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Jackson, William - Federal Reserve Bank of Richmond - 1976

capital expenditures. …

Persistent link: https://www.econbiz.de/10004993875

Schreft, Stacey L.; Smith, Bruce D. - Federal Reserve Bank of Richmond - 1994

issues not only money, but interest-bearing bonds; these bonds compete with capital in private portfolios. When the … display damped endogenous fluctuations, and development trap phenomena are common. Across different steady states, low capital … system. Also, increases in the steady state inflation rate can easily reduce the steady state capital stock. …

Persistent link: https://www.econbiz.de/10004993908

The cost of capital, the desired capital stock, and a variable investment tax credit as a stabilization tool

Picou, Glenn C.; Waud, Roger N. - Federal Reserve Bank of Richmond - 1973

This study considers the potential of a variable investment tax credit to relieve the pressure of a contracyclical monetary policy on the housing and State and local government sectors.

Persistent link: https://www.econbiz.de/10004993955

External increasing returns, short-lived agents and long-lived waste

John, A.; Pecchenino, R.; Schimmelpfennig, D.; Schreft, S. - Federal Reserve Bank of Richmond - 1990

presents an overlapping-generations model of environmental externalities and capital accumulation: consumption of the old … generates long-lived garbage as a by-product, while young agents invest in both capital and destruction of the existing garbage … stock. The model also assumes external increasing returns: increases in the capital stock increase the future productivity …

Persistent link: https://www.econbiz.de/10004993992

Sectoral vs. aggregate shocks : a structural factor analysis of industrial production

Foerster, Andrew T.; Sarte, Pierre-Daniel G.; Watson, … - Federal Reserve Bank of Richmond - 2008

This paper uses factor analytic methods to decompose industrial production (IP) into components arising from aggregate shocks and idiosyncratic sector-specific shocks. An approximate factor model finds that nearly all (90%) of the variability of quarterly growth rates in IP are associated with...

Persistent link: https://www.econbiz.de/10005387446

Fiscal policy and default risk in emerging markets

Cuadra, Gabriel; Sanchez, Juan M.; Sapriza, Horacio - Federal Reserve Bank of Richmond - 2009

Emerging market economies typically exhibit a procyclical fiscal policy: public expenditures rise (fall) in economic expansions (recessions), whereas tax rates rise (fall) in bad (good) times. Additionally, the business cycle of these economies is characterized by countercyclical default risk....

Persistent link: https://www.econbiz.de/10005387448

On predicting the stage of the business cycle

Webb, Roy H. - Federal Reserve Bank of Richmond - 1987

Macroeconomic forecasts are traditionally stated as point estimates. Retrospective evaluations of forecasts usually assume that the cost of a forecast error increases with the arithmetic magnitude of the error. As a result, measures such as the root-mean-square error (RSME) or the mean absolute...

Persistent link: https://www.econbiz.de/10005387451

International reserves and rollover risk

Bianchi, Javier; Hatchondo, Juan Carlos; Martinez, Leonardo - Federal Reserve Bank of Richmond - 2013

Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold …

Persistent link: https://www.econbiz.de/10011203074

Sorting by skill over the course of job search

Kudlyak, Marianna; Lkhagvasuren, Damba; Sysuyev, Roman - Federal Reserve Bank of Richmond - 2012

We use novel high-frequency panel data on individuals' job applications from an online job posting engine to study (1) whether at the beginning of search job seekers with different levels of education (skill) apply to different jobs, and (2) how search behavior changes as search continues....

Persistent link: https://www.econbiz.de/10010723108

Accounting for unemployment in the Great Recession : nonparticipation matters

Kudlyak, Marianna; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

We conduct an accounting exercise of the role of worker flows between unemployment, employment, and labor force nonparticipation in the dynamics of the aggregate unemployment rate across four recent recessions: 1982-1983, 1990-1991, 2001, and 2007-2009 (the "Great Recession"). We show that,...

Persistent link: https://www.econbiz.de/10010723109