Narrow search
Showing 1 - 10 of 1,258
Cover Image
The Fundamental Surplus in Matching Models
Ljungqvist, Lars; Sargent, Thomas J - C.E.P.R. Discussion Papers - 2015
To generate big responses of unemployment to productivity changes, researchers have reconfigured matching models in … introducing costly acquisition of credit, or by positing government mandated unemployment compensation and layoff costs. All of … these redesigned matching models increase responses of unemployment to movements in productivity by diminishing the …
Persistent link: https://www.econbiz.de/10011201357
Cover Image
The Dynamic Effects of Monetary Policy: A Structural Factor Model Approach
Forni, Mario; Gambetti, Luca - C.E.P.R. Discussion Papers - 2008
We use the structural factor model proposed by Forni, Giannone, Lippi and Reichlin (2007) to study the effects of monetary policy. The advantage with respect to the traditional vector autoregression model is that we can exploit information from a large data set, made up of 112 US monthly...
Persistent link: https://www.econbiz.de/10005662372
Cover Image
Real Exchange Rate Overshooting RBC Style
Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - C.E.P.R. Discussion Papers - 2005
This paper establishes the ability of a Real Business Cycle model to account for real exchange rate (RXR) behaviour, using UK experience as empirical focus. We show that a productivity burst simulation is capable of explaining the appreciation of RXR and its cyclical pattern observed in the...
Persistent link: https://www.econbiz.de/10005791457
Cover Image
Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model
Forni, Mario; Gambetti, Luca - C.E.P.R. Discussion Papers - 2010
We use a dynamic factor model to provide a semi-structural representation for 101 quarterly US macroeconomic series. We find that (i) the US economy is well described by a number of structural shocks between two and six. Focusing on the four-shock specification, we identify, using sign...
Persistent link: https://www.econbiz.de/10008468698
Cover Image
On Identifying the Core of EMU: An Exploration of Some Empirical Criteria
Artis, Michael J; Zhang, Wenda - C.E.P.R. Discussion Papers - 1997
participant countries in the ERM. Supplementing these correlations with criteria based on real exchange rate volatility, trade and … Germany seems less controversial and to define other groups for which monetary union might be less advisable. …
Persistent link: https://www.econbiz.de/10005123757
Cover Image
Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000
Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...
Persistent link: https://www.econbiz.de/10005124252
Cover Image
Why crises happen - nonstationary macroeconomics
Davidson, James; Meenagh, David; Minford, Patrick; … - C.E.P.R. Discussion Papers - 2010
A Real Business Cycle model of the UK is developed to account for the behaviour of UK nonstationary macro data. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a VECM representation of the data; we find the model can explain...
Persistent link: https://www.econbiz.de/10008784696
Cover Image
International Business Cycles: The Quantitative Role of Transportation Costs
Mazzenga, Elisabetta; Ravn, Morten O - C.E.P.R. Discussion Papers - 2002
movements and on international comovements are less pertinent since decreased trade volatility counteracts the effects of …
Persistent link: https://www.econbiz.de/10005661803
Cover Image
International Welfare and Employment Linkages Arising from Minimum Wages
Egger, Hartmut; Egger, Peter; Markusen, James R. - C.E.P.R. Discussion Papers - 2009
We formulate a two-country model with monopolistic competition and heterogeneous firms to reconsider labor market linkages in open economies. Labor-market imperfections arise by virtue of country-specific real minimum wages. Two principal experiments are considered. First, we show that trade...
Persistent link: https://www.econbiz.de/10004964417
Cover Image
Labor Market Frictions as a Source of Comparative Advantage, with Implications for Unemployment and Inequality
Helpman, Elhanan - C.E.P.R. Discussion Papers - 2010
labor market frictions and worker heterogeneity provides a framework for studying the impact of trade on unemployment and …
Persistent link: https://www.econbiz.de/10008468664