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Earnings Inequality and the Business Cycle
Barlevy, Gadi; Tsiddon, Daniel - C.E.P.R. Discussion Papers - 2004
Economists have long viewed recessions as contributing to increasing inequality. This conclusion is largely based on data from a period in which inequality was increasing over time, however. This Paper examines the connection between long-run trends and cyclical variation in earnings inequality....
Persistent link: https://www.econbiz.de/10005666956
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Does money matter in shaping domestic business cycles? An international investigation
Canova, Fabio; Menz, Tobias - C.E.P.R. Discussion Papers - 2010
We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a … contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical …
Persistent link: https://www.econbiz.de/10008784715
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The Determinants of UK Business Cycles
Scott, Andrew - C.E.P.R. Discussion Papers - 1996
substantial extent by real variables, such as the terms of trade and oil prices, and nominal variables, such as the money supply …
Persistent link: https://www.econbiz.de/10005666561
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The Economic Consequences of the Franc Poincare
Eichengreen, Barry; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1986
Following the fiscal stabilisation of 1926 and the accompanying return of the French franc to the Gold Standard, France enjoyed several years of fast growth and remained immune to the effects of the Great Depression until early 1931. Accounts of this period emphasize the undervaluation of the...
Persistent link: https://www.econbiz.de/10005281353
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Depression Econometrics: A FAVAR Model of Monetary Policy During the Great Depression
Ahmadi, Pooyan Amir; Ritschl, Albrecht - C.E.P.R. Discussion Papers - 2009
The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz [1963]. This paper presents evidence on both the surprise and the systematic components of monetary policy between 1929 and 1933. Doubts surrounding GDP estimates for...
Persistent link: https://www.econbiz.de/10008558583
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Search and Matching in Macroeconomics
Yashiv, Eran - C.E.P.R. Discussion Papers - 2006
This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...
Persistent link: https://www.econbiz.de/10005792066
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Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …
Persistent link: https://www.econbiz.de/10005497931
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Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2009
criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …
Persistent link: https://www.econbiz.de/10008577801
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Money, credit, monetary policy and the business cycle in the euro area
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2012
This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...
Persistent link: https://www.econbiz.de/10011083763
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Money and the Transmission Mechanism in the Optimizing IS-LM Specification
Nelson, Edward - C.E.P.R. Discussion Papers - 2003
IS-LM framework tends to understate the value of money as an indicator for monetary policy. …
Persistent link: https://www.econbiz.de/10005791565