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On the Interdependence of Business Cycles and Economic Growth: The Case of Growth Hysteresis

Palma, Nuno; Rosário, Paulo - EconWPA - 2005

growth and business cycles interdependent? Second, is money neutral even in the long run? Using data from the United States …-run money neutrality hypothesis. The results suggest that counter- cyclical growth models best capture the main channel of … influence between cycles and growth. A policy implication is that, if money affects the cycle, it is not neutral even in the …

Persistent link: https://www.econbiz.de/10005124869

Growth Dynamics: The Myth of Economic Recovery

Cerra, Valerie; Saxena, Sweta C. - EconWPA - 2005

divergence and lower long-run growth, whereas we find absolute convergence in expansions. The output costs of political and … financial crises are permanent on average and long-term growth is negatively linked to volatility. These results also imply that … panel data studies can help identify the sources of growth and that economic models should be capable of explaining growth …

Persistent link: https://www.econbiz.de/10005126155

Minimum Weighted Residual Methods in Endogeneous Growth Models

Kejak, Michal - EconWPA - 2001

endogenous economic growth. In the 1st part of the paper the basics of the MWR method are described. Attention is mainly … part of the paper is devoted to the setup of a model of endogenous growth with human capital accumulation and the … of the problem which eliminates the growth in variables is then presented and the MWR method is used to solve the model …

Persistent link: https://www.econbiz.de/10005407729

Learning by Doing as a Propagation Mechanism

Chang, Yongsung; Gomes, Joao; Schorfheide, Frank - EconWPA - 2002

This paper suggests that skill accumulation through past work experience, or ``learning-by-doing'' (LBD), can provide an important propagation mechanism in a dynamic stochastic general equilibrium model, as the current labor supply affects future productivity. Our econometric analysis uses a...

Persistent link: https://www.econbiz.de/10005076683

Decomposing the co-movement of the business cycle: a time- frequency analysis of growth cycles in the eurozone

Crowley, Patrick; Lee, Jim - EconWPA - 2005

This article analyses the frequency components of European business cycles using real GDP by employing multiresolution decomposition (MRD) with the use of maximal overlap discrete wavelet transforms (MODWT). Static wavelet variance and correlation analysis is performed, and phasing is studied...

Persistent link: https://www.econbiz.de/10005076732

Collusion with Capacity Constraints over the Business Cycle

Fabra, Natalia - EconWPA - 2003

This paper investigates the effect of capacity constraints on the sustainability of collusion in markets subject to cyclical demand fluctuations. In the absence of capacity constraints (i.e. a limiting case of our model), Haltiwanger and Harrington (1991) show that firms find it more difficult...

Persistent link: https://www.econbiz.de/10005125033

An intuitive guide to wavelets for economists

Crowley, Patrick M. - EconWPA - 2005

Wavelet analysis, although used extensively in disciplines such as signal processing, engineering, medical sciences, physics and astronomy, has not yet fully entered the economics discipline. In this discussion paper, wavelet analysis is introduced in an intuitive manner, and the existing...

Persistent link: https://www.econbiz.de/10005125692

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 … in the long-term growth component. …

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

Credit Cycles Redux

Cordoba, Juan; Ripoll, Marla - EconWPA - 2002

Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result hold under more standard assumptions....

Persistent link: https://www.econbiz.de/10005126224

Adaptive Learning and Cyclical Behavior of Output and Inflation

Adam, Klaus - EconWPA - 2002

This paper considers a sticky price model with a cash-in-advance constraint where agents forecast inflation rates with the help of econometric models. Agents use least squares learning to estimate two competing models of which one is consistent with rational expectations once learning is...

Persistent link: https://www.econbiz.de/10005126229

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