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Sources of macroeconomic fluctuations in small open economies

Ahmed, Shaghil; Park, Jae Ha - Federal Reserve Bank of Philadelphia - 1992

Persistent link: https://www.econbiz.de/10005387463

Improving GDP measurement: a forecast combination perspective

Aruoba, S. Boragan; Diebold, Francis X.; Nalewaik, Jeremy; … - Federal Reserve Bank of Philadelphia - 2011

Two often-divergent U.S. GDP estimates are available, a widely-used expenditure-side version GDPE, and a much less widely-used income-side version GDI . The authors propose and explore a "forecast combination" approach to combining them. They then put the theory to work, producing a superior...

Persistent link: https://www.econbiz.de/10009320691

Optimal labor-market policy in recessions

Jung, Philip; Kuester, Keith - Federal Reserve Bank of Philadelphia - 2011

The authors examine the optimal labor market-policy mix over the business cycle. In a search and matching model with risk-averse workers, endogenous hiring and separation, and unobservable search effort they first show how to decentralize the constrained-efficient allocation. This can be...

Persistent link: https://www.econbiz.de/10009366950

Market exposure and endogenous firm volatility over the business cycle

Decker, Ryan; D'Erasmo, Pablo; Moscoso Boedo, Herman J. - Federal Reserve Bank of Philadelphia - 2014

First Draft: November 1, 2011 We propose a theory of endogenous firm-level volatility over the business cycle based on … model is driven only by total factor productivity shocks and captures the business cycle properties of firm-level volatility …. Using a panel of U.S. firms (Compustat), we empirically document the countercyclical nature of firm-level volatility. We …

Persistent link: https://www.econbiz.de/10010755868

Worker flows and job flows: a quantitative investigation

Fujita, Shigeru; Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2009

Worker flows and job flows behave differently over the business cycle. The authors investigate the sources of the differences by studying quantitative properties of a multiple-worker version of the search/matching model that features endogenous job separation and intra-firm wage bargaining....

Persistent link: https://www.econbiz.de/10008627183

Common factors in small open economies: inference and consequences

Guerron-Quintana, Pablo A. - Federal Reserve Bank of Philadelphia - 2010

volatility observed in the data. There is substantial heterogeneity in the estimated structural parameters as well as stochastic …

Persistent link: https://www.econbiz.de/10008627186

Time-varying capital requirements in a general equilibrium model of liquidity dependence

Covas, Francisco; Fujita, Shigeru - Federal Reserve Bank of Philadelphia - 2009

regulation, the authors find that output volatility is about 25 percent larger under procyclical regulation and that this … volatility difference implies a 1.7 percent reduction of the household's welfare. Even with more conservative parameter choices …, the volatility and welfare differences under the two regimes remain nonnegligible. …

Persistent link: https://www.econbiz.de/10008627187

Business cycles in the equilibrium model of labor market search and self-insurance

Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2010

properties. There are four main findings. First and foremost, the baseline model can generate the observed large volatility of …

Persistent link: https://www.econbiz.de/10008461921

Common trends and common cycles in regional per capita incomes

Carlino, Gerald; Sill, Keith - Federal Reserve Bank of Philadelphia - 1996

reveals considerable differences in the volatility of regional cycles. Controlling for differences in volatility, the authors …

Persistent link: https://www.econbiz.de/10005387478

Inventories and the business cycle: an equilibrium analysis of (S,s) policies.

Khan, Aubhik; Thomas, Julia K. - Federal Reserve Bank of Philadelphia - 2004

We develop an equilibrium business cycle model in which the producers of final goods pursue generalized (S,s) inventory policies with respect to intermediate goods, a consequence of nonconvex factor adjustment costs. Calibrating our model to reproduce the average inventory-to-sales ratio in...

Persistent link: https://www.econbiz.de/10005387499