Similar Search Results

Measuring unemployment composition over the cycle

Barbarino, Alessandro; Pavan, Ronni - Society for Economic Dynamics - SED - 2006

This paper proposes a strategy to measure, in a unified setting, how the job finding probability and the job separation probability conditional on observable and unobservable individual characteristics varies over the business cycle. Recent papers by Shimer and Hall point out how new...

Persistent link: https://www.econbiz.de/10005069220

Do institutions and culture matter for business cycles?

Altug, Sumru; Canova, Fabio - Department of Economics and Business, Universitat … - 2012

We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of...

Persistent link: https://www.econbiz.de/10010849590

The Return to Capital and the Business Cycle

Gomme, Paul; Ravikumar, B.; Rupert, Peter - Society for Economic Dynamics - SED - 2006

Real business cycle models have difficulty replicating the volatility of S&P 500 returns. This fact should not be surprising since the RBC theory suggests a measurement of the return of aggregate capital, not stock market returns. We construct a quarterly time series of the after-tax return to...

Persistent link: https://www.econbiz.de/10005048009

Endogenously Segmented Market in a Search-Theoretic Model of Monetary Exchange

Chiu, Jonathan; Molico, Miguel - Society for Economic Dynamics - SED - 2006

redistribute money holdings. The model provides a general framework that nests several existing search models as special cases for …

Persistent link: https://www.econbiz.de/10005090797

Superneutrality and the welfare effects of inflation

Rocheteau, Guillaume; Lagos, Ricardo - Society for Economic Dynamics - SED - 2004

This paper studies the long-run effects of anticipated inflation on output and welfare within a search …-theoretic framework. We allow money-holders to choose the intensities with which they search for trading partners, so the frequency of … trades is endogenous. We consider the standard pricing mechanism for search models, i.e., ex-post bargaining, as well as two …

Persistent link: https://www.econbiz.de/10005090891

Greasing the Wheels of Trade: Inflation with Menu Costs and Search Frictions

Rocheteau, Guillaume; Craig, Ben - Society for Economic Dynamics - SED - 2004

This paper investigates the welfare and output effects of inflation in a monetary economy with search frictions and … sticky prices. Agents trade in both a centralized Walrasian market and a decentralized search market. Trade has two … when a trade occurs). In the centralized market, prices are flexible and clear the market. In the search market, sellers …

Persistent link: https://www.econbiz.de/10005069481

On predicting the stage of the business cycle

Webb, Roy H. - Federal Reserve Bank of Richmond - 1987

Macroeconomic forecasts are traditionally stated as point estimates. Retrospective evaluations of forecasts usually assume that the cost of a forecast error increases with the arithmetic magnitude of the error. As a result, measures such as the root-mean-square error (RSME) or the mean absolute...

Persistent link: https://www.econbiz.de/10005387451

International reserves and rollover risk

Bianchi, Javier; Hatchondo, Juan Carlos; Martinez, Leonardo - Federal Reserve Bank of Richmond - 2013

Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than their borrowing cost. (2) Purchases of domestic assets by nonresidents and purchases of foreign...

Persistent link: https://www.econbiz.de/10011203074

Sorting by skill over the course of job search

Kudlyak, Marianna; Lkhagvasuren, Damba; Sysuyev, Roman - Federal Reserve Bank of Richmond - 2012

) whether at the beginning of search job seekers with different levels of education (skill) apply to different jobs, and (2) how … search behavior changes as search continues. First, we find that there is sorting by skill at the beginning of search. Second …, as search continues, job seekers apply to different types of jobs than at the beginning of search. In particular …

Persistent link: https://www.econbiz.de/10010723108

Accounting for unemployment in the Great Recession : nonparticipation matters

Kudlyak, Marianna; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

We conduct an accounting exercise of the role of worker flows between unemployment, employment, and labor force nonparticipation in the dynamics of the aggregate unemployment rate across four recent recessions: 1982-1983, 1990-1991, 2001, and 2007-2009 (the "Great Recession"). We show that,...

Persistent link: https://www.econbiz.de/10010723109