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Gani, Mohammad - EconWPA - 2004

Keynes (1936) said that shortage of money caused by hoarding or failure to invest led to unemployment, but Lucas (1972 …) said that money does not affect unemployment. The tables have now turned. Gani (2003) produced a model of indirect trade in … which money is necessary as a means of payment. Involuntary unemployment occurs under indirect exchange, just when the …

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

New Trade Theory Takes Over Monetary Theory

Gani, M - EconWPA - 2004

Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...

Persistent link: https://www.econbiz.de/10005408069

Cointegration in Frequency Domain

Levy, Daniel - EconWPA - 2004

Existence of a cointegration relationship between two time series in the time domain imposes restrictions on the series zero-frequency behaviour in terms of their squared coherence, phase, and gain, in the frequency domain. I derive these restrictions by studying cross-spectral properties of a...

Persistent link: https://www.econbiz.de/10005556273

International Price Dispersion in State-Dependent Pricing Models

Midrigan, Virgiliu - EconWPA - 2005

Studies of disaggregated international price data document a robust, positive relationship between nominal exchange (NER) volatility and the variability of international relative prices. This relationship is interpreted as evidence that sticky prices rather than trade frictions are the source of...

Persistent link: https://www.econbiz.de/10005556613

Expectations, Learning and Macroeconomic Persistence

Milani, Fabio - EconWPA - 2005

This paper presents an estimated model with learning and provides evidence that learning can improve the fit of popular monetary DSGE models and endogenously generate realistic levels of persistence. The paper starts with an agnostic view, developing a model that nests learning and some of the...

Persistent link: https://www.econbiz.de/10005561139

The Price Puzzle: Fact or Artefact?

Castelnuovo, Efrem; Surico, Paolo - EconWPA - 2005

This paper re-examines the empirical evidence on the price puzzle and proposes a new theoretical interpretation. Using structural VARs and two different identification strategies based on zero restrictions and sign restrictions, we find that the positive response of prices to a monetary policy...

Persistent link: https://www.econbiz.de/10005561209

Trade balance and terms of trade in U.S.: a time-scale decomposition analysis

Benedictis, Luca De; Gallegati, Marco - EconWPA - 2005

The aim of this paper is to provide evidence on the nature of the relationship between the terms of trade and the trade balance for US on a scale-by-scale basis using wavelet analysis. Thus, after decomposing the two variables into their time-scale components using to the maximum overlap...

Persistent link: https://www.econbiz.de/10005124905

International Evidence on Output Fluctuation and Shock Persistence

Levy, Daniel; Dezhbakhsh, Hashem - EconWPA - 2004

We estimate output growth rate spectra for 58 countries. The spectra exhibit diverse shapes. To study the sources of this diversity, we estimate the short-run, business cycle, and long-run frequency components of the sampled series. For most OECD countries the bulk of the spectral mass is in the...

Persistent link: https://www.econbiz.de/10005126132

The Price Puzzle and Indeterminacy

Castelnuovo, Efrem; Surico, Paolo - EconWPA - 2005

Persistent link: https://www.econbiz.de/10005126381

Learning, Monetary Policy Rules, and Macroeconomic Stability

Milani, Fabio - EconWPA - 2005

This paper estimates a DSGE model with learning to re-examine the evidence on time variation in post-war U.S. monetary policy. Several papers document a regime switch, by showing that policy changed from `passive' and destabilizing in the pre-1979 period to `active' and stabilizing in the...

Persistent link: https://www.econbiz.de/10005126467

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