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Essays In Financial And International Macroeconomics

Abstract I study the importance of financial factors and real exchange rate shocks in explaining business cycle fluctuations, which have been considered important in the literature as non-technological factors in explaining business cycle fluctuations. In the first chapter, I study the implications of fluctuations in corporate credit spreads for business cycle fluctuations. Motivated by the fact that corporate credit spreads are countercyclical, I build a simple model in which difference in default probabilities on corporate debts leads to the spread in interest rates paid by firms. In the model, firms differ in the variance of the firm-level productivity, which is in turn linked to the difference in the default probability. The key mechanism is tha... (more)
Created Date 2011
Contributor Kim, Seon Tae (Author) / Prescott, Edward C (Advisor) / Rogerson, Richard (Committee member) / Ahn, Seung (Committee member) / Low, Stuart (Committee member) / Arizona State University (Publisher)
Subject Economics / Economics, Finance / Business Cycles / Corporate Credit Spreads / Price of Imports / Small Open Economy / TFP
Type Doctoral Dissertation
Extent 93 pages
Language English
Reuse Permissions All Rights Reserved
Note Ph.D. Economics 2011
Collaborating Institutions Graduate College / ASU Library
Additional Formats MODS / OAI Dublin Core / RIS

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Description Dissertation/Thesis