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The Great Recession versus the Great Depression: stylized facts on siblings that were given different foster parents
Aiginger, Karl - Institut für Weltwirtschaft (IfW) - 2010
This paper compares the depth of the Recent Crisis and the Great Depression. We use a new data set to compare the drop in activity in the industrialized countries for seven activity indicators. This is done under the assumption that the Recent Crisis leveled off in mid-2009 for production and...
Persistent link: https://www.econbiz.de/10008615592
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Inflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contracts
Fregert, Klas; Jonung, Lars - Institut für Weltwirtschaft (IfW) - 2008
Inflation targeting was adopted by several countries, including Sweden, in the 1990s. We evaluate the Swedish inflation … compared to previous regimes adopted in Sweden during the 20th century. Our approach to evaluate inflation targeting is … century of observations, inflation targeting in Sweden is a success – at least so far. …
Persistent link: https://www.econbiz.de/10005083376
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Superstatistics of Labour Productivity in Manufacturing and Nonmanufacturing Sectors
Ikeda, Yuichi; Fujiwara, Yoshi; Aoyama, Hideaki; … - Institut für Weltwirtschaft (IfW) - 2008
Labour productivity distribution (dispersion) is studied both theoretically and empirically. Superstatistics is presented as a natural theoretical framework for productivity. The demand index ê is proposed within this framework as a new business index. Japanese productivity data covering...
Persistent link: https://www.econbiz.de/10005083398
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Social networks and macroeconomic stability
Chen, Shu-Heng; Chang, Chia-Ling; Wen, Ming-Chang - Institut für Weltwirtschaft (IfW) - 2013
We construct an agent-based New Keynesian DSGE model with different social network structures to investigate the significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid the information flow, the higher the stability of the...
Persistent link: https://www.econbiz.de/10010956024
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Fairness and the disinflation puzzle
Lunardelli, Andre - Institut für Weltwirtschaft (IfW) - 2014
to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the …
Persistent link: https://www.econbiz.de/10010956041
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Credit disruptions and the spillover effects between the household and business sectors
Nilavongse, Rachatar - Institut für Weltwirtschaft (IfW) - 2013
inflation downward. Debt deflation further depresses consumption, labor demand, and investment, altogether generating a sharp …
Persistent link: https://www.econbiz.de/10010956045
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An early warning system to predict the speculative house price bubbles
Dreger, Christian; Kholodilin, Konstantin A. - Institut für Weltwirtschaft (IfW) - 2012
In this paper, the authors construct country-specific chronologies of house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a combination of fundamental and filter approaches. The resulting speculative bubble chronology is the one...
Persistent link: https://www.econbiz.de/10010956072
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Unemployment benefits and financial factors in an agent-based macroeconomic model
Riccetti, Luca; Russo, Alberto; Gallegati, Mauro - Institut für Weltwirtschaft (IfW) - 2013
increase of both the inflation rate and the ratio between public deficit and nominal GDP. The successful action of the public …
Persistent link: https://www.econbiz.de/10010956079
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On the power and weakness of rational expectations: Logical fallacies, periodic bubbles and business cycles
Gracia, Eduard - Institut für Weltwirtschaft (IfW) - 2012
A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...
Persistent link: https://www.econbiz.de/10010956093
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Information stickiness in general equilibrium and endogenous cycles
Gomes, Orlando - Institut für Weltwirtschaft (IfW) - 2012
Traditionally, observed fluctuations in aggregate economic time series have been mainly modelled as being the result of exogenous disturbances. A better understanding of macroeconomic phenomena, however, surely requires looking directly at the relations between variables that may trigger...
Persistent link: https://www.econbiz.de/10010956107