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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/10010725313
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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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Estimating the parameters of a small open economy DSGE model: identifiability and inferential validity
Beltran, Daniel O.; Draper, David - Federal Reserve Board (Board of Governors of the … - 2008
This paper estimates the parameters of a stylized dynamic stochastic general equilibrium model using maximum likelihood and Bayesian methods, paying special attention to the issue of weak parameter identification. Given the model and the available data, the posterior estimates of the weakly...
Persistent link: https://www.econbiz.de/10005368135
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A guide to FRB/Global
Levin, Andrew T.; Rogers, John H.; Tryon, Ralph W. - Federal Reserve Board (Board of Governors of the … - 1997
This paper describes the structure and illustrates the key features of FRB/Global, a large-scale macroeconomic model used in analyzing exogenous shocks and alternative policy responses in foreign economies and in examining the impact of these external shocks on the U.S. economy. FRB/Global...
Persistent link: https://www.econbiz.de/10005368139
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A theory of the currency denomination of international trade
Bacchetta, Philippe; Wincoop, Eric van - Federal Reserve Board (Board of Governors of the … - 2002
Nominal rigidities due to menu costs have become a standard element in closed economy macroeconomic modeling. The "New Open Economy Macroeconomics" literature has investigated the implications of nominal rigidities in an open economy context and found that the currency in which prices are set...
Persistent link: https://www.econbiz.de/10005368251
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International coordination of macroeconomic policies: still alive in the new millennium?
Meyer, Laurence H.; Doyle, Brian M.; Gagnon, Joseph E.; … - Federal Reserve Board (Board of Governors of the … - 2002
In this paper we provide two building blocks for an analysis of international policy coordination: (1) a survey of models of policy coordination, and (2) an account of experience with policy coordination among the G-7 countries and within Europe since the breakdown of the Bretton Woods System....
Persistent link: https://www.econbiz.de/10005368285
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General-to-specific procedures for fitting a data-admissible, theory- inspired, congruent, parsimonious, encompassing, weakly-exogenous, identified, structural model to the DGP: a...
Faust, John; Whiteman, Charles H. - Federal Reserve Board (Board of Governors of the … - 1997
We characterize the LSE approach by its implications for reduced-form modeling and structural interpretations. Much of what has come to be associated with the LSE methodology involves the approach to fitting reduced forms, and can be thought of as a pragmatic solution to problems created by...
Persistent link: https://www.econbiz.de/10005368346
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Macroeconomic policies, competitiveness, and U.S. external adjustment
Hooper, Peter - Federal Reserve Board (Board of Governors of the … - 1989
, macroeconomic policies, and longer-term trends in relative labor productivity. Movements in the U.S. external balance over the past … dollar may have been associated with secular decline in U.S. relative to foreign productivity in manufacturing. The downtrend … in relative productivity has leveled off in recent years, however. The likelihood of a resumption of the downtrend in …
Persistent link: https://www.econbiz.de/10005368356
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Finance and macroeconomic volatility
Denizer, Cevdet; Lyigun, Murat F.; Owen, Ann L. - Federal Reserve Board (Board of Governors of the … - 2000
Countries with more developed financial sectors experience less fluctuation in the growth of real per capita output, consumption and investment. However, the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining...
Persistent link: https://www.econbiz.de/10005368379
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Macroeconomic risk and asset pricing: estimating the apt with observable factors
Ammer, John - Federal Reserve Board (Board of Governors of the … - 1993
This paper develops and applies a new maximum likelihood method for estimating the Arbitrage Pricing Theory (APT) model with observable risk factors. The approach involves simultaneous estimation of the factor loadings and risk premiums and can be applied to return panel with more securities...
Persistent link: https://www.econbiz.de/10005368415