The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform

Livio Stracca - One of the best experts on this subject based on the ideXlab platform.

  • mortgage markets collateral constraints and monetary policy do Institutional Factors matter
    Social Science Research Network, 2007
    Co-Authors: Alessandro Calza, Tommaso Monacelli, Livio Stracca
    Abstract:

    We study the role of Institutional characteristics of mortgage markets in aecting the strength and timing of the eects of monetary policy shocks on house prices and consumption in a sample of industrialized countries. With frictionless credit markets, those characteristics should in principle be immaterial for the transmission of monetary impulses. We document three facts: (1) there is signi…cant divergence in the structure of mortgage markets across the main industrialized countries; (2) at the business cycle frequency, the correlation between consump- tion and house prices increases with the degree of ‡exibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in countries with more ‡exible/developed mortgage markets. We then build a two-sector dynamic general equilibrium model with price stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable asset (housing). We study how the response of consumption to monetary policy shocks is aected by alternative values of three key Institutional parameters: (i) down-payment rate; (ii) mortgage repayment rate; (iii) interest rate mortgage structure (variable vs. …xed interest rate). In line with our empirical evidence, the sensitivity of consumption to monetary policy shocks increases with lower values of (i) and (ii), and is larger under a variable-rate mortgage structure.

  • mortgage markets collateral constraints and monetary policy do Institutional Factors matter
    Research Papers in Economics, 2006
    Co-Authors: Alessandro Calza, Tommaso Monacelli, Livio Stracca
    Abstract:

    We study the role of Institutional characteristics of mortgage markets in affecting the strength and timing of the effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. We document three facts: (1) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in countries with more flexible/developed mortgage markets. We then build a two-sector dynamic general equilibrium model with price stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable asset (housing). We study how the response of consumption to monetary policy shocks is affected by alternative values of three key Institutional parameters: (i) down-payment rate; (ii) mortgage repayment rate; (iii) interest rate mortgage structure (variable vs. fixed interest rate). In line with our empirical evidence, the sensitivity of consumption to monetary policy shocks increases with lower values of (i) and (ii), and is larger under a variable-rate mortgage structure.

Bavcon Investigators - One of the best experts on this subject based on the ideXlab platform.

  • surgical repair of bicuspid aortopathy at small diameters clinical and Institutional Factors
    The Journal of Thoracic and Cardiovascular Surgery, 2020
    Co-Authors: Bavcon Investigators, Gentac Registry Investigators
    Abstract:

    Abstract Objective Bicuspid aortic valve is a common risk factor for thoracic aortic aneurysm and dissection. Guidelines for elective ascending aortic intervention (AAI) in bicuspid aortic valve are derived from limited evidence, and the extent of practice variation due to patient and provider characteristics is unknown. Using data from 2 large cardiovascular registries, we investigated Factors that influence decisions for AAI. Methods All bicuspid aortic valve cases with known aortic diameters and surgical status were included. We used multivariable logistic regression to profile predictors of isolated aortic valve replacement (AVR) or AVR+AAI, stratified by patient characteristics, surgical indications, and institution. Results We studied 2861 subjects at 18 institutions from 1996 to 2015. The median aortic diameter of patients who underwent AVR+AAI varied widely across institutions (39-52 mm). Aortic diameters were Conclusions Clinical and Institutional Factors influence the timing of AAI and are associated with significant variability in ascending aortic diameter at AAI across institutions. More than one third of patients with a bicuspid aortic valve undergo AAI at aortic diameters

Gentac Registry Investigators - One of the best experts on this subject based on the ideXlab platform.

  • surgical repair of bicuspid aortopathy at small diameters clinical and Institutional Factors
    The Journal of Thoracic and Cardiovascular Surgery, 2020
    Co-Authors: Bavcon Investigators, Gentac Registry Investigators
    Abstract:

    Abstract Objective Bicuspid aortic valve is a common risk factor for thoracic aortic aneurysm and dissection. Guidelines for elective ascending aortic intervention (AAI) in bicuspid aortic valve are derived from limited evidence, and the extent of practice variation due to patient and provider characteristics is unknown. Using data from 2 large cardiovascular registries, we investigated Factors that influence decisions for AAI. Methods All bicuspid aortic valve cases with known aortic diameters and surgical status were included. We used multivariable logistic regression to profile predictors of isolated aortic valve replacement (AVR) or AVR+AAI, stratified by patient characteristics, surgical indications, and institution. Results We studied 2861 subjects at 18 institutions from 1996 to 2015. The median aortic diameter of patients who underwent AVR+AAI varied widely across institutions (39-52 mm). Aortic diameters were Conclusions Clinical and Institutional Factors influence the timing of AAI and are associated with significant variability in ascending aortic diameter at AAI across institutions. More than one third of patients with a bicuspid aortic valve undergo AAI at aortic diameters

Alessandro Calza - One of the best experts on this subject based on the ideXlab platform.

  • mortgage markets collateral constraints and monetary policy do Institutional Factors matter
    Social Science Research Network, 2007
    Co-Authors: Alessandro Calza, Tommaso Monacelli, Livio Stracca
    Abstract:

    We study the role of Institutional characteristics of mortgage markets in aecting the strength and timing of the eects of monetary policy shocks on house prices and consumption in a sample of industrialized countries. With frictionless credit markets, those characteristics should in principle be immaterial for the transmission of monetary impulses. We document three facts: (1) there is signi…cant divergence in the structure of mortgage markets across the main industrialized countries; (2) at the business cycle frequency, the correlation between consump- tion and house prices increases with the degree of ‡exibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in countries with more ‡exible/developed mortgage markets. We then build a two-sector dynamic general equilibrium model with price stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable asset (housing). We study how the response of consumption to monetary policy shocks is aected by alternative values of three key Institutional parameters: (i) down-payment rate; (ii) mortgage repayment rate; (iii) interest rate mortgage structure (variable vs. …xed interest rate). In line with our empirical evidence, the sensitivity of consumption to monetary policy shocks increases with lower values of (i) and (ii), and is larger under a variable-rate mortgage structure.

  • mortgage markets collateral constraints and monetary policy do Institutional Factors matter
    Research Papers in Economics, 2006
    Co-Authors: Alessandro Calza, Tommaso Monacelli, Livio Stracca
    Abstract:

    We study the role of Institutional characteristics of mortgage markets in affecting the strength and timing of the effects of monetary policy shocks on house prices and consumption in a sample of OECD countries. We document three facts: (1) there is significant divergence in the structure of mortgage markets across the main industrialised countries; (2) at the business cycle frequency, the correlation between consumption and house prices increases with the degree of flexibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is stronger in countries with more flexible/developed mortgage markets. We then build a two-sector dynamic general equilibrium model with price stickiness and collateral constraints, where the ability of borrowing is endogenously linked to the nominal value of a durable asset (housing). We study how the response of consumption to monetary policy shocks is affected by alternative values of three key Institutional parameters: (i) down-payment rate; (ii) mortgage repayment rate; (iii) interest rate mortgage structure (variable vs. fixed interest rate). In line with our empirical evidence, the sensitivity of consumption to monetary policy shocks increases with lower values of (i) and (ii), and is larger under a variable-rate mortgage structure.

Henry Chesbrough - One of the best experts on this subject based on the ideXlab platform.

  • the organizational impact of technological change a comparative theory of national Institutional Factors
    Industrial and Corporate Change, 1999
    Co-Authors: Henry Chesbrough
    Abstract:

    This paper offers a parsimonious theory of national Institutional Factors that promote or inhibit the formation of start-up firms in the USA and Japan. Three Factors are proposed: the technical labor market, the venture capital market and the structure of buyer-supplier ties. Complementarities between these Factors cause them to work as a system, while their differences elevate or reduce the level of incentive constraints and appropriability constraints acting on incumbent and start-up firms respectively. As a result, incumbents might be displaced in an industry in one country while incumbent firms in the same industry in another country might persevere, due to the presence or absence of start-up firms. This suggests that there may be no single best way to organize for innovation in different Institutional settings; rather, firms must seek to exploit the virtues of their environment, even as they act to mitigate the hazards it poses. Copyright 1999 by Oxford University Press.

  • the organizational impact of technological change a comparative theory of national Institutional Factors
    Social Science Research Network, 1999
    Co-Authors: Henry Chesbrough
    Abstract:

    The organizational literature documents the upheaval that incumbent firms, across numerous industries, often experience when they confront technological change. Much of this work is based on evidence drawn from US firms. A separate literature drawn from Institutional economics shows that technologies evolve differently in different countries. This may imply that incumbent and entrant firms in different countries may differ in their response to technological change. In fact, emerging comparative empirical studies of technical change in individual industries suggest that the effect of technical change upon incumbent firms is not always the same in different countries, even within the same industry. In particular, technological shifts that displace US incumbent firms in an industry often do not displace incumbent firms in Japan in the same industry. Explaining these comparative differences requires linking the Institutional economics literature to the organizational literature on innovation. In particular, the ability of startup firms to exploit the opportunities of technological change accounts, in part, for the displacement of incumbent firms. Their ability in turn depends on the Institutional environment, which influences the organizational constraints that incumbents and startups face in attracting people, capital, and customers. This paper offers a parsimonious theory of national Institutional Factors that promote or inhibit the formation of startup firms in the US and Japan. Three Factors are proposed: the technical labor market, the venture capital market, and the structure of buyer-supplier ties. Complementarities between these Factors cause them to work as a system, while their differences elevate or reduce the level of incentive constraints and appropriability constraints acting on incumbent and startup firms respectively. As a result, incumbents might be displaced in an industry in one country, while incumbent firms in the same industry in another country might persevere, due to the presence or absence of startup firms. This suggests that there may be no single best way to organize for innovation in different Institutional settings; rather, firms must seek to exploit the virtues of their environment, even as they act to mitigate the hazards it poses.