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Increasing Returns and All That : A View From Trade
Antweiler, Werner - 2000
Do scale economies contribute to our understanding of international trade? Do international trade flows encode information about the extent of scale economies? To answer these questions we examine the large class of general equilibrium theories that imply Helpman-Krugman variants of the Vanek...
Persistent link: https://www.econbiz.de/10012470795
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Sticky Information in General Equilibrium
Mankiw, N. Gregory - 2006
This paper develops and analyzes a general-equilibrium model with sticky information. The only rigidity in goods, labor, and financial markets is that agents are inattentive, sporadically updating their information sets, when setting prices, wages, and consumption. After presenting the...
Persistent link: https://www.econbiz.de/10012466056
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The Past, Present, and Future of Macroeconomic Forecasting
Diebold, Francis X. - 1997
Broadly defined, macroeconomic forecasting is alive and well. Nonstructural forecasting which is based largely on reduced-form correlations, has always been well and continues to" improve. Structural forecasting, which aligns itself with economic theory and hence rises and" falls with theory,...
Persistent link: https://www.econbiz.de/10012472523
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An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis
McCallum, Bennett T. - 1997
This paper asks whether relations of the IS-LM type can sensibly be used for the aggregate demand portion of a dynamic optimizing general equilibrium model intended for analysis of issues regarding monetary policy and cyclical fluctuations. The main result is that only one change -- the addition...
Persistent link: https://www.econbiz.de/10012472953
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Commodity prices and markets : [NBER East Asia Seminar on Economics, volume 20 ; collection of papers that were presented at the 20th Annual East Asia Seminar on Economics (EASE) ;...
Itō, Takatoshi (contributor); Rose, Andrew (contributor) - 2011
relationship between trade and exchange rate volatility / Christian Broda and John Romalis -- Comments: Chaiyasit Anuchitworawong …
Persistent link: https://www.econbiz.de/10008909722
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Macroeconomics and Volatility : Data, Models, and Estimation
Fernández-Villaverde, Jesús - 2010
high volatility are followed by periods of low volatility. For instance, the turbulent 1970s were followed by the much more … tranquil times of the great moderation from 1984 to 2007. Modeling these movements in volatility is important to understand the … different mechanisms proposed in the literature to generate changes in volatility similar to the ones observed in the data …
Persistent link: https://www.econbiz.de/10012462039
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Investors' and Central Bank's Uncertainty Embedded in Index Options
David, Alexander - 2011
Shocks to equity options' ATM implied volatility (ATMIV) are followed by persistently lower short-term rates. Shocks to …
Persistent link: https://www.econbiz.de/10012461893
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Business Cycle Fluctuations and the Life Cycle : How Important is On-The-Job Skill Accumulation?
Hansen, Gary D. - 2007
We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over … volatility of hours over the life cycle depends on the value of the intertemporal elasticity of labor supply. When individuals … accumulate skills by on-the-job training, there are only weak effects on both the steady-state labor supply and its volatility …
Persistent link: https://www.econbiz.de/10012465043
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Expectations, Asset Prices, and Monetary Policy : The Role of Learning
Gilchrist, Simon - 2006
This paper studies the implications of financial market imperfections represented by a countercyclical external finance premium and the gradual recognition of changes in the drift of technology growth for the design of an interest rate rule. Asset price movements induced by changes in trend...
Persistent link: https://www.econbiz.de/10012466222
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The Time Varying Volatility of Macroeconomic Fluctuations
Justiniano, Alejandro - 2006
In this paper we investigate the sources of the important shifts in the volatility of U.S. macroeconomic variables in … the postwar period. To this end, we propose the estimation of DSGE models allowing for time variation in the volatility of … investment specific technology shocks account for most of the sharp decline in volatility of the last two decades …
Persistent link: https://www.econbiz.de/10012466647