Narrow search
Showing 1 - 10 of 323
Cover Image
Noisy News in Business cycles
Forni, Mario; Gambetti, Luca; Lippi, Marco; Sala, Luca - C.E.P.R. Discussion Papers - 2013
In a situation where agents can only observe a noisy signal of the shock to future economic fundamentals, SVAR models …
Persistent link: https://www.econbiz.de/10011145478
Cover Image
Liquidity When It Matters Most: QE and Tobin’s q
Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 2011
How and why do financial conditions matter for real outcomes? The ‘workhorse model of money and liquidity’ of Kiyotaki and Moore (2008) shows how--with full employment maintained by flexible prices--shifting credit constraints can affect investment and future aggregate supply. We show that,...
Persistent link: https://www.econbiz.de/10009275964
Cover Image
Measuring Trend Output: How Useful Are the Great Ratios?
Attfield, Clifford; Temple, Jonathan - C.E.P.R. Discussion Papers - 2004
Standard macroeconomic models suggest that the ‘great ratios’ of consumption to output and investment to output should be stationary. The joint behaviour of consumption, investment and output can then be used to measure trend output. We adopt this approach for the USA and UK, and find...
Persistent link: https://www.econbiz.de/10005136779
Cover Image
Measuring the Impact of Fiscal Policy in the Face of Anticipation: A Structural VAR Approach
Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2009
often anticipated. Due to misspecification of the information set, anticipation effects may invalidate SVAR estimates of … impulse responses. We use economic theory to derive a fiscal SVAR estimator that is applicable when fiscal shocks are … existing findings from the fiscal SVAR literature. …
Persistent link: https://www.econbiz.de/10005068289
Cover Image
Short- and Long-run Phillips Trade-offs and the Cost of Disinflationary Policies
Dolado, Juan J.; López-Salido, J David; Vega, Juan Luis - C.E.P.R. Discussion Papers - 1996
This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964–95 in order to estimate dynamic Phillips trade-offs and sacrifice ratios in response to a demand shock. We organize our empirical approach as a structural (albeit eclectic) one. In so doing, we...
Persistent link: https://www.econbiz.de/10005124194
Cover Image
Aggregate and Regional Disaggregate Fluctuations
Quah, Danny - C.E.P.R. Discussion Papers - 1995
This paper models fluctuations in regional disaggregates as a non-stationary, dynamically evolving distribution. Doing so enables the study of the dynamics of aggregate fluctuations jointly with those of the rich cross-section of regional disaggregates. For the United States, the leading state...
Persistent link: https://www.econbiz.de/10005504615
Cover Image
Macro-Financial Linkages: evidence from country-specific VARs
Guarda, Paolo; Jeanfils, Philippe - C.E.P.R. Discussion Papers - 2012
This paper estimates the contribution of financial shocks to fluctuations in the real economy by augmenting the standard macroeconomic vector autoregression (VAR) with five financial variables (real stock prices, real house prices, term spread, loans-to-GDP ratio and loans-to-deposits ratio)....
Persistent link: https://www.econbiz.de/10011083242
Cover Image
Oil and the Macroeconomy: A Structural VAR Analysis with Sign Restrictions
Lippi, Francesco; Nobili, Andrea - C.E.P.R. Discussion Papers - 2008
We consider an economy where the oil price, industrial production, and other macroeconomic variables fluctuate in response to a variety of fundamental shocks. We estimate the effects of different structural shocks using robust sign restrictions suggested by theory using US data for the 1973-2007...
Persistent link: https://www.econbiz.de/10005791245
Cover Image
Endogenous Entry, Product Variety, and Business Cycles
Bilbiie, Florin Ovidiu; Ghironi, Fabio; Melitz, Marc J - C.E.P.R. Discussion Papers - 2011
This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers and products over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to irreversible investment...
Persistent link: https://www.econbiz.de/10009293662
Cover Image
The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States
Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2011
This paper estimates the dynamic effects of changes in taxes in the United States. We distinguish between the effects of changes in personal and corporate income taxes using a new narrative account of federal tax liability changes in these two tax components. We develop an estimator in which...
Persistent link: https://www.econbiz.de/10009293981