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The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...

Persistent link: https://www.econbiz.de/10010271782

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

Is time-varying firm-level uncertainty a major cause or amplifier of the business cycle? This paper investigates this question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital adjustment, where cyclical changes in uncertainty...

Persistent link: https://www.econbiz.de/10010266059

How strongly did the 2007/08 oil price hike contribute to the subsequent recession?

Carstensen, Kai; Elstner, Steffen; Paula, Georg - 2011

In this paper we challenge the view that the oil price has lost its influence on economic activity after the mid-1980s. While we concede that typical VAR models put forward in the literature fail to identify oil price shocks that significantly affect aggregate production, we obtain clearly...

Persistent link: https://www.econbiz.de/10010274918

Trade and Uncertainty

Novy, Dennis; Taylor, Alan M. - 2014

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy. Firms import intermediate inputs from home or...

Persistent link: https://www.econbiz.de/10010398680

Unemployment and endogenous reallocation over the business cycle

Carrillo-Tudela, Carlos; Visschers, Ludo - 2013

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous labor markets. Facing search frictions within markets and reallocation frictions between markets, workers endogenously separate from employment and endogenously reallocate between...

Persistent link: https://www.econbiz.de/10010291522

Generalized Taylor and generalized Calvo price and wage-setting: Micro evidence with macro implications

Dixon, Huw David; Le Bihan, Hervé - 2010

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

Persistent link: https://www.econbiz.de/10010273878

Financial frictions and inflation differentials in a monetary union

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2010

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …

Persistent link: https://www.econbiz.de/10010274902

The price puzzle revisited: can the cost channel explain a rise in inflation after a monetary policy shock?

Henzel, Steffen; Hülsewig, Oliver; Mayer, Eric; … - 2007

restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …

Persistent link: https://www.econbiz.de/10010264162

Inflation and output dynamics in a model with labor market search and capital accumulation

Heer, Burkhard; Maußner, Alfred - 2007

rate policy helps to reconcile the inflation and output persistence with empirical observations for the US economy. We show … findings for the inflation inertia in a model with capital adjustment costs and variable capacity utilization, the output …

Persistent link: https://www.econbiz.de/10010275797

Does the Euro-zone diverge? A stress indicator for analyzing trends and cycles in real GDP and inflation

Flaig, Gebhard; Wollmershäuser, Timo - 2007

This paper presents a stress indicator for the Euro-zone that summarizes developments of trends and cycles in real GDP … and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short … that stress in the Euro-zone is mainly due to different trend growth rates and that for most of the Euro-zone countries …

Persistent link: https://www.econbiz.de/10010276206