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The effects of news about future productivity on international relative prices: an empirical investigation

Nam, Deokwoo; Wang, Jian - Federal Reserve Bank of Dallas - 2010

In this paper, we find that expected (news) and unexpected (contemporaneous) components of productivity changes have … factor productivity (TFP) into news and contemporaneous productivity changes. The US real exchange rate appreciates following … international transmission of productivity shocks and the modeling of exchange rate volatility. …

Persistent link: https://www.econbiz.de/10008739773

Unmeasured investment and the puzzling U.S. boom in the 1990s

McGrattan, Ellen R.; Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 2009

For the 1990s, the basic neoclassical growth model predicts a depressed economy, when in fact the U.S. economy boomed. We extend the base model by introducing intangible investment and non-neutral technology change with respect to producing intangible investment goods and find that the 1990s are...

Persistent link: https://www.econbiz.de/10005009935

A Reassessment of Real Business Cycle Theory

McGrattan, Ellen R.; Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 2014

During the downturn of 2008–2009, output and hours fell significantly, but labor productivity rose. These facts have … investment in intangible capital is included in the analysis, there is no inconsistency. Measured labor productivity rises if the …

Persistent link: https://www.econbiz.de/10010734900

Macroeconomic Volatility and External Imbalances

Fogli, Alessandra; Perri, Fabrizio - Federal Reserve Bank of Minneapolis - 2015

Does macroeconomic volatility/uncertainty affect accumulation of net foreign assets? In OECD economies over the period 1970-2012, changes in country specific aggregate volatility are, after controlling for a wide array of factors, significantly positively associated with net foreign asset...

Persistent link: https://www.econbiz.de/10011277951

Sticky price models of the business cycle: can the contract multiplier solve the persistence problem?

Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R. - Federal Reserve Bank of Minneapolis - 1998

We construct a quantitative equilibrium model with price setting and use it to ask whether with staggered price setting monetary shocks can generate business cycle fluctuations. These fluctuations include persistent output fluctuations along with the other defining features of business cycles,...

Persistent link: https://www.econbiz.de/10005367611

Is lumpy investment relevant for the business cycle?

Thomas, Julia K. - Federal Reserve Bank of Minneapolis - 2002

Previous research has suggested that discrete and occasional plant-level capital adjustments have significant aggregate implications. In particular, it has been argued that changes in plants? willingness to invest in response to aggregate shocks can at times generate large movements in total...

Persistent link: https://www.econbiz.de/10005367617

Can the Mortonson-Pissarides matching model match the business cycle facts?

Cole, Harold L.; Rogerson, Richard - Federal Reserve Bank of Minneapolis - 1996

We examine whether the Mortensen-Pissarides matching model can account for the business cycle facts on employment, job creation, and job destruction. A novel feature of our analysis is its emphasis on the reduced-form implications of the matching model. Our main finding is that the model can...

Persistent link: https://www.econbiz.de/10005367620

Theory ahead of business cycle measurement

Prescott, Edward C. - Federal Reserve Bank of Minneapolis - 1986

Recent developments in business cycle theory are reviewed. The principal finding is that the growth model, which was developed to account for the secular patterns in important economic aggregates, displays the business cycle phenomena once it incorporates the observed randomness in the rate of...

Persistent link: https://www.econbiz.de/10005367663

Comparing alternative representations and alternative methodologies in business cycle accounting

Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R. - Federal Reserve Bank of Minneapolis - 2007

We make three comparisons relevant for the business cycle accounting approach. We show that in theory, representing the investment wedge as a tax on investment is equivalent to representing this wedge as a tax on capital income as long as the probability distributions over this wedge in the two...

Persistent link: https://www.econbiz.de/10005367678

Can there be short-period deterministic cycles when people are long lived?

Aiyagari, S. Rao - Federal Reserve Bank of Minneapolis - 1988

This paper considers whether short-period deterministic cycles can exist in a class of stationary overlapping generations models with long- (but finite-) lived agents. It shows that if agents discount the future positively, then as life spans get large, nonmonetary cycles will disappear....

Persistent link: https://www.econbiz.de/10005367680

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