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Technology shocks and aggregate fluctuations in an estimated hybrid RBC model

Malley, James R.; Woitek, Ulrich - 2009

technology shocks in explaining aggregate fluctuations. To this end we estimate the model's posterior density using Markov …

Persistent link: https://www.econbiz.de/10003833344

Productivity shocks and aggregate fluctuations in an estimated endogenous growth model with human capital

Malley, James R.; Woitek, Ulrich - 2011

Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the...

Persistent link: https://www.econbiz.de/10009295333

Productivity shocks and aggregate cycles in an estimated endogenous growth model

Malley, James R.; Woitek, Ulrich - 2009

two technology shocks in the human capital model is greater than the Hicks-neutral shock in the RBC model in the medium …

Persistent link: https://www.econbiz.de/10003850283

News shocks under financial frictions

Görtz, Christoph; Tsoukalas, John D.; Zanetti, Francesco - 2020

. We document two new facts using VAR methods. First, a (positive) shock to future TFP generates a significant decline in …

Persistent link: https://www.econbiz.de/10012373126

The econometrics of oil market VAR Models

Kilian, Lutz; Zhou, Xiaoqing - 2020

Oil market VAR models have become the standard tool for understanding the evolution of the real price of oil and its impact in the macro economy. As this literature has expanded at a rapid pace, it has become increasingly difficult for mainstream economists to understand the differences between...

Persistent link: https://www.econbiz.de/10012174841

Does U.S. monetary policy respond to macroeconomic uncertainty?

Gomez, Thomas; Piccillo, Giulia - 2023

We find that macroeconomic uncertainty plays a significant role in U.S. monetary policy. First, we construct a measure of uncertainty as felt by policymakers at the time of making their rate-setting decisions. This measure is derived from a real-time, Bayesian estimation of a small monetary VAR...

Persistent link: https://www.econbiz.de/10014265941

Monetary policy and the relative price of durable goods

Cantelmo, Alessandro; Melina, Giovanni - 2015

In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...

Persistent link: https://www.econbiz.de/10010515460

Shocks, frictions, and inequality in US business cycles

Bayer, Christian; Born, Benjamin; Luetticke, Ralph - 2020

How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...

Persistent link: https://www.econbiz.de/10012162730

The German productivity paradox : facts and explanations

Elstner, Steffen; Feld, Lars P.; Schmidt, Christoph M. - 2018

Despite massive digitization efforts, the German economy has experienced a marked slowdown in its productivity growth. This paper analyzes the reasons behind this disconcerting development. A major factor is the turnaround of the labor market that commenced around 2005. The successful...

Persistent link: https://www.econbiz.de/10011900858

The changing nature of technology shocks

Görtz, Christoph; Gunn, Christopher M.; Lubik, Thomas A. - 2024

We document changes to the pattern of technology shocks and their propagation in post-war U.S. data. Using an agnostic … identification procedure, we show that the dominant shock driving total factor productivity (TFP) is akin to a diffusion or news … shock and that shock transmission has changed over time. Specifically, the behavior of hours worked is notably different …

Persistent link: https://www.econbiz.de/10015075006