• In his earlier work, Moll showed that an important driving factor in determining the aggregate effects of poorly functioning credit markets is the persistence of idiosyncratic productivity shocks hitting producers. (wikipedia.org)
  • The second moment shocks to the idiosyncratic component capture time-varying cross-sectional dispersion in idiosyncratic productivity (microeconomic uncertainty) while the second moment shocks to the aggregate component capture fluctuations in macroeconomic uncertainty. (quantpedia.com)
  • Labor reallocation in the model is driven by idiosyncratic city-specific productivity shocks, which we measure using a dataset that we compile using more than 350 U.S. cities for the years 1984 to 2008. (capturedeconomy.com)
  • Results demonstrate that up to one-third of the business cycle is driven by idiosyncratic productivity variation together with network amplifications. (uu.se)
  • Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed wage episodes as compared to the average response. (uu.se)
  • Using a difference-in-difference approach, and with careful attention to sample selection issues, we find that mainland Chinese firm-level investment is negatively affected by contractionary U.S. monetary policy shocks and that firms in the Connect are more adversely affected than those outside of it. (federalreserve.gov)
  • Recent research from other developed countries, however, has found that aggregate fluctuations are in part driven by idiosyncratic shocks to large firms. (bankofcanada.ca)
  • Default probabilities are driven primarily by how firms are tied to business cycles, both domestic and foreign, and how business cycles are linked across countries. (repec.org)
  • First, firms are subject to persistent idiosyncratic and aggregate TFP shocks with time-varying second moments. (quantpedia.com)
  • Small firms are those that have received a recent history of negative idiosyncratic shocks. (quantpedia.com)
  • The free market driving behavior in emerging firms 2010 variety is of all the personal books by cloisters changing the FE regime, human composers, and their drops. (hweiteh.com)
  • Your free market driving behavior in emerging firms raid should sign at least 2 jobs then. (hweiteh.com)
  • In order to understand what drives aggregate fluctuations, many macroeconomic models point to aggregate shocks and discount the contribution of firm-specific shocks. (bankofcanada.ca)
  • As Ricardian equivalence fails in HANK models, the reaction of the fiscal authority to a monetary shock is key to determine the overall macroeconomic response. (wikipedia.org)
  • But to our concern, the conflict in Ukraine has rapidly turned into a macroeconomic shock. (europa.eu)
  • The fact that inflation is, to a considerable extent, driven by global factors does not mean that monetary policy can or should remain on the sidelines. (europa.eu)
  • On the contrary, persistent global shocks imply that the firm anchoring of inflation expectations has become more important than ever. (europa.eu)
  • However, inflation shocks have very little persistence in the CEE countries, owing to the strong convergence trends in these countries-which tend to re-anchor expectations faster. (imf.org)
  • Inflation is driven by the intersection of supply and demand. (troweprice.com)
  • Not wanting to admit that the current price level increases could be harbingers of true inflation (a sustained rate of increase of the price level), Powell is attempting to argue that these recent increases are due to idiosyncratic factors (e.g. (streetwiseprofessor.com)
  • If he really believes we're all idiots who will confuse one-time price level shocks with true inflation, he should take aggressive action to show credibly that the Fed will not let inflation take hold. (streetwiseprofessor.com)
  • Consequently, common shocks and spillovers create co-movement, whilst idiosyncratic shocks reduce co-movement. (rba.gov.au)
  • The available research suggests that common shocks are a major source of cyclical co-movement between regions, although spillovers are also non-trivial (Kouparitsas 2002). (rba.gov.au)
  • This deficiency has implications for our assessment of the importance of spillovers, given that trade is often seen as a primary avenue for the transmission of shocks from one state to another. (rba.gov.au)
  • Do Bank Shocks Affect Aggregate Investment? (newyorkfed.org)
  • The results indicate that 40 percent of aggregate lending and investment volatility over the past two decades can be tied to the idiosyncratic successes and failures of financial institutions. (newyorkfed.org)
  • This view is complemented by a recently emerging literature showing that idiosyncratic shocks to large or highly interconnected sectors contribute to aggregate variation. (uu.se)
  • The main contribution to real disposable income growth stems from real labour income growth (see Chart B), which is expected to be driven to an increasing extent by wage developments and less by employment growth. (europa.eu)
  • If regional cycles are driven to a large extent by idiosyncratic shocks, they will tend to display individual dynamics (i.e. they will not co-move) unless those shocks then spill over to other regions. (rba.gov.au)
  • And we argue that ETFs are defined by a novel, model-driven device that we refer to as the "arbitrage mechanism," a device that has sometimes failed catastrophically. (southerncalifornialawreview.com)
  • They provide evidence that ETFs facilitate propagation of idiosyncratic shocks across its constituents. (cerge-ei.cz)
  • The low-frequency fluctuations of the size premium in the model are driven by the persistent volatility process for idiosyncratic TFP shocks. (quantpedia.com)
  • Adding to concerns about exogenous shocks, the weaponization of trade by China and Russia has raised the geopolitical risks of overdependence on unfriendly countries. (wita.org)
  • When TFP dispersion is high, small fi rms are subjected to a larger history of negative idiosyncratic shocks that increases their exposure to longrun risks relative to periods with low TFP dispersion. (quantpedia.com)
  • A portfolio's risk profile can be decomposed into undiversifiable systematic and diversifiable idiosyncratic risks. (cboe.com)
  • The economic recovery stalled in 2022 following a major COVID outbreak and U.S. monetary policy tightening, but the government effectively ramped up its fiscal policy support to about 8 percent of GDP to help mitigate the impact of the adverse shocks, while extending various financial relief measures. (imf.org)
  • The Global Stagflation Shock of 2022: How Bad Could it Get? (stateeconomicdevelopment.org)
  • The surge in global interest rates driven by the Fed in 2022 was dramatic. (adamtooze.com)
  • In contrast to idiosyncratic shocks like the 2011 Tōhoku earthquake and tsunami, headline supply shocks since 2020 have been global and cross-sectional-hitting many countries and industries simultaneously. (wita.org)
  • In contrast, if regional cycles are heavily influenced by common shocks, they will tend to display similar dynamics. (rba.gov.au)
  • In contrast, hours worked data should capture changing conditions in a state's external sector, but information from the labour market is only an indirect estimate of economic activity, and shocks might be observed with a lag. (rba.gov.au)
  • Models using this framework also typically include a mechanism for idiosyncratic shocks to spill over from the region in which they originate to other regions, through trade and investment channels, for instance. (rba.gov.au)
  • Several papers also include industry-level shocks, which could be assigned to either of these categories (depending on the degree of industrial similarity). (rba.gov.au)
  • Risk Matters: The Real Effects of Volatility Shocks ," CEPR Discussion Papers 7264, C.E.P.R. Discussion Papers. (repec.org)
  • Risk Matters: The Real Effects of Volatility Shocks ," 2010 Meeting Papers 281, Society for Economic Dynamics. (repec.org)
  • Risk Matters: The Real Effects of Volatility Shocks ," NBER Working Papers 14875, National Bureau of Economic Research, Inc. (repec.org)
  • Risk Matters: The Real E¤ects of Volatility Shocks ," 2009 Meeting Papers 237, Society for Economic Dynamics. (repec.org)
  • This challenge has been met by a number of papers in the economics literature, which exploit major shocks to early-life health in the forms of famine and epidemics. (lu.se)
  • In the euro area, the strong surge in selling prices has mitigated the impact of the adverse terms-of-trade shock from higher commodity prices and has boosted corporate profits in sectors most heavily exposed to global demand. (europa.eu)
  • Rather, we see discounted valuations in sectors facing idiosyncratic challenges. (morningstar.com)
  • The traditional view is that a business cycle is the result of shocks correlated across sectors. (uu.se)
  • As a result, positive and negative idiosyncratic shocks to financial institutions cancel out due to the law of large numbers. (newyorkfed.org)
  • The skewed size distribution of financial institutions raises the question of whether idiosyncratic poor performance of one or more large institutions might cause a credit contraction and drive down investment. (newyorkfed.org)
  • In Europe, where the energy price shock was most intense, a wide range of policies were debated and deployed including price controls and large fiscal subsidies. (adamtooze.com)
  • Now, as the sectoral price shock begins to ebb, the focus is less on price controls or large fiscal transfers and once again on the central banks. (adamtooze.com)
  • There are three relevant external factors driving EM: commodities, currencies and Chinese growth. (businessinsider.com)
  • Increased convergence in policies and market integration over time are associated with a stronger correlation between the levels of the yield curves, while the curves slopes are more driven by idiosyncratic factors. (imf.org)
  • Market participants need a robust indicator measuring the dynamic relationship between index components to form a strong understanding of the inherent risk factors driving the SPX. (cboe.com)
  • The central idea, going back to the work of Burns and Mitchell in the years 1940, is that the fluctuations of all the macro and sectoral variables in the economy are driven by a "reference cycle," that is, a one-dimensional latent cause of variation. (oxfordre.com)
  • We find that there is more heterogeneity in the former, meaning that when we combine them, an individual's real wage growth is primarily driven by their nominal wage growth. (stlouisfed.org)
  • While prices will remain under pressure in early 2020, we expect an eventual rebound in demand will balance the market, driving prices up to our long-term price forecast of $310 per metric ton. (morningstar.com)
  • SOB and RH are character- driven stories, which suggests that worry has an impact on the narratological structure of the texts. (lu.se)
  • The direct and idiosyncratic impacts of the geo-political shock have remained contained because, as I explained earlier this year, the banking sector's direct exposures to Russia, Ukraine and Belarus were limited in size and concentrated among a small set of institutions. (europa.eu)
  • Asset value changes of a credit portfolio are linked to a dynamic global macroeconometric model, allowing macro effects to be isolated from idiosyncratic shocks. (repec.org)
  • Access to this model in rural Peru reduced vulnerability to idiosyncratic shocks and led to greater investments in housing quality and specialization in agricultural activities, especially in poorer villages. (iadb.org)
  • In the model, from the very early ages the rich spend more in preventive health to expand their life expectancy, which leads to milder health shocks (and lower curative medical expenditures) for them in old age compared to the poor. (stlouisfed.org)
  • Calibrating the idiosyncratic volatility process to our empirical measure, we show that our model can provide a quantitatively relevant account of the observed size premium waves. (quantpedia.com)
  • The return profile for distressed securities investing is typically at the higher end of event-driven strategies but with more variability. (cfastudyguide.com)
  • The negative effect on access to formal loans is driven by villages with higher poverty levels and lower pre-treatment access to formal credit. (iadb.org)
  • The mean-reverting idiosyncratic TFP shocks helps to generate a negative relation between firm market capitalization and expected returns in the stationary distribution. (quantpedia.com)
  • Fragmentation has made GSCs long and thus subject to shocks emanating anywhere along the chain, while geographic concentration has made them heavily dependent on certain locations (and thus to shocks hitting specific parts of the world). (wita.org)
  • Risk Matters: The Real Effects of Volatility Shocks ," PIER Working Paper Archive 09-013, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania. (repec.org)
  • Inflationary shocks such as Russia's invasion of Ukraine have almost always led to deflation through the subsequent supply response and the slowing of demand. (troweprice.com)
  • COVID-related supply chain shocks) that will not persist. (streetwiseprofessor.com)
  • There were supply shocks in the 1970s (e.g. (streetwiseprofessor.com)
  • Successive rounds of sanctions and retaliatory measures have compounded previously existing supply bottlenecks and materially driven up the price of oil, gas, food and metals, in particular. (europa.eu)
  • You up are an free market driving to validated the people of your Musical Anyone to be supporting, roasting expenditure, suggesting, and experienced geography original. (hweiteh.com)
  • Auckland takes Low free market driving behavior in of thandomestic National Church of Scientology for New Zealand at MethodsStatistical Century Starting the belief. (hweiteh.com)
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  • From the 98 faces of the XIIth Symposium on Colour Vision Deficiencies, 61 supplied obtained after free market driving environment and window by the opponents. (hweiteh.com)
  • The results suggest that the effect is driven by more effective communication between Black teachers and Black students, which aligns with the literature on culturally relevant pedagogy. (cerge-ei.cz)
  • Risk Matters: The Real Effects of Volatility Shocks ," American Economic Review , American Economic Association, vol. 101(6), pages 2530-2561, October. (repec.org)
  • idiosyncratic shocks, which are specific to individual regions (examples of which include changes in regional fiscal policy, regional droughts or local bank failures). (rba.gov.au)
  • In the United States, the federal government has responded to widespread demands for domestic government action with new industrial and trade policies that promise a more resilient economy, defined as one that can better adapt to shocks and withstand geopolitical turmoil. (wita.org)
  • Strong fiscal policy support has helped the economy navigate through multiple shocks over the last few years, while strong institutional frameworks and financial buffers have allowed the financial system to remain resilient and continue to operate smoothly, including the Linked Exchange Rate System (LERS). (imf.org)
  • At some point between Carrie's shocking, tender dismantling of Brody in "Q&A" 2 and her shoddy capture by a freshly shaved Abu Nazir, Homeland 's delicate high-wire act turned into a public hanging. (grantland.com)
  • Meanwhile, the company also continues to reduce its unit production costs in both businesses, driving higher profits. (morningstar.com)
  • This observation indicates that as more time passes, investors attribute higher probabilities to experiencing drawdown shock events. (cboe.com)
  • Merger arbitrage is a relatively liquid strategy-with defined gains from idiosyncratic single security takeover situations but occasional downside shocks when merger deals unexpectedly fail. (cfastudyguide.com)
  • These results exploit results on stochastic processes of dimension n that are driven by a q -dimensional white noise, with q (oxfordre.com)
  • The results do not seem to be driven by the periodic structure, nor the seasonality, of the renegotiation episodes. (uu.se)
  • After the distinctively cheeky character and idiosyncratic mechanicals of the rear-engined aircooled Volkwagens, getting into the firmly-bolstered plaid-clad drivers' seat of this Golf GTI MkI feels like a total culture shock. (drives.today)
  • The shop evinced thorough yet somehow still idiosyncratic-seeming stocking strategies: it was a store that took seriously the original comic shop call to have what at least seemed like "all the comics. (comicsreporter.com)
  • Los Angeles was the source of the shock, because the same rising rents that were the fundamental cause of the rising prices were also driving residents out of town. (idiosyncraticwhisk.com)
  • Physical health capital determines survival probabilities, whereas preventive health capital governs the endogenous distribution of shocks to physical health capital, thereby controlling the life expectancy. (stlouisfed.org)
  • Root wasn't the entire store -- there were too many talented employees in and out of the place over the years, each with a compelling story and contributions of their own -- but like many of the great, idiosyncratic comics businesses, he was a key to its ongoing success. (comicsreporter.com)
  • Concerns about their resilience deepened as a series of external shocks continued to disrupt trade in the pandemic's wake. (wita.org)
  • The European Central Bank is in a particularly difficult position, not just because the inflationary wave has taken time to unfold in Europe, or because of the idiosyncratic nature of the war shock, and ongoing concerns about energy markets. (adamtooze.com)
  • The common factor u t is orthogonal to the idiosyncratic components ξ i t , the idiosyncratic components are mutually orthogonal (or weakly correlated). (oxfordre.com)
  • Our study of Japanese lending markets is the first to provide a causal link between bank shocks and firm-level investment rates. (newyorkfed.org)
  • As with other idiosyncratic and demanding art forms - barbecue , say, or assembling an NBA roster - sometimes the failures can be just as interesting as the successes. (grantland.com)