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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 led many to conclude that there is a significant deviation between observations and current macrotheories that assume business cycles are driven, at least in part, by...
Persistent link: https://www.econbiz.de/10010734900
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The Glass Ceiling and the Paper Floor: Gender Differences among Top Earners, 1981–2012
Guvenen, Fatih; Kaplan, Greg; Song, Jae - Federal Reserve Bank of Minneapolis - 2014
We analyze changes in the gender structure at the top of the earnings distribution in the United States over the last 30 years using a 10% sample of individual earnings histories from the Social Security Administration. Despite making large inroads, females still constitute a small proportion of...
Persistent link: https://www.econbiz.de/10010939371
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What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk?
Guvenen, Fatih; Karahan, Fatih; Ozkan, Serdar; Song, Jae - Federal Reserve Bank of Minneapolis - 2015
We study the evolution of individual labor earnings over the life cycle using a large panel data set of earnings histories drawn from U.S. administrative records. Using fully nonparametric methods, our analysis reaches two broad conclusions. First, earnings shocks display substantial deviations...
Persistent link: https://www.econbiz.de/10011152609
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Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers
Hall, Robert E.; Schulhofer-Wohl, Sam - Federal Reserve Bank of Minneapolis - 2015
Matching efficiency is the productivity of the process for matching jobseekers to available jobs. Job-finding is the output; vacant jobs and active jobseekers are the inputs. Measurement of matching efficiency follows the same principles as measuring a Hicks-neutral index of productivity of...
Persistent link: https://www.econbiz.de/10011165181
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The Pass-Through of Sovereign Risk
Bocola, Luigi - Federal Reserve Bank of Minneapolis - 2015
This paper examines the macroeconomic implications of sovereign credit risk in a business cycle model where banks are exposed to domestic government debt. The news of a future sovereign default hampers financial intermediation. First, it tightens the funding constraints of banks, reducing their...
Persistent link: https://www.econbiz.de/10011261854
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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 position. An increase in volatility (measured as the standard deviation …
Persistent link: https://www.econbiz.de/10011277951
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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
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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
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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
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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