$last update job market

author/gregor-von-schweinitz/index.xml

@@ -5,13 +5,18 @@
     <link>https://gvschweinitz.org/author/gregor-von-schweinitz/</link>
       <atom:link href="https://gvschweinitz.org/author/gregor-von-schweinitz/index.xml" rel="self" type="application/rss+xml" />
     <description>Gregor von Schweinitz</description>
-    <generator>Source Themes Academic (https://sourcethemes.com/academic/)</generator><language>en-us</language><lastBuildDate>Wed, 18 Oct 2023 00:00:00 +0000</lastBuildDate>
+    <generator>Source Themes Academic (https://sourcethemes.com/academic/)</generator><language>en-us</language>
     <image>
       <url>https://gvschweinitz.org/images/icon_hu0d8d1ec397c09509224655023435de71_27805_512x512_fill_lanczos_center_3.png</url>
       <title>Gregor von Schweinitz</title>
       <link>https://gvschweinitz.org/author/gregor-von-schweinitz/</link>
     </image>
 
+  </channel>
+</rss>
+schweinitz/</link>
+    </image>
+
     <item>
       <title>The importance of credit demand for business cycle dynamics</title>
       <link>https://gvschweinitz.org/publication/gsz_creditdemandandsupply/</link>

index.html

@@ -1092,7 +1092,7 @@ <h3 class="article-title mb-1 mt-3">
 
   <a href="/publication/gsz_creditdemandandsupply/" class="summary-link">
     <div class="article-style">
-      <p>During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand shocks on aggregate fluctuations. This paper fills this gap. I  identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. As an additional novelty, I construct a new granular instrument for credit demand shocks from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I identify an extremely large expansionary credit demand shock in 2020Q1, which pushed the US economy towards a sustained recovery, helping to avoid a stagflationary scenario in 2022. Furthermore, I document that credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during the crisis itself. Thus, both shocks matter for aggregate fluctuations, albeit at different times.</p>
+      <p>This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022.</p>
     </div>
   </a>
 

publication-type/4/index.html

@@ -719,7 +719,7 @@ <h1>4</h1>
       <h2><a href="/publication/gsz_creditdemandandsupply/" >The importance of credit demand for business cycle dynamics</a></h2>
       <div class="article-style">
 
-          During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand …
+          This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural …
 
       </div>
     </div>

publication/gsz_creditdemandandsupply/index.html

@@ -30,7 +30,7 @@
 
 
 
-  <meta name="description" content="During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand shocks on aggregate fluctuations. This paper fills this gap. I  identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. As an additional novelty, I construct a new granular instrument for credit demand shocks from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I identify an extremely large expansionary credit demand shock in 2020Q1, which pushed the US economy towards a sustained recovery, helping to avoid a stagflationary scenario in 2022. Furthermore, I document that credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during the crisis itself. Thus, both shocks matter for aggregate fluctuations, albeit at different times.">
+  <meta name="description" content="This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022.">
 
 
   <link rel="alternate" hreflang="en-us" href="https://gvschweinitz.org/publication/gsz_creditdemandandsupply/">
@@ -256,7 +256,7 @@
   <meta property="og:site_name" content="Gregor von Schweinitz">
   <meta property="og:url" content="https://gvschweinitz.org/publication/gsz_creditdemandandsupply/">
   <meta property="og:title" content="The importance of credit demand for business cycle dynamics | Gregor von Schweinitz">
-  <meta property="og:description" content="During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand shocks on aggregate fluctuations. This paper fills this gap. I  identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. As an additional novelty, I construct a new granular instrument for credit demand shocks from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I identify an extremely large expansionary credit demand shock in 2020Q1, which pushed the US economy towards a sustained recovery, helping to avoid a stagflationary scenario in 2022. Furthermore, I document that credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during the crisis itself. Thus, both shocks matter for aggregate fluctuations, albeit at different times."><meta property="og:image" content="https://gvschweinitz.org/images/icon_hu0d8d1ec397c09509224655023435de71_27805_512x512_fill_lanczos_center_3.png">
+  <meta property="og:description" content="This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022."><meta property="og:image" content="https://gvschweinitz.org/images/icon_hu0d8d1ec397c09509224655023435de71_27805_512x512_fill_lanczos_center_3.png">
   <meta property="twitter:image" content="https://gvschweinitz.org/images/icon_hu0d8d1ec397c09509224655023435de71_27805_512x512_fill_lanczos_center_3.png"><meta property="og:locale" content="en-us">
 
 
@@ -304,7 +304,7 @@
       "url": "https://gvschweinitz.org/images/icon_hu0d8d1ec397c09509224655023435de71_27805_192x192_fill_lanczos_center_3.png"
     }
   },
-  "description": "During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand shocks on aggregate fluctuations. This paper fills this gap. I  identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. As an additional novelty, I construct a new granular instrument for credit demand shocks from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I identify an extremely large expansionary credit demand shock in 2020Q1, which pushed the US economy towards a sustained recovery, helping to avoid a stagflationary scenario in 2022. Furthermore, I document that credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during the crisis itself. Thus, both shocks matter for aggregate fluctuations, albeit at different times."
+  "description": "This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022."
 }
 </script>
 
@@ -864,7 +864,7 @@ <h1>The importance of credit demand for business cycle dynamics</h1>
 
 
     <h3>Abstract</h3>
-    <p class="pub-abstract">During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand shocks on aggregate fluctuations. This paper fills this gap. I  identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. As an additional novelty, I construct a new granular instrument for credit demand shocks from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I identify an extremely large expansionary credit demand shock in 2020Q1, which pushed the US economy towards a sustained recovery, helping to avoid a stagflationary scenario in 2022. Furthermore, I document that credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during the crisis itself. Thus, both shocks matter for aggregate fluctuations, albeit at different times.</p>
+    <p class="pub-abstract">This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022.</p>
 
 
 

publication/index.html

@@ -931,7 +931,7 @@ <h3 class="article-title mb-1 mt-3">
 
   <a href="/publication/gsz_creditdemandandsupply/" class="summary-link">
     <div class="article-style">
-      <p>During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand shocks on aggregate fluctuations. This paper fills this gap. I  identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. As an additional novelty, I construct a new granular instrument for credit demand shocks from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I identify an extremely large expansionary credit demand shock in 2020Q1, which pushed the US economy towards a sustained recovery, helping to avoid a stagflationary scenario in 2022. Furthermore, I document that credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during the crisis itself. Thus, both shocks matter for aggregate fluctuations, albeit at different times.</p>
+      <p>This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022.</p>
     </div>
   </a>
 

tag/jmp/index.html

@@ -719,7 +719,7 @@ <h1>jmp</h1>
       <h2><a href="/publication/gsz_creditdemandandsupply/" >The importance of credit demand for business cycle dynamics</a></h2>
       <div class="article-style">
 
-          During 2020, liquidity demand by firms may have helped to stabilize the economy and ward off longer-run negative effects of the Corona recession. Nonetheless, the empirical macroeconomic literature so far is silent on the effect of credit demand …
+          This paper contributes to a better understanding of the important role that credit demand  plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I an the first to identify a structural …
 
       </div>
     </div>