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A state-level analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007

the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

Persistent link: https://www.econbiz.de/10005360567

International evidence on the stability of the optimizing IS equation

Kara, Amit; Nelson, Edward - Federal Reserve Bank of St. Louis - 2004

In this paper we provide international evidence on the issue of whether the optimizing IS equation is more stable than a backward-looking alternative. The international evidence consist of estimates of IS equations on quarterly data for the UK and Australia, both for the full sample of the last...

Persistent link: https://www.econbiz.de/10005707758

Inflation and economic activity in a multiple matching model of money

Laing, Derek; Li, Victor E.; Wang, Ping - Federal Reserve Bank of St. Louis - 1998

-theoretic environment with divisible money and goods. We find that in such a setting, a positive feedback between work and shopping effort …This paper investigates the relationship between money growth, inflation, and productive activity in a general … equilibrium model where search frictions motivate the transactions role of money. The use of a multiple matching technique, where …

Persistent link: https://www.econbiz.de/10005360588

The efficient market hypothesis and identification in structural VARs

Sarno, Lucio; Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2003

Structural vector autoregression (SVAR) models are commonly used to investigate the effect of structural shocks on economic variables. The identifying restrictions imposed in many of these exercises have been criticized in the literature. This paper extends this literature by showing that if the...

Persistent link: https://www.econbiz.de/10005360546

Kalman filtering with truncated normal state variables for Bayesian estimation of macroeconomic models

Dueker, Michael - Federal Reserve Bank of St. Louis - 2006

A pair of simple modifications-in the forecast error and forecast error variance-to the Kalman filter recursions makes possible the filtering of models in which one or more state variables is truncated normal and latent. Such recursions are broadly applicable to macroeconometric models, such as...

Persistent link: https://www.econbiz.de/10005707653

A real-time data set for macroeconomists

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 1999

This paper presents the concept and uses of a real-time data set that can be used by economists for testing the robustness of published econometric results, for analyzing policy, and for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at...

Persistent link: https://www.econbiz.de/10005717356

An approximate dual-self model and paradoxes of choice under risk

Fudenberg, Drew; Levine, David K.; Maniadis, Zacharias - Federal Reserve Bank of St. Louis - 2012

We derive a simplified version of the model of Fudenberg and Levine [2006, 2011] and show how this approximate model is useful in explaining choice under risk. We show that in the simple case of three outcomes, the model can generate indifference curves that “fan out” in the Marshack-Machina...

Persistent link: https://www.econbiz.de/10011027334

A real-time data set for marcoeconomists: does the data vintage matter?

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 1999

This paper presents a real-time data set that can be used by economists for testing the robustness of published econometric results, for analyzing policy, and for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in...

Persistent link: https://www.econbiz.de/10005389694

Fiscal policy: ex ante and ex post

Croushore, Dean; van Norden, Simon - Federal Reserve Bank of Philadelphia - 2014

The surge in fiscal deficits since 2008 has put a renewed focus on the authors’ understanding of fiscal policy. The interaction of fiscal and monetary policy during this period has also been the subject of much discussion and analysis. This paper gives new insight into past fiscal policy and...

Persistent link: https://www.econbiz.de/10010930299

Optimal stabilization policy with endogenous firm entry

Berentsen, Aleksander; Waller, Christopher J. - Federal Reserve Bank of St. Louis - 2009

stabilization policy in a DSGE model with microfounded money demand and endogenous firm entry. Due to a congestion externality …

Persistent link: https://www.econbiz.de/10005077874