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House prices, stock returns, national accounts, and the Riksbank balance sheet, 1620 - 2012

Edvinsson, Rodney (contributor) - 2014

Persistent link: https://www.econbiz.de/10010405250

The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours

Sala, Luca; Söderström, Ulf; Trigari, Antonella - Sveriges Riksbank - 2010

We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic inefficiency in recent U.S. data: the output gap - the gap between the actual and efficient levels of output - and the labor wedge - the wedge between households'...

Persistent link: https://www.econbiz.de/10008671764

Selection Effects in Producer-Price Setting

Carlsson, Mikael - Sveriges Riksbank - 2014

We use micro data on product prices linked to information on the firms that set them to test for selection effects (state dependence) in micro-level producer pricing. In contrast to using synthetic data from a canonical Menu-Cost model, we find very weak, if any, micro-level selection effects...

Persistent link: https://www.econbiz.de/10011166105

Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence

Sala, Luca; Söderström, Ulf; Trigari, Antonella - Sveriges Riksbank - 2012

price and wage rigidities to study four countries (the U.S., the U.K., Sweden, and Germany) during the financial crisis and … factors were also important in the U.K., but less so in Sweden and Germany. Reduced matching efficiency was considerably less … important in the U.K. and Sweden than in the U.S., but matching efficiency improved in Germany, helping to keep unemployment low …

Persistent link: https://www.econbiz.de/10010586134

Evaluating Microfoundations for Aggregate Price Rigidities: Evidence from Matched Firm- Level Data on Product Prices and Unit Labor Cost

Carlsson, Mikael; Nordström Skans, Oskar - Sveriges Riksbank - 2009

Using data on product-level prices matched to the producing firm´s unit labor cost, we reject the hypothesis of a full and immediate pass-through of marginal cost. Since we focus on idiosyncratic variation, this does not fit the predictions of the Ma´ckowiak and Wiederholt (2009) version of...

Persistent link: https://www.econbiz.de/10004963487

Involuntary Unemployment and the Business Cycle

Christiano, Lawrence J.; Trabrandt, Mathias; Walentin, Karl - Sveriges Riksbank - 2010

Can a model with limited labor market insurance explain standard macro- and labor market data jointly? We seek to construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the...

Persistent link: https://www.econbiz.de/10008516098

Qualitative Survey Responses and Production over the Business Cycle

Lindström, Tomas - Sveriges Riksbank - 2000

An examination of Swedish manufacturing data on real output and qualitative business tendency survey (BTS) responses from 1968 through 1998 reveals that survey-based attitude data typically improve the fit of simple autoprojective models of manufacturing output growth. It also turns out that...

Persistent link: https://www.econbiz.de/10005423765

Exploring Interactions between Real Activity and the Financial Stance

Jacobson, Tor; Lindé, Jesper; Roszbach, Kasper - Sveriges Riksbank - 2005

In this paper we empirically study interactions between real activity and the financial stance. Using aggregate data we examine a number of candidate measures of the financial stance of the economy. We find strong evidence for substantial spillover effects on aggregate activity from our...

Persistent link: https://www.econbiz.de/10005190808

Expectation Driven Business Cycles with Limited Enforcement

Walentin, Karl - Sveriges Riksbank - 2009

We explore the implications of shocks to expected future productivity. In a setting with limited enforcement of financial contracts, firms have to post collateral to obtain external finance. In a real one-sector model with this type of "collateral constraint", positive news about future...

Persistent link: https://www.econbiz.de/10004991539

Firm Default and Aggregate Fluctuations

Jacobson, Tor; Kindell, Rikard; Lindé, Jesper; … - Sveriges Riksbank - 2008

This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a logit approach on a panel data set for all incorporated Swedish businesses over 1990- 2002, we find strong...

Persistent link: https://www.econbiz.de/10005649058