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Barsky, Robert; House, Christopher L.; Kimball, Miles - EconWPA - 2005

This paper shows that there are striking implications that stem from including durable goods in otherwise conventional sticky price models. The behavior of these models depends heavily on whether durable goods are present and whether these goods have sticky prices. If long-lived durables have...

Persistent link: https://www.econbiz.de/10005076801

Equity Returns and Inflation: The Puzzlingly Long Lags

Lothian, James R.; McCarthy, Cornelia H.. - EconWPA - 2001

This paper examines data for stock prices and price levels of 14 developed countries during the post-WWII era and compares their behavior in that sample with behavior over the past two centuries in the UK and the US. Contrary to much of the literature of the past several decades, we find that...

Persistent link: https://www.econbiz.de/10005124935

Long Run Effects of Money on Real Consumption and Investment in the U.S.

Shelley, Gary L.; Wallace, Frederick H. - EconWPA - 2004

characteristics of each variable are rigorously investigated. This is followed by application of the long run neutrality test …, introduced by Fisher and Seater (1993), to each real expenditures series. Results support long run neutrality of both M2 and M3 …

Persistent link: https://www.econbiz.de/10005412854

Equity Returns and Inflation: The Puzzlingly Long Lags

Lothian, James R.; McCarthy, Cornelia H. - EconWPA - 2003

Persistent link: https://www.econbiz.de/10005556635

Exit Lucas, Reenter Keynes

Gani, Mohammad - EconWPA - 2004

neutrality away. …

Persistent link: https://www.econbiz.de/10005561133

NON-NEUTRALITY OF MONETARY POLICY IN POLICY GAMES

Bartolomeo, Giovanni Di; Acocella, Nicola - EconWPA - 2005

The main aim of this article is to investigate the sources of non- neutrality in policy games involving one or more …

Persistent link: https://www.econbiz.de/10005561157

Non-neutrality of monetary policy in policy games

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2002

The main aim of this article is to investigate the sources of non- neutrality in policy games involving one or more … frameworks. We show that there are common roots in the non-neutrality results so far obtained in apparently different contexts as … finally show that there are other cases where the non-neutrality result can arise. …

Persistent link: https://www.econbiz.de/10005561230

Testing for Long Run Neutrality of Money in Mexico

Shelley, Gary L.; Wallace, Frederick H. - EconWPA - 2004

The Fisher-Seater methodology is used to investigate long run money neutrality in Mexico from 1932-2001. Long run … neutrality is rejected for the full sample period. However, evidence suggests that the rejection is the result of a severe …, downward shift in the mean growth rate of real GDP occurring at 1982. Neutrality is not rejected if post-1981 real GDP is …

Persistent link: https://www.econbiz.de/10005561326

A new weight scheme for the Shapley value

Haeringer, Guillaume - EconWPA - 1998

It is well known since Owen (Management Science, 1968) that the weights in the weighted Shapley value cannot be interpreted as a measure of power (i.e. of the ability to bargain) of the players. This paper proposes a new weight scheme for the Shapley value. Weights in this framework have to be...

Persistent link: https://www.econbiz.de/10005407525