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Inflation in the Great Recession and New Keynesian Models
Del Negro, Marco; Giannoni, Marc P.; Schorfheide, Frank - National Bureau of Economic Research (NBER) - 2014
with a modest and protracted decline in inflation, following the rise in financial stress in 2008Q4. The model does so even … though inflation remains very dependent on the evolution of economic activity and of monetary policy. …
Persistent link: https://www.econbiz.de/10011212816
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Assessing DSGE Model Nonlinearities
Aruoba, S. Boragan; Schorfheide, Frank; Bocola, Luigi - National Bureau of Economic Research (NBER) - 2013
DSGE models. U.S. output growth and the federal funds rate display nonlinear conditional mean dynamics, while inflation and … inflation and wage dynamics, thanks to the estimated downward wage/price rigidities, these do not spill over to output growth or …
Persistent link: https://www.econbiz.de/10010969293
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Two Flaws In Business Cycle Accounting
Christiano, Lawrence; Davis, Joshua M. - National Bureau of Economic Research (NBER) - 2006
Using 'business cycle accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not...
Persistent link: https://www.econbiz.de/10005248906
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How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach
Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2006
The common approach to evaluating a model in the structural VAR literature is to compare the impulse responses from structural VARs run on the data to the theoretical impulse responses from the model. The Sims-Cogley-Nason approach instead compares the structural VARs run on the data to...
Persistent link: https://www.econbiz.de/10005774407
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Beliefs, Doubts and Learning: Valuing Economic Risk
Hansen, Lars Peter - National Bureau of Economic Research (NBER) - 2007
This paper explores two perspectives on the rational expectations hypothesis. One perspective is that of economic agents in such a model, who form inferences about the future using probabilities implied by the model. The other is that of an econometrician who makes inferences about the...
Persistent link: https://www.econbiz.de/10005775165
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The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery
Schmitt-Grohé, Stephanie Schmitt-Grohe; Uribe, Martín - National Bureau of Economic Research (NBER) - 2012
recovered but unemployment lingered). This paper presents a model that captures these three facts. The key elements of the model …
Persistent link: https://www.econbiz.de/10010969402
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E. A. - National Bureau of Economic Research (NBER) - 2010
which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …
Persistent link: https://www.econbiz.de/10008693988
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The Possible Unemployment Cost of Average Inflation below a Credible Target
Svensson, Lars E.O. - National Bureau of Economic Research (NBER) - 2013
unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large … unemployment cost of undershooting the inflation target. …If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the …
Persistent link: https://www.econbiz.de/10011234893
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Industry Evidence on the Effects of Government Spending
Ramey, Valerie Ann; Nekarda, Christopher J. - National Bureau of Economic Research (NBER) - 2010
This paper investigates industry-level effects of government purchases in order to shed light on the transmission mechanism for government spending on the aggregate economy. We begin by highlighting the different theoretical predictions concerning the effects of government spending on industry...
Persistent link: https://www.econbiz.de/10008634689
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Evaluating the Economic Significance of Downward Nominal Wage Rigidity
Elsby, Michael W. - National Bureau of Economic Research (NBER) - 2006
results suggest that DNWR may not provide a strong argument against the targeting of low inflation rates, as practiced by many …
Persistent link: https://www.econbiz.de/10005714106