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Restrepo-Echavarria, Paulina; Cheremukhin, Anton A.; … - Federal Reserve Bank of St. Louis - 2013

We present a theory of targeted search, where people with a finite information processing capacity search for a match … resides in between the random matching and the directed search outcomes. The equilibrium that emerges from this middle ground … and the directed search literature as limiting cases. …

Persistent link: https://www.econbiz.de/10010951612

Uniform working hours and structural unemployment

Liu, Haoming (contributor); Wen, Yi (contributor); … - 2005

"In this paper, we construct a simple model based on heterogeneity in workers' productivity and homogeneity in their working schedules. This simple model can generate unemployment, even if wages adjust instantaneously, firms are perfectly competitive, and firms can perfectly observe workers'...

Persistent link: https://www.econbiz.de/10002956728

Stochastic capital depreciation and the comovement of hours and productivity

Dueker, Michael (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001971164

Learning and structural change in macroeconomic data

Bullard, James B.; Duffy, John - Federal Reserve Bank of St. Louis - 2004

We include learning in a standard equilibrium business cycle model with explicit growth. We use the model to study how the economy's agents could learn in real time about the important trend-changing events of the postwar era in the U.S., such as the productivity slowdown, increased labor force...

Persistent link: https://www.econbiz.de/10005360544

On learning and the stability of cycles

Bullard, James; Duffy, John - Federal Reserve Bank of St. Louis - 1995

We study a general equilibrium model where the multiplicity of stationary periodic perfect foresight equilibria is pervasive. We investigate the extent of which agents can learn to coordinate on stationary perfect foresight cycles. The example economy, taken from Grandmont (1985), is an...

Persistent link: https://www.econbiz.de/10005360549

Regional business cycle phases in Japan

Wall, Howard J. - Federal Reserve Bank of St. Louis - 2006

This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the...

Persistent link: https://www.econbiz.de/10005360555

Endogenous money supply and the business cycle

Gavin, William T.; Kydland, Finn E. - Federal Reserve Bank of St. Louis - 1997

This paper documents changes in the cyclical behavior of nominal data series that appear after 1979:Q3 when the Federal Reserve implemented a policy to lower the inflation rate. Such changes were not apparent in real variables. A business cycle model with impulses to technology and a role for...

Persistent link: https://www.econbiz.de/10005360556

The cyclical relationship between output and prices: an analysis in the frequency domain

Pakko, Michael R. - Federal Reserve Bank of St. Louis - 1997

Recent research showing negative correlations between detrended output and prices during the postwar period has brought into question the conventional wisdom that prices are procyclical. However, this finding has been shown to be sensitive to the sample period considered. This paper examines the...

Persistent link: https://www.econbiz.de/10005360577

Inventories, liquidity, and the macroeconomy

Wen, Yi - Federal Reserve Bank of St. Louis - 2008

It is widely believed in the literature that inventory fluctuations are destabilizing to the economy. This paper re-assesses this view by developing an analytically-tractable general-equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model's...

Persistent link: https://www.econbiz.de/10005360585

The less volatile U.S. economy: a Bayesian investigation of timing, breadth, and potential explanations

Kim, Chang-Jin; Nelson, Charles; Piger, Jeremy M. - Federal Reserve Bank of St. Louis - 2003

Using a Bayesian model comparison strategy, we search for a volatility reduction within the post-war sample for the …

Persistent link: https://www.econbiz.de/10005360586

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