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Ruggedness: The Blessing of Bad Geography in Africa

Nunn, Nathan; Puga, Diego - C.E.P.R. Discussion Papers - 2007

effect on income. However, in Africa rugged terrain afforded protection to those being raided by slave traders. Since the … slave trade retarded subsequent economic development, in Africa ruggedness also has had a historical indirect positive … Africa the indirect positive effect dominates the direct negative effect. Looking within Africa, we provide evidence that the …

Persistent link: https://www.econbiz.de/10005136410

Is there a trade-off between inflation and output stabilization?

Justiniano, Alejandro; Primiceri, Giorgio E; … - C.E.P.R. Discussion Papers - 2011

Not in an estimated DSGE model of the US economy, once we account for the fact that most of the high-frequency volatility in wages appears to be due to noise, rather than to variation in workers' preferences or market power.

Persistent link: https://www.econbiz.de/10009643501

Early Warning or Just Wise After the Event? The Problem of Using Cyclically Adjusted Budget Deficits for Fiscal Surveillance

Hughes Hallett, Andrew; Kattai, Rasmus; Lewis, John - C.E.P.R. Discussion Papers - 2007

The effectiveness of cyclically adjusted balances (CABs) as an indicator of the health of public finances depends on the accuracy with which cyclically adjusted figures can be calculated in real time. This paper measures the accuracy of such figures using a specially constructed real time data...

Persistent link: https://www.econbiz.de/10005666802

Aggregate Supply and Potential Output

Razin, Assaf - C.E.P.R. Discussion Papers - 2004

The New-Keynesian aggregate supply derives from micro-foundations an inflation-dynamics model very much like the tradition in the monetary literature. Inflation is primarily affected by: (i) economic slack; (ii) expectations; (iii) supply shocks; and (iv) inflation persistence. This Paper...

Persistent link: https://www.econbiz.de/10005791322

Endogenous Monetary Policy with Unobserved Potential Output

Cukierman, Alex; Lippi, Francesco - C.E.P.R. Discussion Papers - 2003

This Paper characterizes endogenous monetary policy when policymakers are uncertain about the extent to which movements in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this informational limitation as the ‘information problem’...

Persistent link: https://www.econbiz.de/10005792291

Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model

Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - C.E.P.R. Discussion Papers - 2008

This paper studies the transmission of shocks and the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank's empirical dynamic stochastic general equilibrium (DSGE) model of a small open economy. The main results are, first, that the...

Persistent link: https://www.econbiz.de/10005123730

UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement

Nelson, Edward; Nikolov, Kalin - C.E.P.R. Discussion Papers - 2001

Understanding the degree of measurement error in the estimates of the output gap available to policymakers in ‘real time’ is important both for the formulation of monetary policy and for the study of inflation behaviour. For the United Kingdom, no official output gap series was published for...

Persistent link: https://www.econbiz.de/10005067584

Aggregate Supply and Potential Output

Razin, Assaf - C.E.P.R. Discussion Papers - 2004

Persistent link: https://www.econbiz.de/10005661725

Cultural Identity and Knowledge Creation in Cosmopolitan Cities

Ottaviano, Gianmarco; Prarolo, Giovanni - C.E.P.R. Discussion Papers - 2009

We study how the city system is affected by the possibility for the members of the same cultural diaspora to interact across different cities. In so doing, we propose a simple two-city model with two mobile cultural groups. A localized externality fosters the productivity of individuals when...

Persistent link: https://www.econbiz.de/10005082542

Which club should I attend, Dad?: Targeted socialization and production

Albornoz-Crespo, Facundo; Cabrales, Antonio; Hauk, Esther - C.E.P.R. Discussion Papers - 2014

We study a model that integrates productive and socialization efforts with network choice and parental investments. We characterize the unique symmetric equilibrium of this game. We first show that individuals underinvest in productive and social effort, but that solving only the investment...

Persistent link: https://www.econbiz.de/10011145425

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