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Matching Efficiency and Business Cycle Fluctuations
Furlanetto, Francesco; Groshenny, Nicolas - 2012
A large decline in the efficiency of the US labor market in matching unemployed workers and vacant jobs has been … documented during the Great Recession. We use a simple New Keynesian model with search and matching frictions in the labor market … to study the macroeconomic implications of matching efficiency shocks. We show that the propagation of these disturbances …
Persistent link: https://www.econbiz.de/10014167922
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Cyclical Signals from the Labor Market
Berger, Tino; Boll, Paul David; Morley, James; Wong, … - 2021
information, it also appears to reflect more persistent movements related to labor force participation that could distort …
Persistent link: https://www.econbiz.de/10013323596
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Participation Constraints of Matching Mechanisms
Liu, Weifeng - 2019
Matching mechanisms have been proposed to improve public good provision in voluntary contributions. However, such … decentralized subsidizing mechanisms may not be Pareto-improving and may suffer from incomplete information and incredible … commitment. This paper examines participation constraints of matching mechanisms, and investigates the existence condition of …
Persistent link: https://www.econbiz.de/10012904675
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Yield Curve and Financial Uncertainty : Evidence Based on US Data
Castelnuovo, Efrem - 2019
How does the yield curve respond to a jump in financial uncertainty? We address this question by conducting a local projections analysis with US monthly data, period: 1962- 2018. The state-of-the-art financial uncertainty measure proposed by Ludvigson, Ma, and Ng (2019) is found to predict...
Persistent link: https://www.econbiz.de/10012868491
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Do We Really Know that US Monetary Policy Was Destabilizing in the 1970s?
Haque, Qazi - 2019
The paper re-examines whether the Federal Reserve's monetary policy was a source of instability during the Great Inflation by estimating a sticky-price model with positive trend inflation, commodity price shocks and sluggish real wages. Our estimation provides empirical evidence for substantial...
Persistent link: https://www.econbiz.de/10012899265
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Effects of US Monetary Policy Shocks during Financial Crises ― A Threshold Vector Autoregression Approach
Fry-McKibbin, Renee - 2016
This paper analyzes the impact of monetary policy during periods of low and high financial stress in the US economy using a Threshold Vector Autoregression model. There is evidence that expansionary monetary policy is effective during periods of high financial stress with larger responses having...
Persistent link: https://www.econbiz.de/10012992677
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Empirical evidence on the Euler equation for investment in the US
Ascari, Guido; Haque, Qazi; Magnusson, Leandro M.; … - 2021
aggregate US post-war data with econometric methods that are robust to weak instruments and exploit information in possible …
Persistent link: https://www.econbiz.de/10013217465
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Measuring Output Gap Nowcast Uncertainty
Vahey, Shaun P.; Mitchell, James; Garratt, Anthony - 2011
We propose a methodology to gauge the uncertainty in output gap nowcasts across a large number of commonly deployed vector autoregressions in US inflation and various measures of the output gap. Our approach constructs ensemble nowcast densities using a linear opinion pool. This yields...
Persistent link: https://www.econbiz.de/10014181023
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Identification Robust Empirical Evidence on the Euler Equation in Open Economies
Haque, Qazi - 2020
evidence of parameter instability, but otherwise aggregate data provide limited information to learn about Euler equation …
Persistent link: https://www.econbiz.de/10012841945
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Explaining International Business Cycle Synchronization : Recursive Preferences and the Terms of Trade Channel
Kollmann, Robert - 2017
The business cycles of advanced economies are synchronized. Standard macro models fail to explain that fact. This paper presents a simple model of a two-country, two-traded-good, complete-financial-markets world in which country-specific productivity shocks generate business cycles that are...
Persistent link: https://www.econbiz.de/10012960598