Financial frictions and the welfare effect of business cycles
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Cho, Daeha | - |
dc.contributor.author | Kim Kwang Hwan | - |
dc.contributor.author | Yi Hye Rim | - |
dc.date.accessioned | 2023-08-16T08:12:35Z | - |
dc.date.available | 2023-08-16T08:12:35Z | - |
dc.date.created | 2023-07-19 | - |
dc.date.issued | 2020-11 | - |
dc.identifier.issn | 1350-4851 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/189315 | - |
dc.description.abstract | This paper studies the implications of financial frictions on the welfare effects of business cycles, using the agency cost model of Carlstrom and Fuerst (1997). We decompose the total welfare effects of business cycles into the fluctuation and mean effect. We find that whether financial frictions reduce the total welfare or not, for any given shock, depends on the size of the mean effect. The presence of financial frictions reduces the mean effect and thus the welfare in response to aggregate productivity shocks, whereas it increases the mean effect in response to net worth shocks. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD | - |
dc.title | Financial frictions and the welfare effect of business cycles | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Cho, Daeha | - |
dc.identifier.doi | 10.1080/13504851.2019.1708857 | - |
dc.identifier.scopusid | 2-s2.0-85078625037 | - |
dc.identifier.wosid | 000505654500001 | - |
dc.identifier.bibliographicCitation | APPLIED ECONOMICS LETTERS, v.27, no.20, pp.1644 - 1651 | - |
dc.relation.isPartOf | APPLIED ECONOMICS LETTERS | - |
dc.citation.title | APPLIED ECONOMICS LETTERS | - |
dc.citation.volume | 27 | - |
dc.citation.number | 20 | - |
dc.citation.startPage | 1644 | - |
dc.citation.endPage | 1651 | - |
dc.type.rims | ART | - |
dc.type.docType | 정기학술지(Article(Perspective Article포함)) | - |
dc.description.journalClass | 1 | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | scie | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | business cycle | - |
dc.subject.keywordPlus | cost-benefit analysis | - |
dc.subject.keywordPlus | financial crisis | - |
dc.subject.keywordPlus | financial services | - |
dc.subject.keywordPlus | financial system | - |
dc.subject.keywordPlus | investment | - |
dc.subject.keywordPlus | welfare economics | - |
dc.subject.keywordAuthor | Welfare cost of business cyclesfinancial frictionsinvestmentmean effect | - |
dc.identifier.url | https://www.tandfonline.com/doi/full/10.1080/13504851.2019.1708857 | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
222, Wangsimni-ro, Seongdong-gu, Seoul, 04763, Korea+82-2-2220-1365
COPYRIGHT © 2021 HANYANG UNIVERSITY.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.