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Buch, Claudia M.; Doepke, Joerg; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002

Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and … structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the …

Persistent link: https://www.econbiz.de/10005755211

Measuring Real Value and Inflation

Hillinger, Claude - Institut für Weltwirtschaft (IfW) - 2008

The most important economic measures are monetary. They have many different names, are derived in different theories and employ different formulas; yet, they all attempt to do basically the same thing : to separate a change in nominal value into a ?real part? due to the changes in quantities and...

Persistent link: https://www.econbiz.de/10005083401

An Incentive Theory of Matching

Brown, Alessio J. G.; Merkl, Christian; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2010

This paper examines the labour market matching process by distinguishing its two component stages: the contact stage, in which job searchers make contact with employers and the selection stage, in which they decide whether to match. We construct a theoretical model explaining two-sided selection...

Persistent link: https://www.econbiz.de/10010955922

Social networks and macroeconomic stability

Chen, Shu-Heng; Chang, Chia-Ling; Wen, Ming-Chang - Institut für Weltwirtschaft (IfW) - 2013

We construct an agent-based New Keynesian DSGE model with different social network structures to investigate the significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid the information flow, the higher the stability of the...

Persistent link: https://www.econbiz.de/10010956024

Fairness and the disinflation puzzle

Lunardelli, Andre - Institut für Weltwirtschaft (IfW) - 2014

Following Driscoll and Holden (2004), I model forward-looking workers who consider it unfair if a wage adjustment fails to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the measure of workers' opportunities outside the firm rather...

Persistent link: https://www.econbiz.de/10010956041

Credit disruptions and the spillover effects between the household and business sectors

Nilavongse, Rachatar - Institut für Weltwirtschaft (IfW) - 2013

This paper studies the effects of credit supply disruptions in a dynamic stochastic general equilibrium (DSGE) framework. First, this paper examines the effects of credit supply disruptions in the business sector. The model with financially constrained households generates a bigger decline in...

Persistent link: https://www.econbiz.de/10010956045

An early warning system to predict the speculative house price bubbles

Dreger, Christian; Kholodilin, Konstantin A. - Institut für Weltwirtschaft (IfW) - 2012

In this paper, the authors construct country-specific chronologies of house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a combination of fundamental and filter approaches. The resulting speculative bubble chronology is the one...

Persistent link: https://www.econbiz.de/10010956072

Unemployment benefits and financial factors in an agent-based macroeconomic model

Riccetti, Luca; Russo, Alberto; Gallegati, Mauro - Institut für Weltwirtschaft (IfW) - 2013

This paper is aimed at investigating the effects of government intervention through unemployment benefits on macroeconomic dynamics in an agent-based decentralized matching framework. The major result is that the presence of such a public intervention in the economy stabilizes the aggregate...

Persistent link: https://www.econbiz.de/10010956079

On the power and weakness of rational expectations: Logical fallacies, periodic bubbles and business cycles

Gracia, Eduard - Institut für Weltwirtschaft (IfW) - 2012

A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...

Persistent link: https://www.econbiz.de/10010956093

Information stickiness in general equilibrium and endogenous cycles

Gomes, Orlando - Institut für Weltwirtschaft (IfW) - 2012

Traditionally, observed fluctuations in aggregate economic time series have been mainly modelled as being the result of exogenous disturbances. A better understanding of macroeconomic phenomena, however, surely requires looking directly at the relations between variables that may trigger...

Persistent link: https://www.econbiz.de/10010956107