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Persistent link: https://www.econbiz.de/10011770469
This paper first reviews a number of stylised facts concerning OECD country business cycles over the past four decades. In general, the amplitude of business cycles has fallen, driven mainly by declining fluctuations of domestic demand. As a result, international divergencies of cyclical...
Persistent link: https://www.econbiz.de/10012445279
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This chapter examines the empirical relationship in the postwar United States between the aggregate business cycle and various aspects of the macroeconomy, such as production, interest rates, prices, productivity, sectoral employment, investment, income, and consumption. This is done by...
Persistent link: https://www.econbiz.de/10014024249
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This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...
Persistent link: https://www.econbiz.de/10014024219
We study the relation between inflation and real activity over the business cycle. We employ a Trend-Cycle VAR model to … control for low-frequency movements in inflation, unemployment, and growth that are pervasive in the post-WWII period. We show … that cyclical fluctuations of inflation are related to cyclical movements in real activity and unemployment, in line with …
Persistent link: https://www.econbiz.de/10014247995
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inflation in the 2020s. Economic slack is measured as firms' job vacancies over the number of unemployed workers. After showing …. Policy implications include the thesis that appropriate monetary policy can bring inflation down without a significant …
Persistent link: https://www.econbiz.de/10014250214
nonfarm payroll employment in the USA, the book emphasizes the role of aggregate demand shocks in causing the US economy to …
Persistent link: https://www.econbiz.de/10014544841