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The Supply of Hours Worked and Fluctuations Between Growth Regimes

Iong, Ka-Kit; Irmen, Andreas - 2021

Declining hours of work per worker in conjunction with a growing work force may give rise to fluctuations between growth regimes. This is shown in an overlapping generations model with two-period lived individuals endowed with Boppart-Krusell preferences (Boppart and Krusell (2020)). On the...

Persistent link: https://www.econbiz.de/10013233150

Financial Cycles, Credit Bubbles and Stabilization Policies

Corrado, Luisa - 2019

This paper analyzes the effects of several policy instruments to mitigate financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios and allow for interbank trading. We...

Persistent link: https://www.econbiz.de/10012892165

The UK's Great Demand and Supply Recession

Jacob, Nick; Mion, Giordano - 2021

We revisit UK’s poor productivity performance since the Great Recession by means of both a suitable theoretical framework and firm-level prices and quantities data for detailed products allowing us to both measure demand, and its changes over time, and distinguish between quantity total factor...

Persistent link: https://www.econbiz.de/10013314807

Great Volatility and Great Moderation

Grazzini, Jakob - 2019

We investigate the sources of the great changes in GDP volatility observed from 1966 to 2000. We develop a general equilibrium model and calibrate it to US data in order to characterize the contribution of micro level productivity shocks, inter-sectoral linkages and households' behavior to...

Persistent link: https://www.econbiz.de/10012892302

Sectoral Okun's Law and Cross-Country Cyclical Differences

Goto, Eiji - 2020

We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the US, the UK, Japan, and Switzerland to test several hypotheses that may explain why the aggregate Okun's coeffcients are different across countries. Specifically, we show that...

Persistent link: https://www.econbiz.de/10012841145

Quarterly GDP Estimates for the German States : New Data for Business Cycle Analyses and Long-Run Dynamics

Lehmann, Robert; Wikman, Ida - 2023

To date, only annual information on economic activity is published for the 16 German states. In this paper, we calculate quarterly regional GDP estimates for the period between 1995 to 2021, thereby improving the regional database for Germany. The new data set will regularly be updated when...

Persistent link: https://www.econbiz.de/10014260700

Secular Stagnation : Is Immigration Part of the Solution?

Alves, José; Morgado, Sandro - 2022

In our article we review the secular stagnation hypothesis, firstly postulated by Hansen (1939), to describe the … definition of secular stagnation founded on four pillars: diminished long run growth potential, increasing aggregate demand … secular stagnation. For that, we consider one of the most evoked factors causing secular stagnation, demographics in the form …

Persistent link: https://www.econbiz.de/10013305656

To React or Not? Fiscal Policy, Volatility and Welfare in the EU-3

Malley, Jim - 2008

This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...

Persistent link: https://www.econbiz.de/10012773638

Labor Market Institutions, Fiscal Multipliers, and Macroeconomic Volatility

Boeck, Maximilian; Crespo Cuaresma, Jesús; Glocker, … - 2022

We study empirically how various labor market institutions – (i) union density, (ii) unemployment benefit remuneration, and (iii) employment protection – shape fiscal multipliers and output volatility. Our theoretical model highlights that more stringent labor market institutions attenuate...

Persistent link: https://www.econbiz.de/10014083477

The Effect of News Shocks and Monetary Policy

Görtz, Christoph - 2019

A VAR model estimated on U.S. data before and after 1980 documents systematic differences in the response of short- and long-term interest rates, corporate bond spreads and durable spending to news TFP shocks. Interest rates across the maturity spectrum broadly increase in the pre-1980s and...

Persistent link: https://www.econbiz.de/10012889175