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Monetary policy, trend inflation, and the great moderation: an alternative interpretation : omment based on system estimation

Hirose, Yasuo; Kurozumi, Takushi; Van Zandweghe, Willem - 2015

Persistent link: https://www.econbiz.de/10011484704

The Triffin dilemma again

Campanella, Edoardo - 2010

Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar's double role of national and international currency. This is the Triffin dilemma. The paper shows how it works through three examples: price of commodities, dollarization, and the...

Persistent link: https://www.econbiz.de/10008648332

The OECD potential output estimation methodology

Chalaux, Thomas; Guillemette, Yvan - 2019

This paper describes the methodology used in the OECD Economics Department to produce historical estimates and short-run projections of potential output. These estimates are used mainly in the OECD Economic Outlook, in country surveys and as starting point for long-run scenarios. Total-economy...

Persistent link: https://www.econbiz.de/10012111102

Business cycle dynamics after the Great Recession : an extended Markov-Switching dynamic factor model

Doz, Catherine; Ferrara, Laurent; Pionnier, Pierre-Alain - 2020

need for macroeconomic forecasters to account for sudden and deep recessions, periods of higher macroeconomic volatility … Factor Model (MS-DFM) by incorporating two new features: switches in volatility and time-variation in trend GDP growth. First …, we show that volatility switches largely improve the detection of business cycle turning points in the low-volatility …

Persistent link: https://www.econbiz.de/10012227436

Has the Fed improved U.S. economic performance?

Hogan, Thomas L. - In: Journal of macroeconomics 43 (2015), pp. 257-266

Persistent link: https://www.econbiz.de/10011507108

Land-price dynamics and macroeconomic fluctuations

Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011

We argue that positive comovements between land prices and business investment are a driving force behind the broad impact of land-price dynamics on the macroeconomy. We develop an economic mechanism that captures the comovements by incorporating two key features into a DSGE model: we introduce...

Persistent link: https://www.econbiz.de/10009130631

US post-war monetary policy : what caused the great moderation

Minford, Patrick; Ou, Zhirong - 2010

Persistent link: https://www.econbiz.de/10008780537

The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence

Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2008

We provide empirical evidence on the effects of tax liability changes in the United States. We make a distinction between "surprise" and "anticipated" tax shocks. Surprise tax cuts give rise to a large boom in the economy. Anticipated tax liability tax cuts are instead associated with a...

Persistent link: https://www.econbiz.de/10005497768

Tightening Financial Frictions on Households, Recessions, and Price Reallocations

Huo, Zhen; Rios-Rull, Jose-Victor - In: Review of Economic Dynamics 18 (2015) 1, pp. 118-139

We explore the effects of financial shocks in heterogeneous agent economies with aggregate savings and with frictions in some consumption markets, where demand contributes to productivity. Households of various wealth and earnings levels search for goods at different intensities and pay...

Persistent link: https://www.econbiz.de/10011160659

Business Cycle Uncertainty and Economic Welfare

Cho, Jang-Ok; Cooley, Thomas; Kim, Hyung Seok - In: Review of Economic Dynamics 18 (2015) 2, pp. 185-200

We study the welfare implications of uncertainty in business cycle models. In the modern business cycle literature, multiplicative real shocks to production and/or preferences play an important role as the impulses that produce aggregate fluctuations. Introducing shocks in this way has the...

Persistent link: https://www.econbiz.de/10011268098