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Changing Effects of Monetary Policy on Real Economic Activity
Friedman, Benjamin M. - 1990
Major changes have taken place in the U.S. economy within the past quarter century. Changes with implications that are at least potentially important for the effect of monetary policy on real economic activity include the elimination of Regulation Q interest ceilings and the development of the...
Persistent link: https://www.econbiz.de/10012475757
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News Shocks in Open Economies : Evidence from Giant Oil Discoveries
Arezki, Rabah - 2015
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output-the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10012457809
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Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry
Bornstein, Gideon - 2017
We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of the world economy. We analyze the impact of the...
Persistent link: https://www.econbiz.de/10012455258
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Trade Linkages and Output-Multiplier Effects : A Structural VAR Approach with a Focus on Asia
Abeysinghe, Tilak - 2001
This paper develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries …. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …
Persistent link: https://www.econbiz.de/10012470116
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Sources of Real Exchange Rate Fluctuations : How Important are Nominal Shocks?
Clarida, Richard - 1994
This paper investigates empirically and attempts to identify the sources of real exchange rate fluctuations since the collapse of Bretton Woods. The paper's first two sections survey and extend earlier, non-structural empirical work on this subject by Campbell and Clarida (1987), Meese and...
Persistent link: https://www.econbiz.de/10012474278
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Exploiting MIT Shocks in Heterogeneous-Agent Economies : The Impulse Response as a Numerical Derivative
Boppart, Timo - 2017
deterministic transition path: we study the equilibrium response to a single, small "MIT shock'' carefully. We then regard this …
Persistent link: https://www.econbiz.de/10012453575
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Sign Restrictions in Bayesian FaVARs with an Application to Monetary Policy Shocks
Ahmadi, Pooyan Amir - 2015
We propose a novel identification strategy of imposing sign restrictions directly on the impulse responses of a large set of variables in a Bayesian factor-augmented vector autoregression. We conceptualize and formalize conditions under which every additional sign restriction imposed can be...
Persistent link: https://www.econbiz.de/10012456932
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When is Nonfundamentalness in VARs a Real Problem? An Application to News Shocks
Beaudry, Paul - 2015
When the VAR representation of a times series has a non-fundamental representation, standard SVAR techniques cannot be used to exactly identify the effects of structural shocks. This problem is know to potentially arise when one of the structural shocks represents news about the future. However,...
Persistent link: https://www.econbiz.de/10012457202
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Inference for VARs Identified with Sign Restrictions
Moon, Hyungsik Roger - 2011
restrictions on the responses of a subset of the endogenous variables to a particular structural shock (sign-restricted SVARs). To …
Persistent link: https://www.econbiz.de/10012461518
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Demand Variability, Supply Shocks and the Output-Inflation Tradeoff
Froyen, Richard T. - 1983
This paper examines the shift in the relation between the inflation rate and the rate of growth of real output which has occurred in the United States over the past three decades, and attempts to assess the relative importance of three possible lines of explanation: a) the new classical view of...
Persistent link: https://www.econbiz.de/10012478022