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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

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

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

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

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

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

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

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

Job Creation, Job Destruction, and the International Division of Labour

Jansen, Marion; Turrini, Alessandro Antonio - C.E.P.R. Discussion Papers - 2000

We incorporate equilibrium unemployment due to imperfect matching into a model of trade in intermediate inputs (Ethier … each intermediate input. Steady state unemployment is reduced after trade integration because more vacancies are opened … firms that is often associated with deeper trade integration is unlikely, per se, to increase unemployment. …

Persistent link: https://www.econbiz.de/10005497712

Foreign Trade and Investment: Firm-Level Perspectives

Helpman, Elhanan - C.E.P.R. Discussion Papers - 2013

This Economica Coase Lecture reviews research that has revolutionized the field of international trade and foreign direct investment. It explains the motivation behind the development of new analytical frameworks, the nature of these frameworks, and the empirical studies that sprouted from them.

Persistent link: https://www.econbiz.de/10011083409