Showing 1 - 8 of 8
This paper investigates the effects of government spending on the real exchange rate and the trade balance in the US using a new VAR identification procedure based on spending forecast revisions. I find that the real exchange rate appreciates and the trade balance deteriorates after a government...
Persistent link: https://www.econbiz.de/10010851329
The present paper describes recent research on two central themes of Keynes' General Theory: (i) the social waste …
Persistent link: https://www.econbiz.de/10010851433
We study whether labor market institutions affect the volatility and correlations of macroeconomic variables for a sample of 20 OECD countries. Labor market rigidities are characterized with a number of indicators; volatilities and correlations are computed in several ways. Union coverage and...
Persistent link: https://www.econbiz.de/10010851478
Many empirical studies have applied the Hodrick-Prescott fllter in cross- country comparisons of business cycle fluctuations. The Hodrick-Prescott filter involves the smoothing parameter, and standard practise in the literature is to set this parameter equal to 1600 (in quarterly data) for all...
Persistent link: https://www.econbiz.de/10010547139
We propose a method to estimate time in variant cyclical DSGE models using the information provided by a variety of filters. We treat data filtered with alternative procedures as contaminated proxies of the relevant model-based quantities and estimate structural and non-structural parameters...
Persistent link: https://www.econbiz.de/10010547241
In this paper we present a simple, theory-based measure of the variations in aggregate economic efficiency associated …
Persistent link: https://www.econbiz.de/10010547300
We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. Our economy exhibits productivity shocks, giving firms an incentive to hire...
Persistent link: https://www.econbiz.de/10010547417
We investigate the similarities of macroeconomicfluctuations in the Mediterranean basin and their convergence. A model with three geo-political indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980....
Persistent link: https://www.econbiz.de/10010692000