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Primiceri, Giorgio; Tambalotti, Andrea; Schaumburg, Ernst - National Bureau of Economic Research (NBER) - 2006

Disturbances affecting agents intertemporal substitution are the key driving force of macroeconomic fluctuations. We reach this conclusion exploiting the bond pricing implications of an estimated general equilibrium model of the U.S. business cycle with a rich set of real and nominal frictions.

Persistent link: https://www.econbiz.de/10005710878

The Time Varying Volatility of Macroeconomic Fluctuations

Primiceri, Giorgio; Justiniano, Alejandro - National Bureau of Economic Research (NBER) - 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 the structural innovations. We apply our estimation...

Persistent link: https://www.econbiz.de/10005030911

Is there a trade-off between inflation and output stabilization?

Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2011

Not in an estimated DSGE model of the US economy, once we account for the fact that most of the high-frequency volatility in wages appears to be due to noise, rather than to variation in workers' preferences or market power.

Persistent link: https://www.econbiz.de/10009021951

Investment Shocks and Business Cycles

Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2009

We study the driving forces of fluctuations in an estimated New Neoclassical Synthesis model of the U.S. economy with several shocks and frictions. In this model, shocks to the marginal efficiency of investment account for the bulk of fluctuations in output and hours at business cycle...

Persistent link: https://www.econbiz.de/10008635944

Why Inflation Rose and Fell: Policymakers' Beliefs and US Postwar Stabilization Policy

Primiceri, Giorgio - National Bureau of Economic Research (NBER) - 2005

This paper provides an explanation for the run-up of U.S. inflation in the 1960s and 1970s and the sharp disinflation … by low inflation. However, prolonged episodes of high inflation ending with rapid disinflations can occur when … policymakers underestimate both the natural rate of unemployment and the persistence of inflation in the Phillips curve. I estimate …

Persistent link: https://www.econbiz.de/10005033493

Credit Supply and the Housing Boom

Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2015

The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices and...

Persistent link: https://www.econbiz.de/10011133507