Similar Search Results

An output gap measure for the euro area : exploiting country-level and cross-sectional data heterogeneity

Manuel, González-Astudillo, - 2018

heterogeneity. On the one hand, the method uses information on real GDP, inflation, and the unemployment rate for each member state …

Persistent link: https://www.econbiz.de/10011932248

Structural Shocks and the Comovements between Output and Interest Rates

Mertens, Elmar - 2011

also interesting changes in these pattern. During the Great Inflation (1959-1979), permanent shocks to inflation accounted …

Persistent link: https://www.econbiz.de/10013128641

The Empirical Implications of the Interest-Rate Lower Bound

Gust, Christopher - 2017

Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the U.S. economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the...

Persistent link: https://www.econbiz.de/10012974721

The Correlation Between Money and Output in the United Kingdom : Resolution of a Puzzle

Nelson, Edward - 2012

Friedman and Schwartz (1982) and Goodhart (1982) report a zero correlation between money growth and output growth in U.K. historical data. This finding is puzzling, as there is wide agreement that changes in monetary policy are frequently nonneutral in the short run and that the U.K. experience,...

Persistent link: https://www.econbiz.de/10013106773

Monetary Policy, Self-Fulfilling Expectations and the U.S. Business Cycle

Nicolò, Giovanni - 2020

active monetary policy by pursuing inflation and output stability over the entire post-war period. Even after accounting for … productivity and cost shocks that de-anchored inflation expectations, propagated via self-fulfilling inflation expectations and … constituted the primary sources of the run-up in inflation from the 1960s through the late 1970s …

Persistent link: https://www.econbiz.de/10012834043

The History of Cyclical Macroprudential Policy in the United States

Elliott, Douglas - 2015

," undesirable rates of inflation, and high levels of consumer spending, among others. Ongoing statistical work suggests that macrop …

Persistent link: https://www.econbiz.de/10013035558

Macro risks and the term structure of interest rates

Bekaert, Geert; Engstrom, Eric; Ermolov, Andrey - 2017

We use non-Gaussian features in U.S. macroeconomic data to identify aggregate supply and demand shocks while imposing minimal economic assumptions. Recessions in the 1970s and 1980s were driven primarily by supply shocks, later recessions were driven primarily by demand shocks, and the Great...

Persistent link: https://www.econbiz.de/10011709342

Financial Intermediation, Investment Dynamics and Business Cycle Fluctuations

Ajello, Andrea - 2014

I use micro data to quantify key features of U.S. firm financing. In particular, I establish that a substantial 35% of firms' investment is funded using financial markets. I then construct a dynamic equilibrium model that matches these features and fit the model to business cycle data using...

Persistent link: https://www.econbiz.de/10013064818

The Finances of American Households in the Past Three Recessions : Evidence from the Survey of Consumer Finances

Moore, Kevin B. - 2011

The downturn in economic activity in the U.S. that began in December 2007 (as determined by researchers with the National Bureau of Economic Research) has been noticeably deeper and has already lasted considerably longer than the prior two recessions - those beginning in July 1990 and in March...

Persistent link: https://www.econbiz.de/10013128716

What Drives Movements in the Unemployment Rate? A Decomposition of the Beveridge Curve

Barnichon, Regis - 2011

This paper presents a framework to interpret movements in the Beveridge curve and analyze unemployment fluctuations. We decompose the unemployment rate into three main components: (1) a component driven by changes in labor demand – movements along the Beveridge curve and shifts in the...

Persistent link: https://www.econbiz.de/10013122077