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U.K. Monetary Regimes and Macroeconomic Stylised Facts

Benati, Luca - Society for Computational Economics - SCE - 2005

summarised as follows. (1) Historically, inflation persistence appears to have been the exception, rather than the rule, with … inflation estimated to have been highly persistent only during the period between the floating of the pound, in June 1972, and … the introduction of inflation targeting, in October 1992. Under inflation targeting, it exhibits some slight negative …

Persistent link: https://www.econbiz.de/10005343033

Structural Breaks in Inflation Dynamics

Benati, Luca; Kapetanios, George - Society for Computational Economics - SCE - 2003

Persistent link: https://www.econbiz.de/10005706823

Geographical and Sectoral Shocks in the U.S. Business Cycle

Ghosh, Atish; Wolf, Holger C. - National Bureau of Economic Research (NBER) - 1997

We examine whether the aggregate U.S. business cycle is driven mainly by geographical" shocks (affecting all sectors within a state), or by sectoral shocks (affecting the same sector in all" states). We find that, at the level of an individual sector in an individual state growth are driven by...

Persistent link: https://www.econbiz.de/10005829318

What Have Macroeconomists Learned about Business Cycles from the Study of Seasonal Cycles?

Miron, Jeffrey A; Beaulieu, J. Joseph - National Bureau of Economic Research (NBER) - 1995

This paper argues that analysis of seasonal fluctuations can shed light on the nature of business cycle fluctuations. The fundamental reason is that in many instances identifying restrictions about seasonal fluctuations are more believable than analogous restrictions about non-seasonal...

Persistent link: https://www.econbiz.de/10005829624

Government Purchases Over the Business Cycle: the Role of Economic and Political Inequality

Bachmann, Ruediger; Bai, Jinhui - National Bureau of Economic Research (NBER) - 2010

This paper explores the implications of economic and political inequality for the business cycle comovement of government purchases. We set up and compute a heterogeneous-agent neoclassical growth model, where households value government purchases which are financed by income taxes. A key...

Persistent link: https://www.econbiz.de/10008611559

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

Uncertainty and Economic Activity: Evidence from Business Survey Data

Bachmann, Ruediger; Elstner, Steffen; Sims, Eric R. - National Bureau of Economic Research (NBER) - 2010

What is the impact of time-varying business uncertainty on economic activity? Using partly confidential business survey data from the U.S. and Germany in structural VARs, we find that positive innovations to business uncertainty lead to prolonged declines in economic activity. In contrast, their...

Persistent link: https://www.econbiz.de/10008628459

Public Consumption Over the Business Cycle

Bachmann, Ruediger; Bai, Jinhui - National Bureau of Economic Research (NBER) - 2011

What fraction of the business cycle volatility of government purchases is accounted for as endogenous reactions to overall macroeconomic conditions? We answer this question in the framework of a neoclassical representative household model where the provision of a public consumption good is...

Persistent link: https://www.econbiz.de/10009223328

What Drives Aggregate Investment?

Bachmann, Rüdiger; Zorn, Peter - National Bureau of Economic Research (NBER) - 2013

Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to gauge their contribution to short-run investment...

Persistent link: https://www.econbiz.de/10010969200

Some Reflections on the Recent Financial Crisis

Gorton, Gary - National Bureau of Economic Research (NBER) - 2012

Economic growth involves metamorphosis of the financial system. Forms of banks and bank money change. These changes, if not addressed, leave the banking system vulnerable to crisis. There is no greater challenge in economics than to understand and prevent financial crises. The financial crisis...

Persistent link: https://www.econbiz.de/10010950636

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