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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro; Melina, Giovanni - CESifo - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10011272622
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Do Weak Institutions Prolong Crises? On the Identification, Characteristics, and Duration of Declines during Economic Slumps
Bluhm, Richard; Crombrugghe, Denis de; Szirmai, Adam - CESifo - 2014
institutions precede crises and, interestingly, positive reforms occur thereafter. Strong institutions shorten the duration of … crises, ethnic cleavages do the reverse. However, the negative effects of ethnic cleavages are not insurmountable: an …
Persistent link: https://www.econbiz.de/10010736742
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Strategic Complementarity, Fragility, and Regulation
Vives, Xavier - CESifo - 2011
The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the …
Persistent link: https://www.econbiz.de/10009144883
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Sector Specific News Shocks in Aggregate and Sectoral Fluctuations
Görtz, Christoph; Tsoukalas, John D. - CESifo - 2013
Using a two-sector estimated DSGE model with a financial channel we show the sector where TFP news arrives matters for …
Persistent link: https://www.econbiz.de/10010667413
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Exchange Rates and Asset Prices: Heterogeneous Agents at Work
Piccillo, Giulia - CESifo - 2013
exchange rates and stock prices. On the other hand we model the relationship between these two series through a DSGE model … information from the financial markets. The second rule follows a backward looking approach. We find that when DSGE agents … volatility of these markets. The simulated series replicate the stylized facts of real data. We also estimate the DSGE and …
Persistent link: https://www.econbiz.de/10010665041
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Beyond the DSGE Straitjacket
Pesaran, Hashem M.; Smith, Ron P. - CESifo - 2011
, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations …. We argue that the dominance of this particular sort of DSGE and the resistance of some in the profession to alternatives …
Persistent link: https://www.econbiz.de/10009020781
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Happiness and Financial Satisfaction in Israel. Effects of Religiosity, Ethnicity, and War
Praag, Bernard M.S. Van; Romanov, Dmitri; … - CESifo - 2010
We analyze individual satisfaction with life as a whole and satisfaction with the personal financial situation for Israeli citizens of Jewish and Arab descent. Our data set is the Israeli Social Survey (2006). We are especially interested in the impact of the religions Judaism, Islam and...
Persistent link: https://www.econbiz.de/10008671691
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The UN Goldstone Report and Retraction: An Empirical Investigation
Hillman, Arye L.; Potrafke, Niklas - CESifo - 2015
The United Nations Goldstone Report criminalized self-defense against state-sponsored or state-perpetrated terror. We use voting on the two UN General Assembly resolutions relating to the Goldstone Report to study whether support for the Goldstone principle of criminalization of self-defense...
Persistent link: https://www.econbiz.de/10011194235
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Industry Structure and Pricing over the Business Cycle
Spiegel, Yossi; Stahl, Konrad O. - CESifo - 2014
We consider the interaction between an incumbent firm and a potential entrant, and examine how this interaction is affected by demand fluctuations. Our model gives rise to procyclical entry, prices, and price-cost margins, although the average price in the market can be countercyclical if the...
Persistent link: https://www.econbiz.de/10010877829
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Unemployment and Endogenous Reallocation over the Business Cycle
Carrillo-Tudela, Carlos; Visschers, Ludo - CESifo - 2013
This paper studies unemployed workers’ decisions to change occupations, and their impact on fluctuations in aggregate unemployment and its underlying duration distribution. We develop an analytically and computationally tractable stochastic equilibrium model with heterogenous labor markets. In...
Persistent link: https://www.econbiz.de/10010877858