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Essays in Macroeconomics, Financial Markets, and Epidemics.
Essays in Macroeconomics, Financial Markets, and Epidemics.
상세정보
- 자료유형
- 학위논문
- Control Number
- 0017161316
- International Standard Book Number
- 9798382611259
- Dewey Decimal Classification Number
- 658
- Main Entry-Personal Name
- Salinas Depaz, Cesar Saturnino.
- Publication, Distribution, etc. (Imprint
- [S.l.] : Indiana University., 2024
- Publication, Distribution, etc. (Imprint
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- Physical Description
- 125 p.
- General Note
- Source: Dissertations Abstracts International, Volume: 85-11, Section: A.
- General Note
- Advisor: Guler, Bulent.
- Dissertation Note
- Thesis (Ph.D.)--Indiana University, 2024.
- Summary, Etc.
- 요약This dissertation consists of three chapters about how access to financial markets and composition of the labor market determine aggregate macroeconomic outcomes. The first chapter examines the macroeconomic consequences of credit uncertainty using a structural vector autoregression model with stochastic volatility (SVAR-SV). Credit supply conditions in the U.S. is captured by the banks' reports on how credit standards for approving loans have change over time (Bank Lending Standards). The empirical analysis shows that the volatility of macroeconomic and financial variables rises in response to an increase in the credit uncertainty shock. The economic activity falls and credit growth and related interest rates decrease persistently. Moreover, credit volatility shocks explain around 10% of the FEV of endogenous variables. A dissagregated analysis shows that the effect of these shocks are mainly explained by their effects on the corporate business sector.The second chapter studies the role of time-varying credit limits through the lens of a life cycle incomplete markets model calibrated for the U.S. Changes in credit card limits are explained by observable household characteristics and the estimated unobservable variation is quite large. The quantitative exercise shows that even though young households are more indebted in an economy with stochastic borrowing limits, aggregate consumption is not greatly affected by transitory or persistent shocks of this type. However, in the presence of these shocks, households lose the ability to self-insure against other uninsurable idiosyncratic shocks, e.g., labor income shocks. A disaggregated analysis shows that the loss of self-insurance capacity is mainly explained by the effects that stochastic borrowing limits have on the wealth distribution, the precautionary savings channel households have to face unexpected risks.The third chapter studies the role of informal markets to explain economic and demographic variables during a pandemic. The quantitative exercise shows that lockdown policies are less effective in economies with large informal markets, infection and death rates will not decrease as much as formal economies. Moreover, the size of the recession would be exacerbated because informal activities are not counted in the calculation of the GDP. To generate similar results to an economy with only formal markets, the economy with informal markets must implement more severe containment policies.
- Subject Added Entry-Topical Term
- Finance.
- Index Term-Uncontrolled
- Borrowing limits
- Index Term-Uncontrolled
- Financial markets
- Index Term-Uncontrolled
- Household finance
- Index Term-Uncontrolled
- Time series econometrics
- Index Term-Uncontrolled
- Macroeconomics
- Added Entry-Corporate Name
- Indiana University Economics
- Host Item Entry
- Dissertations Abstracts International. 85-11A.
- Electronic Location and Access
- 로그인을 한후 보실 수 있는 자료입니다.
- Control Number
- joongbu:658672
MARC
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■1001 ▼aSalinas Depaz, Cesar Saturnino.▼0(orcid)0000-0003-4907-5049
■24510▼aEssays in Macroeconomics, Financial Markets, and Epidemics.
■260 ▼a[S.l.]▼bIndiana University. ▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a125 p.
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-11, Section: A.
■500 ▼aAdvisor: Guler, Bulent.
■5021 ▼aThesis (Ph.D.)--Indiana University, 2024.
■520 ▼aThis dissertation consists of three chapters about how access to financial markets and composition of the labor market determine aggregate macroeconomic outcomes. The first chapter examines the macroeconomic consequences of credit uncertainty using a structural vector autoregression model with stochastic volatility (SVAR-SV). Credit supply conditions in the U.S. is captured by the banks' reports on how credit standards for approving loans have change over time (Bank Lending Standards). The empirical analysis shows that the volatility of macroeconomic and financial variables rises in response to an increase in the credit uncertainty shock. The economic activity falls and credit growth and related interest rates decrease persistently. Moreover, credit volatility shocks explain around 10% of the FEV of endogenous variables. A dissagregated analysis shows that the effect of these shocks are mainly explained by their effects on the corporate business sector.The second chapter studies the role of time-varying credit limits through the lens of a life cycle incomplete markets model calibrated for the U.S. Changes in credit card limits are explained by observable household characteristics and the estimated unobservable variation is quite large. The quantitative exercise shows that even though young households are more indebted in an economy with stochastic borrowing limits, aggregate consumption is not greatly affected by transitory or persistent shocks of this type. However, in the presence of these shocks, households lose the ability to self-insure against other uninsurable idiosyncratic shocks, e.g., labor income shocks. A disaggregated analysis shows that the loss of self-insurance capacity is mainly explained by the effects that stochastic borrowing limits have on the wealth distribution, the precautionary savings channel households have to face unexpected risks.The third chapter studies the role of informal markets to explain economic and demographic variables during a pandemic. The quantitative exercise shows that lockdown policies are less effective in economies with large informal markets, infection and death rates will not decrease as much as formal economies. Moreover, the size of the recession would be exacerbated because informal activities are not counted in the calculation of the GDP. To generate similar results to an economy with only formal markets, the economy with informal markets must implement more severe containment policies.
■590 ▼aSchool code: 0093.
■650 4▼aFinance.
■653 ▼aBorrowing limits
■653 ▼aFinancial markets
■653 ▼aHousehold finance
■653 ▼aTime series econometrics
■653 ▼aMacroeconomics
■690 ▼a0501
■690 ▼a0510
■690 ▼a0508
■71020▼aIndiana University▼bEconomics.
■7730 ▼tDissertations Abstracts International▼g85-11A.
■790 ▼a0093
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17161316▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
