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Deep habits and the cyclical behaviour of equilibrium unemployment and vacancies

di Pace, Federico; Faccini, Renato - Bank of England - 2010

We extend the standard textbook search and matching model by introducing deep habits in consumption. The cyclical fluctuations of vacancies and unemployment in our model can replicate those observed in the US data, with labour market tightness being 20 times more volatile than consumption....

Persistent link: https://www.econbiz.de/10005018053

Risk news shocks and the business cycle

Pinter, Gabor; Theodoridis, Konstantinos; Yates, Tony - Bank of England - 2013

We identify a ‘risk news' shock in a vector autoregression (VAR), modifying Barsky and Sims’s procedure, while incorporating sign restrictions to simultaneously identify monetary policy, technology and demand shocks. The VAR-identifed risk news shock is estimated to account for around 2%-12%...

Persistent link: https://www.econbiz.de/10010839036

Uncertainty in a model with credit frictions

Cesa-Bianchi, Ambrogio; Fernandez-Corugedo, Emilio - Bank of England - 2014

productivity (macro uncertainty) and we compare it to the effect of a mean preserving shock to the dispersion of entrepreneurs …' idiosyncratic productivity (micro uncertainty). We find that micro uncertainty has a larger impact on economic activity. While macro …

Persistent link: https://www.econbiz.de/10010764519

The macroeconomic effects of monetary policy: a new measure for the United Kingdom

Cloyne, James; Hürtgen, Patrick - Bank of England - 2014

This paper estimates the effects of monetary policy on the UK economy based on a new, extensive real-time forecast data set. Employing the Romer–Romer identification approach we first construct a new measure of monetary policy innovations for the UK economy. We find that a 1 percentage point...

Persistent link: https://www.econbiz.de/10011070875

Long and short-term effects of the financial crisis on labour productivity, capital and output

Oulton, Nicholas; Sebastia-Barriel, Maria - Bank of England - 2013

The behaviour of labour productivity in the United Kingdom since the onset of the recession in early 2008 constitutes a … puzzle. Over four years after the recession began labour productivity is still below its previous peak level. This paper … crisis to have both a short-run effect on the growth rate of labour productivity and a long-run effect on its level is …

Persistent link: https://www.econbiz.de/10005245768

Openness and growth : proceedings of the Bank of England Academic Conference on the Relationship Between Openness and Growth in the United Kingdom, September 15th, 1997

Proudman, James (contributor); Redding, Stephen (contributor) - 1998

Persistent link: https://www.econbiz.de/10013551800