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Christiano, Lawrence J. - 2006

This paper analyzes the quality of VAR-based procedures for estimating the response of the economy to a shock. We focus … question that has attracted a great deal of attention in the literature: How do hours worked respond to an identified shock? In … all of our examples, as long as the variance in hours worked due to a given shock is above the remarkably low number of 1 …

Persistent link: https://www.econbiz.de/10012466312

Factor Hoarding and the Propagation of Business Cycles Shocks

Burnside, Craig - 1994

This paper analyzes the role of variable capital utilization rates in propagating shocks over the business cycle. To this end we formulate and estimate an equilibrium business cycle model in which cyclical capital utilization rates are viewed as a form of factor hoarding. We find that variable...

Persistent link: https://www.econbiz.de/10012474257

Understanding Booms and Busts in Housing Markets

Burnside, Craig - 2011

Some booms in housing prices are followed by busts. Others are not. It is generally difficult to find observable fundamentals that are useful for predicting whether a boom will turn into a bust or not. We develop a model consistent with these observations. Agents have heterogeneous expectations...

Persistent link: https://www.econbiz.de/10012461924

Firm-Specific Capital, Nominal Rigidities and the Business Cycle

Altig, David - 2005

Macroeconomic and microeconomic data paint conflicting pictures of price behavior. Macroeconomic data suggest that inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which resolves this apparent micro - macro conflict. Our...

Persistent link: https://www.econbiz.de/10012467653