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Methods versus Substance: Measuring the Effects of Technology Shocks on Hours
Fuentes-Albero, Cristina; Kryshko, Maxym; Ríos-Rull, … - C.E.P.R. Discussion Papers - 2009
In this paper, we employ both calibration and modern (Bayesian) estimation methods to assess the role of neutral and investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show how answers are shaped by the identification...
Persistent link: https://www.econbiz.de/10008566322
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Inference for VARs Identified with Sign Restrictions
Granziera, Eleonora; Lee, Mihye; Moon, Hyungsik Roger; … - C.E.P.R. Discussion Papers - 2011
There is a fast growing literature that partially identifies structural vector autoregressions (SVARs) by imposing sign restrictions on the responses of a subset of the endogenous variables to a particular structural shock (sign-restricted SVARs). To date, the methods that have been used are...
Persistent link: https://www.econbiz.de/10009148879
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How did we get to where we are now? Reflections on 50 years of macroeconomic and financial econometrics
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2014
This lecture is about how best to evaluate economic theories in macroeconomics and finance, and the lessons that can be learned from the past use and misuse of evidence. It is argued that all macro/finance models are `false' so should not be judged solely on the realism of their assumptions. The...
Persistent link: https://www.econbiz.de/10011083483
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Understanding Uncertainty Shocks and the Role of Black Swans
Orlik, Anna; Veldkamp, Laura - C.E.P.R. Discussion Papers - 2014
A fruitful emerging literature reveals that shocks to uncertainty can explain asset returns, business cycles and financial crises. The literature equates uncertainty shocks with changes in the variance of an innovation whose distribution is common knowledge. But how do such shocks arise? This...
Persistent link: https://www.econbiz.de/10011084011
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Banking and the Macroeconomy in China: A Banking Crisis Deferred?
Le, Vo Phuong Mai; Matthews, Kent; Meenagh, David; … - C.E.P.R. Discussion Papers - 2013
The downturn in the world economy following the global banking crisis has left the Chinese economy relatively unscathed. This paper develops a model of the Chinese economy using a DSGE framework with a banking sector to shed light on this episode. It differs from other applications in the use of...
Persistent link: https://www.econbiz.de/10011084147
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Spatial Methods
Gibbons, Steve; Overman, Henry G; Patacchini, Eleonora - C.E.P.R. Discussion Papers - 2014
This paper is concerned with methods for analysing spatial data. After initial discussion on the nature of spatial data, including the concept of randomness, we focus most of our attention on linear regression models that involve interactions between agents across space. The introduction of...
Persistent link: https://www.econbiz.de/10011084195
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Monetarism rides again? US monetary policy in a world of Quantitative Easing
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014
This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...
Persistent link: https://www.econbiz.de/10011084208
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Unconditional Convergence
Rodrik, Dani - C.E.P.R. Discussion Papers - 2011
Unlike economies as a whole, manufacturing industries exhibit unconditional convergence in labor productivity. The … the period since 1990. The coefficient of unconditional convergence is estimated quite precisely and is large, at 3 …
Persistent link: https://www.econbiz.de/10009359488
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Tests of the 'Convergence Hypothesis': Some Further Results
Cohen, Daniel - C.E.P.R. Discussion Papers - 1995
This paper offers new tests of the `convergence hypothesis'. It first analyses the pattern of growth of measured inputs … is led to reject the convergence theory. In order to understand what lies at the heart of this discrepancy, the paper … school enrolments (or the UN-conditional convergence of the stock of measured inputs would not hold), but because the law of …
Persistent link: https://www.econbiz.de/10005662305
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What Kind of Regional Convergence?
de la Fuente, Angel - C.E.P.R. Discussion Papers - 1998
Recent estimates of convergence equations using panel data techniques tend to produce theoretically unpalatable results … Spanish regions, it is found that explicitly allowing for short-term noise reduces the estimated convergence rate to values …
Persistent link: https://www.econbiz.de/10005662387