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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
A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...
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Using a regional VAR, we find large differences in the effects of monetary policy shocks across regions of the United States. We also find that the region-level effects of monetary policy differ a great deal between the pre-Volcker and Volcker-Greenspan periods in terms of their depth and...
Persistent link: https://www.econbiz.de/10005360583
We study the duration of monetary regimes in a simple neo-classical Phillips curve model. The model is an extension of Owyang (2001) and Owyang and Ramey (2001). In this paper, we consider the role of the duration of inflationary regimes on the average inflation rate in an international...
Persistent link: https://www.econbiz.de/10005360589
. Specifically, we find a relationship between the volatility of capital investment, type of monetary policy rule, the responsiveness … of the rule to output and inflation fluctuations, and the response to technology shocks. …
Persistent link: https://www.econbiz.de/10005352815