I analyze the risk of nominal assets within an external habit model supplemented with novel macroeconomic dynamics. Despite featuring flexible non-Gaussian fundamental processes, the model can be solved in closed-form. The estimation identifies time-varying ”demand-like” and ”supply-like” macroeconomic shocks directly linked to the risk of nominal assets. In addition to matching standard proper...

Using a large sample of accounting data for non …nancial companies in France on the period 1990-2004, the paper studies the interactions between macroeconomic shocks and companies’…nancial fragility. We consider links in both directions, namely whether …rms’bankruptcies are a¤ected by macroeconomic variables, and whether bankruptcies determine the business cycle. We estimate forecasting equatio...

Abstract—The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statist...

This chapter surveys laboratory experiments addressing macroeconomic phenomena. The first part focuses on experimental tests of the micro-foundations of macroeconomic models discussing laboratory studies of intertemporal consumption/savings decisions, time (in)consistency of preferences and rational expectations. Part two explores coordination problems of interest to macroeconomists and mechani...

Blanchflower and Oswald (1994) have argued that, in regional data, the level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical support for the expectations-aug...

OBJECTIVE To analyze the relationship between macroeconomic conditions and health in Brazil. METHODS The analysis of the impact of employment and income on mortality in Brazil was based on panel data from Brazilian states between 1981 and 2002. Mortality rates obtained from the national mortality database was used as a proxy for health status, whereas the variables employment, income, and ill...