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Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks
Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2009
A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...
Persistent link: https://www.econbiz.de/10005000442
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Learning by Doing as a Propagation Mechanism
Chang, Yongsung; Gomes, Joao F; Schorfheide, Frank - C.E.P.R. Discussion Papers - 2002
important propagation mechanism in a dynamic stochastic general equilibrium model, as the current labour supply affects future …
Persistent link: https://www.econbiz.de/10005504303
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The Economic Effects of Energy Price Shocks
Kilian, Lutz - C.E.P.R. Discussion Papers - 2007
Large fluctuations in energy prices have been a distinguishing characteristic of the U.S. economy since the 1970s. Turmoil in the Middle East, rising energy prices in the U.S. and evidence of global warming recently have reignited interest in the link between energy prices and economic...
Persistent link: https://www.econbiz.de/10005504581
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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2014
We study the impact of regional and sectoral productivity changes on the U.S. economy. To that end, we consider an environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes at the level of a sector in a given U.S. state to...
Persistent link: https://www.econbiz.de/10011083376
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Inventories and the Role of Goods-Market Frictions for Business Cycles
Den Haan, Wouter - C.E.P.R. Discussion Papers - 2013
Investment in inventories is known to be important for observed changes in GDP. However, inventory investment and the possibility that firms may fail to sell all goods are typically ignored in business cycle models. Using US data, the ability to sell is shown to be strongly procyclical. By...
Persistent link: https://www.econbiz.de/10011084538
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The Choice of Exchange Rate Regime in Developing Countries: A Multinational Panel Analysis
von Hagen, Jürgen; Zhou, Jizhong - C.E.P.R. Discussion Papers - 2004
-effects multinomial panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals …
Persistent link: https://www.econbiz.de/10005789054
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Solving Heterogeneous-Agent Models with Parameterized Cross-Sectional Distributions
Algan, Yann; Allais, Olivier; Den Haan, Wouter - C.E.P.R. Discussion Papers - 2007
disadvantages of the prevailing algorithm that strongly relies on simulation techniques and is easier to implement than existing … possible to avoid Monte Carlo integration. The paper also develops a new simulation procedure that not only avoids cross … finite number of agents. This procedure can help to improve the efficiency of the most popular algorithm in which simulation …
Persistent link: https://www.econbiz.de/10005114163
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The Measurement of Policy Effects in a Non-Causal Model: An Application to Economic Policy in the UK, 1974-79
Artis, Michael J; Bladen-Hovell, Robin; Ma, Yue - C.E.P.R. Discussion Papers - 1991
There is a well-established methodology for measuring the effects of economic policy in a model that is `causal' or backward-looking. In this paper a complementary methodology is described for the case in which the model is `non-causal' or forward-looking. The methodology is then applied to an...
Persistent link: https://www.econbiz.de/10005281389
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Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis
de Melo, Jaime; Ettinger, Charles; Faini, Riccardo - C.E.P.R. Discussion Papers - 1997
We use a Ricardo-Viner model to study the determinants of the supply of outmigration in developing countries in a model with heterogenous households. We assume that heterogeneity and migration costs prevent households from total migration. Data are calibrated to two archetypal developing...
Persistent link: https://www.econbiz.de/10005666737
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The Next Birth and the Labour Market: A Dynamic Model of Births in England and Wales
De Cooman, Eric; Ermisch, John F; Joshi, Heather - C.E.P.R. Discussion Papers - 1985
The object of this paper is to see how far developments in the labour market can help to explain the fluctuations in births which have been experienced over the period 1952-1980 in England and Wales. We examine separately the period rate of childless women proceeding to the first birth, mothers...
Persistent link: https://www.econbiz.de/10005656378