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This note develops a flexible methodology for splicing economic time series that avoids the extreme assumptions implicit in the procedures most commonly used in the literature. It allows the user to split the required correction to the older of the series being linked between its levels and...
Persistent link: https://www.econbiz.de/10010547159
Many governments in developing countries implement programs that aim to address nutrional failures in early childhood, yet credible evidence on the effectiveness of these interventions is scant. This paper evaluates the impact of a large-scale, government-run, food fortification program on child...
Persistent link: https://www.econbiz.de/10010851418
The Millennium Declaration (2000) set as one of its targets a substantial reduction in child mortality. This paper studies whether the massive increase in development aid can account for part of the reduction in child mortality observed in developing countries since the year 2000. To do so, we...
Persistent link: https://www.econbiz.de/10010547168
We study the relationship between education and individual HIV status using nationally representative data (Demographic and Health Surveys, DHS) for 18 countries in Sub- Saharan Africa (SSA). Because the diffusion of knowledge on HIV preventionhence, actual change in sexual behaviormay differ...
Persistent link: https://www.econbiz.de/10010547182
An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and...
Persistent link: https://www.econbiz.de/10011132913
The Great Recession has challenged the adequacy of existing models to explain key macroeconomic data, and raised the concern that the models might be misspecified. This paper investigates the importance of misspecification in structural models using a novel approach to detect and identify the...
Persistent link: https://www.econbiz.de/10011266627
We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles, that is, expansions in credit that are backed not by...
Persistent link: https://www.econbiz.de/10011266628
Balance sheet recessions result from concentration of macroeconomic risks on the balance sheets of leveraged agents. In this paper, I argue that information dispersion about the future states of the economy combined with trading frictions in financial markets can explain why such concentration...
Persistent link: https://www.econbiz.de/10011123587
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity vanished, (ii) the relative volatility of employment rose, and (iii) the relative (and absolute) volatility of the real wage rose. We propose an explanation for all three changes that is...
Persistent link: https://www.econbiz.de/10010737376
We introduce rule-of-thumb consumers in an otherwise standard dynamic sticky price model, and show how their presence can change dramatically the properties of widely used interest rate rules. In particular, the existence of a unique equilibrium is no longer guaranteed by an interest rate rule...
Persistent link: https://www.econbiz.de/10010851326