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Oil and the G7 business cycle : Friedman's Plucking Markov Switching Approach

Yoon; Ho, Jae - Econometric Society - 2004

To analyze whether oil price can account for the business cycle asymmetries in the G7, this paper adopts the Friedmanâ€™s Plucking Markov Switching Model to decompose G7 real GDPs into common permanent components, common transitory components, infrequent Markov Switching negative shock and...

Persistent link: https://www.econbiz.de/10005342332

A Multi-Level Panel Smooth Transition Autoregression for US Sectoral Production

Franses, P.H.; Fok, D.; Dijk, D. van - Econometric Society - 2004

Macroeconomic time series are often obtained as an aggregate across regions or economic sectors. Even when the ultimate goal is to forecast the aggregate series it may be beneficial to consider the underlying disaggregate series. This especially holds when the disaggregate series are generated...

Persistent link: https://www.econbiz.de/10005130166

Business Cycle Implications of Habit Formation

Nason, James M.; Kano, Takashi - Econometric Society - 2004

The inability of a wide array of dynamic stochastic general equilibrium (DSGE) models to generate fluctuations that resemble actual business cycles has lead to the use of habit formation in consumption. For example, habit formation has been shown to help explain the negative response of labour...

Persistent link: https://www.econbiz.de/10005130231

Business Cycles and Macroeconomic Policy Coordination in Mercosur

Gonzalez-Rozada, Martin; Fanelli, Jose Maria - Econometric Society - 2004

Abstract: The paper analyzes cyclical comovements in the Mercosur area differentiating idiosyncratic from common shocks. In the Mercosur (or any region for that matter) shocks can be country-specific, affecting only one country or a specific set of countries (for example, a weather-related...

Persistent link: https://www.econbiz.de/10005063563

Technology Shocks Matter

Fisher, Jonas - Econometric Society - 2004

homogeneously, and investment-specific. Investment-specific shocks are the unique source of the secular trend in the real price of … investment goods, while shocks to both kinds of technology are the only factors which affect labor productivity in the long run …, about 6 percent, of the business cycle variation in hours worked. In contrast, investment-specific shocks account for about …

Persistent link: https://www.econbiz.de/10005063585

Has the G7 business cycle become more synchronized ?

Yoon; Ho, Jae - Econometric Society - 2004

This paper adopts Friedmanâ€™s Plucking Markov Switching Model to decompose G7 real GDPs into common permanent components, common transitory components, infrequent Markov Switching negative shock and domestic idiosyncratic components. The findings show that the common components explain a...

Persistent link: https://www.econbiz.de/10005702766

Inflation Dynamicsâ€™ Micro Foundations: How Important is Imperfect Competition Really?

Murillo, Jose A.; Castellanos, Sara G. - Econometric Society - 2004

This paper analyzes price formation and dynamics according to the industry structure. It divides manufacturing industries of Mexico into two groups: perfectly and imperfectly competitive. The results show that imperfectly competitive industries predominate. Then this classification is used to...

Persistent link: https://www.econbiz.de/10005328869

Expectation Formation and Endogenous Fluctuations in Aggregate Demand

Dudek, Maciej K. - Econometric Society - 2004

The paper recognizes that expectations and the process of their formation are subject to standard decision making and are determined as a part of equilibrium. Accordingly, the paper presents a basic framework in which the form of expectation formation is a choice variable. At any point in time...

Persistent link: https://www.econbiz.de/10005328882

Market Institutions, Labor Market Dynamics, Growth and Productivity: Argentina

Sanchez, Gabriel; Butler, Ines - Econometric Society - 2004

This paper seeks to shed light on how manufacturing job flows and productivity in Argentina were affected during the 1990s by economic reforms in general and particularly by: a) financial shocks, b) labor reforms that change non-wage labor costs, c) trade reforms that alter tariff dispersion, d)...

Persistent link: https://www.econbiz.de/10005328896

Economic Fluctuations in Central and Eastern Europe. The Facts

RÃTFAI, ATTILA; BENCZÚR, PÉTER - Econometric Society - 2004

We carry out a detailed analysis of quarterly frequency dynamics in major macroeconomic aggregates in twelve countries of Central and Eastern Europe. The facts we document include the variability and persistence in and the co-movement among output and other major real and nominal variables....

Persistent link: https://www.econbiz.de/10005328918