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The importance of reallocations in cyclical productivity and returns to scale: evidence from plant-level data
Lee, Yoonsoo - Federal Reserve Bank of Cleveland - 2005
Procyclical productivity plays an important role in many models of aggregate fluctuations. However, recent studies … procyclicality of productivity observed in aggregate data may be understated. Using plant-level microdata, this paper finds that the … component in aggregate productivity. This paper shows that such composition changes may cause a downward bias in industry …
Persistent link: https://www.econbiz.de/10005428281
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Credit and Growth Cycles in India: An Empirical Assessment of the Lead and Lag Behaviour
Banerjee, Krittika - eSocialSciences - 2012
This paper studies the leadlag pattern in the interaction between credit and growth cycles of India at three levels i.e. at the aggregate level for annual GDP growth, at the sectoral level across agriculture, industry and services, and also across major industries. The study focuses on three...
Persistent link: https://www.econbiz.de/10009393108
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Credit crises, money, and contractions: A historical view
Bordo, Michael D.; Haubrich, Joseph G. - Federal Reserve Bank of Cleveland - 2009
The relatively infrequent nature of major credit distress events makes a historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress...
Persistent link: https://www.econbiz.de/10008636220
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Examining the Decoupling Hypothesis for India
Shah, Ajay; Patnaik, Ila; Jayaram, Shruthi - eSocialSciences - 2009
This paper examines the decoupling hypothesis for India. This paper analyses business cycle synchronization between India and a set of industrial economies, particularly the United States, over the period 1992 to 2008. The evidence suggests that the Indian business cycle exhibits increasing...
Persistent link: https://www.econbiz.de/10004993768
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Diagnosing labor market search models: a multiple-shock approach
Beauchemin, Kenneth; Tasci, Murat - Federal Reserve Bank of Cleveland - 2008
productivity, job separation, and matching or “allocative” efficiency. Although our multiple-shock model generates some more …
Persistent link: https://www.econbiz.de/10004994161
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On the cyclicality of R&D: disaggregated evidence
Ouyang, Min - Federal Reserve Bank of Cleveland - 2007
This paper explores the link between short-run cycles and long-run growth by examining the cyclical properties of R&D at the disaggregated industry level. The relationship between R&D and output is estimated using an annual panel of 20 U.S. manufacturing industries from 1958 to 1998. The results...
Persistent link: https://www.econbiz.de/10005728986
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The business cycle and the life cycle
Gomme, Paul; Rogerson, Richard; Rupert, Peter; Wright, … - Federal Reserve Bank of Cleveland - 2004
The paper documents how cyclical fluctuations in market work vary over the life cycle and then assesses the predictions of a life-cycle version of the growth model for those observations. The analysis yields a simple but striking finding. The main discrepancy between the model and that data lies...
Persistent link: https://www.econbiz.de/10005729013
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Appointing the median voter of a policy board
Waller, Christopher J. - Federal Reserve Bank of Cleveland - 1998
A description of a model which demonstrates that delegating monetary policy to an independent policy board with discretionary powers substantially reduces policy uncertainty while maintaining political accountability.
Persistent link: https://www.econbiz.de/10005729022
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Sources of business cycles in Korea and the United States
Altig, David; Stockman, Alan C. - Federal Reserve Bank of Cleveland - 1998
The authors estimate common and nation-specific components of technology shocks, real demand shocks, and combined (common and nation-specific) monetary shocks using quarterly data for Korea and the United States.
Persistent link: https://www.econbiz.de/10005729025
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Dynamic optimal fiscal and monetary policy in a business cycle model with income redistribution
Lansing, Kevin J. - Federal Reserve Bank of Cleveland - 1993
An estimation of an optimal program of distortionary taxes, money growth, and borrowing to finance a stream of expenditures based on a real business cycle model in which distribution issues between the rich and poor play a fundamental role in policy decisions.
Persistent link: https://www.econbiz.de/10005729027