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On-the-Job Search and Business Cycle Dynamics
Lubik, Thomas A.; Krause, Michael U. - Econometric Society - 2004
Recent research shows that observed labor market flows can be explained in search and matching models only by assuming …, in turn, is a central determinant of wages in the Nash bargaining approach. We argue in this paper that on-the-job search …-the-job search in a fully specified, real DSGE model with endogenous labor market flows. There are two types of jobs, good and bad …
Persistent link: https://www.econbiz.de/10005702652
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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
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The States vs. the states: On the Welfare Cost of Business Cycles in the U.S.
Robe, Michel A.; Pallage, Stephane - Econometric Society - 2004
Extant estimates of the welfare cost of business cycles suggest that this cost is quite low and might well be minuscule. Those estimates are based on consumption data for the United States as a whole. The volatility of aggregate consumption, however, is much stronger at the state level. We argue...
Persistent link: https://www.econbiz.de/10005328988
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Welfare Costs of Business Cycles in South America
Nascimento, Leandro; Gomes, Fabio - Econometric Society - 2004
How large are welfare costs related to economic aggregate fluctuations is a topic of great concern among economists at least since Robert Lucas’ well-known and thoughtprovoking exercise in the late 1980s. Our analysis assesses the magnitude of such costs for 11 countries in South America...
Persistent link: https://www.econbiz.de/10005129791
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The impact of monetary policy on New Zealand business cycles and inflation variability
McLellan, Nathan; Buckle, Robert A; Kim, Kunhong - Econometric Society - 2004
This paper uses the open economy structural VAR model developed in Buckle, Kim, Kirkham, McLellan and Sharma (2002) to evaluate the impact of monetary policy on New Zealand business cycles and inflation variability and the output/inflation variability trade-off. The model includes a...
Persistent link: https://www.econbiz.de/10005130253
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El ciclo económico en Uruguay - Un modelo de Switching Regimes
Sanchez, Alejandro R. Pena - Econometric Society - 2004
This paper presents an empirical characterization of Uruguayan’s Business Cycle applying the Switching Regime methodology; three scenarios were considered: recession, moderate growth and boom. The relation between regional and Uruguayan’s business cycle is analyzed through the same...
Persistent link: https://www.econbiz.de/10005170251
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Co-movement of Australian State Business Cycles
Walker, Thomas; Norman, David - Econometric Society - 2004
We use a variety of techniques to examine the nature and degree of co-movement among Australian state business cycles. Our results indicate that these cycles move closely together, with particularly strong links between the cycles of the larger states. This finding is robust to a range of...
Persistent link: https://www.econbiz.de/10005170370
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Terms of Trade, Business Cycles and Tobin's q in Developing Open Economies
Pacharoni, Victor - Econometric Society - 2004
This paper examines the relationship of business cycles, the terms of trade and Tobin's q using a three-sector dynamic stochastic general equilibrium model for a small open economy. Results show that terms of trade shocks account for half of actual volatility of GDP and stock market indices for...
Persistent link: https://www.econbiz.de/10005699598
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Shifts and Twists in the Relative Productivity of Skilled Labor: Reconciling Accelerated SBTC with the Productivity Slowdown
Marey, Philip; Dupuy, Arnaud - Econometric Society - 2004
Skill-biased technical change is usually interpreted in terms of the efficiency parameters of skilled and unskilled labor. This implies that the relative productivity of skilled workers changes proportionally in all tasks. In contrast, we argue that technical changes also affect the curvature of...
Persistent link: https://www.econbiz.de/10005702629
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Liquidity Premia in Dynamic Bargaining Markets
duffie - Econometric Society - 2004
This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from …
Persistent link: https://www.econbiz.de/10005328954