Similar Search Results

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

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

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

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

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

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

Specialization Patterns and the Factor Bias of Technology

Cuñat, Alejandro; Maffezzoli, Marco - C.E.P.R. Discussion Papers - 2007

Development accounting exercises based on an aggregate production function find technology is biased in favour of a country's abundant production factors. We provide an explanation to this finding based on the Heckscher-Ohlin model. Countries trade and specialize in the industries that use...

Persistent link: https://www.econbiz.de/10005136510

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

Neoclassical Growth and Commodity Trade

Cuñat, Alejandro; Maffezzoli, Marco - C.E.P.R. Discussion Papers - 2002

We construct and numerically solve a dynamic Heckscher-Ohlin model in which the initial distribution of production factors in the world makes worldwide factor price equalization impossible, and leads countries to group in two diversification cones. We study the dynamics of income per capita and...

Persistent link: https://www.econbiz.de/10005504435

An Econometric Investigation of North-South Interdependence

Beenstock, Michael - C.E.P.R. Discussion Papers - 1988

In Centre for Economic Policy Research Discussion Paper Nos. 164 and 165 I presented econometric models of the industrialized countries (North) and the oil-importing developing countries (South). This paper links the two models so that the economic interdependence between North and South can be...

Persistent link: https://www.econbiz.de/10005504466