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Household Production and International Business Cycles

Canova, Fabio; Ubide, Angel J - C.E.P.R. Discussion Papers - 1995

This paper investigates the effects of introducing household production in an international real business cycle model. We show how a model driven by disturbances to the household production can account for some features of international cycles. A version of the model which considers shocks to...

Persistent link: https://www.econbiz.de/10005504316

The Financial and Macroeconomic Effects of OMT Announcements

Altavilla, Carlo; Giannone, Domenico; Lenza, Michele - C.E.P.R. Discussion Papers - 2014

This study evaluates the macroeconomic effects of Outright Monetary Transaction (OMT) announcements by the European Central Bank (ECB). Using high-frequency data, we find that OMT announcements decreased the Italian and Spanish 2-year government bond yields by about 2 percentage points, while...

Persistent link: https://www.econbiz.de/10011083768

The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy

Jordà, Òscar; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013

After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...

Persistent link: https://www.econbiz.de/10011083942

Measuring Unilateral Effects in Partial Acquisitions

Brito, Duarte; Ribeiro, Ricardo; Vasconcelos, Helder - C.E.P.R. Discussion Papers - 2013

Recent years have witnessed an increased interest, by competition agencies, in assessing the competitive effects of partial acquisitions. We propose an empirical structural methodology to examine quantitatively the unilateral impact of partial acquisitions involving pure financial interests...

Persistent link: https://www.econbiz.de/10011084091

Quantifying the Coordinated Effects of Partial Horizontal Acquisitions

Brito, Duarte; Ribeiro, Ricardo; Vasconcelos, Helder - C.E.P.R. Discussion Papers - 2013

The growth of private-equity investment strategies in which firms often hold partial ownership interests in competing firms has led competition agencies to take an increased interest in assessing the competitive effects of partial horizontal acquisitions. We propose a methodology to evaluate the...

Persistent link: https://www.econbiz.de/10011084532

Inference about Non-Identified SVARs

Giacomini, Raffaella; Kitagawa, Toru - C.E.P.R. Discussion Papers - 2014

We propose a method for conducting inference on impulse responses in structural vector autoregressions (SVARs) when the impulse response is not point identified because the number of equality restrictions one can credibly impose is not sufficient for point identification and/or one imposes sign...

Persistent link: https://www.econbiz.de/10011096099

How Useful Are Estimated DSGE Model Forecasts for Central Bankers?

Edge, Rochelle M; Gürkaynak, Refet S. - C.E.P.R. Discussion Papers - 2010

DSGE models are a prominent tool for forecasting at central banks and the competitive forecasting performance of these … models relative to alternatives--including official forecasts--has been documented. When evaluating DSGE models on an … absolute basis, however, we find that the benchmark estimated medium scale DSGE model forecasts inflation and GDP growth very …

Persistent link: https://www.econbiz.de/10008784742

Tariffs, Trade and Productivity: A Quantitative Evaluation of Heterogeneous Firm Models

Breinlich, Holger; Cuñat, Alejandro - C.E.P.R. Discussion Papers - 2013

We examine the quantitative predictions of heterogeneous firm models à la Melitz (2003) in the context of the Canada - US Free Trade Agreement (CUSFTA) of 1989. We compute predicted increases in trade flows and measured productivity across a range of standard models and compare them to the...

Persistent link: https://www.econbiz.de/10011083215

Solving and Estimating Indeterminate DSGE Models

Farmer, Roger E A; Khramov, Vadim - C.E.P.R. Discussion Papers - 2013

We propose a method for solving and estimating linear rational expectations models that exhibit indeterminacy and we provide step-by-step guidelines for implementing this method in the Matlab-based packages Dynare and Gensys. Our method redefines a subset of expectational errors as new...

Persistent link: https://www.econbiz.de/10011083357

Fiscal targets. A guide to forecasters?

Paredes-Lodeiro, Joan; Pérez, Javier J; … - C.E.P.R. Discussion Papers - 2015

Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...

Persistent link: https://www.econbiz.de/10011272708

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