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Monetary Policy Effect on the Business Cycle Fluctuations: Output vs. Index Measures of the Cycle
Korenok, Oleg; Radchenko, Stanislav - EconWPA - 2004
The paper analyzes two questions: (i) the effect of a monetary policy shock on the business cycle and (ii) the extent to which a shift in a monetary policy affects the dynamics of business cycle. Unlike previous literature, to answer these questions, we measure cycle movements by calculating an...
Persistent link: https://www.econbiz.de/10005076805
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The Impact of Introducing a Minimum Wageon Business Cycle Volatility : A Structural Analysis for Hong Kong SAR
International Monetary Fund - 2008
We study the impact of a minimum wage on business cycle volatility, depending upon its coverage and adjustment … affecting 20 percent of employees would amplify output volatility by 0.2 percent to 9.2 percent, and employment volatility by ?1 ….2 percent to 7.8 percent. A fixed wage or indexation to consumption price inflation increases volatility most. Indexation to …
Persistent link: https://www.econbiz.de/10014401464
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Output composition and the US output volatility decline
Alcalá, Francisco; Sancho, Israel - EconWPA - 2003
We argue that the role played by output-composition changes on the decline in US output volatility has been incorrectly …-percent of the volatility decline since the 1950’s. …
Persistent link: https://www.econbiz.de/10005561352
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The Roads To and From Serfdom
Lagerlof, Nils-Petter - EconWPA - 2002
The institution of slavery displays a puzzling historical pattern: it is found mostly at intermediate stages of agricultural development, in horticultural societies, and less frequently among hunter-gatherers and societies at more advanced agrarian stages. We explain this rise-and- fall pattern...
Persistent link: https://www.econbiz.de/10005125014
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The Cause of the Great Inflation: Interactions between the Government and the Monetary Policymakers
Harashima, Taiji - EconWPA - 2005
The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation target is low is uncovered. The model solves the puzzle of...
Persistent link: https://www.econbiz.de/10005124998
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Structural Factor-Augmented VAR (SFAVAR) and the Effects of Monetary Policy
Belviso, Francesco; Milani, Fabio - EconWPA - 2005
Factor-augmented VARs (FAVARs) have combined standard VARs with factor analysis to exploit large data sets in the study of monetary policy. FAVARs enjoy a number of advantages over VARs: they allow a better identification of the monetary policy shock; they can avoid the use of a single variable...
Persistent link: https://www.econbiz.de/10005076826
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The Theory of Monetary Aggregation (book front matter)
Barnett, William; Serletis, Apostolos; Diewert, W. Erwin - EconWPA - 2005
This is the front matter from the book, William A. Barnett and Apostolos Serletis (eds.), The Theory of Monetary Aggregation, published in 2000 by Elsevier in its Contributions to Economic Anaysis mongraph series. The front matter includes the Table of Contents and the Introduction by Barnett...
Persistent link: https://www.econbiz.de/10005125027
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THE ECONOMIC CONSEQUENCES OF PEACE IN THE MIDDLE EAST
Feige, Edgar L. - EconWPA - 2005
Reference: Challenge, January/February, 1979
Persistent link: https://www.econbiz.de/10005125870
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Whose Inflation? A Characterization of the CPI Plutocratic Gap
Ley, Eduardo - EconWPA - 2001
Prais (1958) showed that the standard CPI computed by most statistical agencies can be interpreted as a weighted average of household price indexes, where the weight of each household is determined by its total expenditures. In this paper, we analytically decompose the difference between the...
Persistent link: https://www.econbiz.de/10005125974
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Estimating Policy-Invariant Technology and Taste Parameters in the Financial Sector, When Risk and Growth Matter
Barnett, William A.; Kirova, Milka; Pasupathy, Meenakshi; … - EconWPA - 1996
This paper provides an approach to estimation of taste and technology parameters in the financial sector through Euler equation estimation under exact monetary aggregation conditions. This is the original working paper, which produced the more condensed version published in the November 1995...
Persistent link: https://www.econbiz.de/10005126221