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Do provisional estimates of output miss economic turning points?
Dynan, Karen E.; Elmendorf, Douglas - Federal Reserve Board (Board of Governors of the … - 2001
Initial estimates of aggregate output and its components are based on very incomplete source data, so they may not fully capture shifts in economic conditions. In particular, if those estimates are based partly on trends in preceding quarters, provisional estimates may overstate activity when...
Persistent link: https://www.econbiz.de/10005512986
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Long memory and persistence in aggregate output
Diebold, Francis X.; Rudebusch, Glenn D. - Federal Reserve Board (Board of Governors of the … - 1988
Persistent link: https://www.econbiz.de/10005513053
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Estimating time-varying parameters in a nonlinear multivariate model: inferring changes in expectation behavior over time
Fuhrer, Jeffrey C. - Federal Reserve Board (Board of Governors of the … - 1988
Persistent link: https://www.econbiz.de/10005513118
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What drives productivity growth? implications for the economy and prospects for the future : a speech at the Forecasters Club of New York, New York, New York, September 27, 2006
Kroszner, Randall S. - Federal Reserve Board (Board of Governors of the … - 2006
Persistent link: https://www.econbiz.de/10005538037
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Identifying vars based on high frequency futures data
Faust, Jon; Swanson, Eric; Wright, Jonathan H. - Federal Reserve Board (Board of Governors of the … - 2002
Using the prices of federal funds futures contracts, we measure the impact of the surprise component of Federal Reserve policy decisions on the expected future trajectory of interest rates. We show how this information can be used to identify the effects of a monetary policy shock in a standard...
Persistent link: https://www.econbiz.de/10005498748
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Real exchange rate targeting and macroeconomic instability
Uribe, Martin - Federal Reserve Board (Board of Governors of the … - 1995
This paper introduces a real exchange rate rule of the type analyzed by Dornbusch (1982) in an optimizing, two-sector, monetary model of a small open economy. By this rule the government increases the devaluation rate when the real exchange rate is below its long-run level and reduces it when...
Persistent link: https://www.econbiz.de/10005498764
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Benefits and spillovers of greater competition in Europe: a macroeconomic assessment
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - Federal Reserve Board (Board of Governors of the … - 2004
, greater competition produces large effects on macroeconomic performance, as measured by standard indicators. In particular, we …Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and … labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition …
Persistent link: https://www.econbiz.de/10005498782
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Uncertainty, instrument choice, and the uniqueness of Nash equilibrium: microeconomic and macroeconomic examples
Henderson, Dale W.; Zhu, Ning S. - Federal Reserve Board (Board of Governors of the … - 1995
This paper contains two examples of static, symmetric, positive-sum games with two strategic players and a play by nature: (1) a microeconomic game between duopolists with joint costs facing uncertain demands for differentiated goods and (2) a macroeconomic game between two countries' with...
Persistent link: https://www.econbiz.de/10005372550
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Exchange rate regimes and macroeconomic stabilization in a developing country
Howard, David H. - Federal Reserve Board (Board of Governors of the … - 1987
Argentina's Austral Plan is used as a point of departure for the investigation of the role of exchange rate policy in a macroeconomic stabilization program for a developing country. A model of a country like Argentina is developed and the relationship between the exchange rate and macroeconomic...
Persistent link: https://www.econbiz.de/10005372617
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Optimal control of large, forward-looking models efficient solutions and two examples
Finan, Frederico S.; Tetlow, Robert - Federal Reserve Board (Board of Governors of the … - 1999
involved. A small-scale demonstration is presented, as are data on performance with the Board of Governors large-scale rational …
Persistent link: https://www.econbiz.de/10005393701