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Establishments dynamics and matching frictions in classical competitive equilibrium

Veracierto, Marcelo - Federal Reserve Bank of Chicago - 2007

-wanted ads and an unemployment subsidy, is highly contractionary. However, it leads to large welfare gains. The policy also plays …

Persistent link: https://www.econbiz.de/10005419940

Establishments dynamics, vacancies and unemployment: a neoclassical synthesis

Veracierto, Marcelo - Federal Reserve Bank of Chicago - 2009

This paper develops a Walrasian equilibrium theory of establishment dynamics and matching frictions and uses it to analyze business cycle fluctuations. Two scenarios are considered: one in which the matching process is subject to congestion externalities and another in which it is not. The paper...

Persistent link: https://www.econbiz.de/10008636100

Overtime, effort and the propagation of business cycle shocks

Hall, George J. - Federal Reserve Bank of Chicago - 1994

This paper presents and estimates a variant of Hansen and Sargent's (1988) real business cycle model with straight time and overtime. The model presented has only one latent variable, the state of technology, yet it does a better job propagating and magnifying shocks than the labor hoarding...

Persistent link: https://www.econbiz.de/10005724350

On the cyclical behavior of employment, unemployment and labor force participation

Veracierto, Marcelo - Federal Reserve Bank of Chicago - 2002

decisions can simultaneously account for the observed behavior of employment, unemployment and out-of-the-labor-force. This … unemployment and out-of-the-labor-force into a single non-employment state or assuming a fixed labor force participation. Once the …

Persistent link: https://www.econbiz.de/10005419891

The quest for the natural rate: evidence from a measure of labor market turbulence

Rissman, Ellen R. - Federal Reserve Bank of Chicago - 1998

The natural rate of unemployment changes over time as a result of structural shifts in the distribution of employment …. A time--varying measure of the natural rate is constructed as the rate of unemployment that is consistent with the … economy growing at its equilibrium rate, conditional on the level of labor market turbulence. The natural rate of unemployment …

Persistent link: https://www.econbiz.de/10005726325

Two flaws in business cycle accounting

Christiano, Lawrence J.; Davis, Joshua M. - Federal Reserve Bank of Chicago - 2006

Using ‘business cycle accounting’ (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is...

Persistent link: https://www.econbiz.de/10005419881

Maximum likelihood in the frequency domain: a time to build example

Christiano, Lawrence J.; Vigfusson, Robert J. - Federal Reserve Bank of Chicago - 1999

A well known result is that the Gaussian log-likelihood can be expressed as the sum over different frequency components. This implies that the likelihood ratio statistic has a similar linear decomposition. We exploit these observations to devise diagnostic methods that are useful for...

Persistent link: https://www.econbiz.de/10005419900

Earnings inequality and the business cycle

Barlevy, Gadi; Tsiddon, Daniel - Federal Reserve Bank of Chicago - 2004

Economists have long viewed recessions as contributing to increasing inequality. However, this conclusion is largely based on data from a period in which inequality was increasing over time. This paper examines the connection between long-run trends and cyclical variation in earnings inequality....

Persistent link: https://www.econbiz.de/10005419911

What determines bilateral trade flows?

Baxter, Marianne; Kouparitsas, Michael - Federal Reserve Bank of Chicago - 2005

This paper undertakes an exhaustive search for robust determinants of international trade, where "robustness" is tested using three popular empirical methods. The paper is frankly atheoretical: our goal is solely to establish statistically robust relationships. Along the way, however, we relate...

Persistent link: https://www.econbiz.de/10005419920

The cost of business cycles under endogenous growth

Barlevy, Gadi - Federal Reserve Bank of Chicago - 2003

In his famous 1987 monograph, Robert Lucas argued that further stabilizing the business cycles that persisted in the post-War era was pointless, because these cycles had a negligible effect on societal well-being. In particular, Lucas demonstrated that society should be willing to pay only a...

Persistent link: https://www.econbiz.de/10005419941

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