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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
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Macroeconomic shocks and racial labour market differences in the U.S.
De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019
Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...
Persistent link: https://www.econbiz.de/10012157899
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Uniform and nonuniform staggering of wage contracts
Danziger, Leif - 2010
This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...
Persistent link: https://www.econbiz.de/10003982016
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Heterogeneous consumers, segmented asset markets, and the real effects of monetary policy
Enders, Zeno - 2017
This paper proposes a novel mechanism by which changes in the distribution of money holdings have real effects. Specifically, I develop a flexible-price model of segmented asset markets that generates real aggregate effects of monetary policy through the dependence of optimal markups on the...
Persistent link: https://www.econbiz.de/10011653639
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Price rigidity and the origins of aggregate fluctuations
Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2018 - This version: August 2018
as large as those arising from an aggregate productivity shock. Heterogeneous price rigidity amplifies the aggregate …
Persistent link: https://www.econbiz.de/10011891743
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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … different realizations of firm specific technology shocks, possibly leading to default by some firms. The paper advances a new …
Persistent link: https://www.econbiz.de/10009312180
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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
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Growth expectations, undue optimism, and short-run fluctuations
Enders, Zeno; Kleemann, Michael; Müller, Gernot J. - 2013
line with theory, induce a negative nowcast error but raise economic activity in the short run. They account for up to 30 …
Persistent link: https://www.econbiz.de/10010224834
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Why does risk matter more in recessions than in expansions?
Andreasen, Martin Møller; Caggiano, Giovanni; … - 2021
-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) than when growth is high …
Persistent link: https://www.econbiz.de/10012628705
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Financial uncertainty and real activity : the good, the bad, and the ugly
Caggiano, Giovanni; Castelnuovo, Efrem; Delrio, Silvia; … - 2020
disruptions are found to double the negative output response to an uncertainty shock. We then employ our model to estimate the … overall economic cost of the COVID-19-induced uncertainty shock under different scenarios. Our results point to the … interventions that keep credit conditions as healthy as they were before the COVID-19 uncertainty shock are found to substantially …
Persistent link: https://www.econbiz.de/10012245103