Narrow search
Showing 1 - 10 of 159
Cover Image
Sector Specific News Shocks in Aggregate and Sectoral Fluctuations
Görtz, Christoph; Tsoukalas, John D. - CESifo - 2013
Using a two-sector estimated DSGE model with a financial channel we show the sector where TFP news arrives matters for … expansionary while those in the investment sector are broadly contractionary. Our results indicate a significant role of TFP news … shocks as a predictive force behind fluctuations. Consumption sector TFP news shocks generate both aggregate and sectoral co …
Persistent link: https://www.econbiz.de/10010667413
Cover Image
Intermittent Price Changes in Production Plants : Empirical Evidence Using Monthly Data
Nilsen, Øivind Anti - 2018
The price-setting behaviour of manufacturing plants is examined using a large panel of monthly surveyed plant- and product-specific prices. The sample shows a high frequency of zero changes, relatively small price changes, and a strong seasonal price-change pattern. The intermittent feature of...
Persistent link: https://www.econbiz.de/10012912424
Cover Image
Beyond the DSGE Straitjacket
Pesaran, M. Hashem - 2011
Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations. We argue that the dominance of this particular sort...
Persistent link: https://www.econbiz.de/10013125067
Cover Image
Animal Spirits and Monetary Policy
De Grauwe, Paul - 2013
We develop a behavioral macroeconomic model in which agents use simple but biased rules to forecast future output and inflation. This model generates endogenous waves of optimism and pessimism (quot;Animal Spiritsquot;) that are generated by the correlation of biased beliefs. We contrast the...
Persistent link: https://www.econbiz.de/10012753435
Cover Image
Macroeconomic Modeling When Agents are Imperfectly Informed
De Grauwe, Paul - 2013
DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...
Persistent link: https://www.econbiz.de/10012753586
Cover Image
Booms and Busts : New Keynesian and Behavioral Explanations
De Grauwe, Paul - 2013
Capitalism is characterized by booms and busts. Periods of strong growth in output alternate with periods of declines in economic growth. Every macro-economic theory should attempt to explain these endemic business cycle movements. In this paper I present two paradigms that attempt to explain...
Persistent link: https://www.econbiz.de/10013093974
Cover Image
The Cross-Section of Firms Over the Business Cycle : New Facts and a DSGE Exploration
Bachmann, Rudi - 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/10013155672
Cover Image
Impulse Response Matching Estimators for DSGE Models
Guerrón-Quintana, Pablo - 2016
One of the leading methods of estimating the structural parameters of DSGE models is the VAR-based impulse response matching estimator. The existing asymptotic theory for this estimator does not cover situations in which the number of impulse response parameters exceeds the number of VAR model...
Persistent link: https://www.econbiz.de/10012997326
Cover Image
The Tragedy of Annuitization
Heijdra, Ben J. - 2010
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10013139630
Cover Image
Reconsidering the Price-Income Relationship Across Countries
Fujii, Eiji - 2013
This study reconsiders the well-known cross-country positive association between prices and income by focusing on heterogeneity between the inter-developed-country and inter-developing-country relationships. Empirical results reveal not only that developed and developing countries differ in...
Persistent link: https://www.econbiz.de/10013086046