and provide some
additional discussion of evidence from the inventory literature, some of which is ...
[CITATION] Traditional Macro Models:• Modigliani-Miller thereom holds:—Balance sheet positions are irrelevant to real de-cisions.—Financial markets only matter …
S Gilchrist
S Gilchrist, FM Natalucci… - Computing in Economics …, 2006 - cirje.eu-tokyo.ac.jp
Abstract The well-documented empirical difficulties associated with estimating the effects of
changes in interest rates and corporate tax policy on business fixed investment are often
blamed on a lack of identification. In this paper, we study the effect of variation in interest ...
[CITATION] Business investment and failure rates: the effects of capital market imperfections
SG Gilchrist - 1990 - University of Wisconsin--Madison
G Huberman, S Gilchrist… - 2004 Meeting Papers, 2004 - ideas.repec.org
Building on recent developments in behavioral asset pricing, we develop a model in which
an increase in the dispersion of investor beliefs under short-selling constraints predicts a
rise in stock price above its fundamental value, or bubble. The model predicts managers ...
J Williams, S Gilchrist - 1999 - papers.ssrn.com
Abstract: In this paper, we embed the microeconomic decisions associated with investment
under uncertainty, capacity utilization, and machine replacement in a general equilibrium
model based on putty-clay technology. We show that the combination of log-normally ...
[CITATION] New perspectives on business cycles: An analysis of inequality and heterogeneity
SP Das, S Gilchrist - Journal of …, 1995 - Nashville [etc.]: American Economic …
S Gilchrist, JW Sim… - 2012 - econ.iastate.edu
The countercyclical behavior of the cross-sectional dispersion of economic returns such as
labor income, business cash flows, and equity valuations is one of the stylized facts of
business cycle fluctuations. 1 In macroeconomics, the framework of irreversible ...
[CITATION] LIST OF REVIEWERS FOR VOL. 11
D Aadland, M Aarstol, LF Ackert, A Akhigbe… - International Review of …, 2002
S Gilchrist - Economic Policy Review, 2002 - econpapers.repec.org
By Simon Gilchrist; Abstract: Paper for a conference sponsored by the Federal Reserve Bank
of New York entitled Financial Innovation and Monetary. ... Houses as collateral: has the link between
house prices and consumption in the UK changed? commentary. Simon Gilchrist (). ...
S Gilchrist - Carnegie-Rochester Conference Series on Public …, 2011 - ideas.repec.org
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RePEc Archive (MPRA) if you do not have access to an institutional RePEc archive. ... No abstract
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