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International Evidence on Output Fluctuation and Shock Persistence

Levy, Daniel; Dezhbakhsh, Hashem - EconWPA - 2004

We estimate output growth rate spectra for 58 countries. The spectra exhibit diverse shapes. To study the sources of this diversity, we estimate the short-run, business cycle, and long-run frequency components of the sampled series. For most OECD countries the bulk of the spectral mass is in the...

Persistent link: https://www.econbiz.de/10005126132

MODELLING ECONOMIC FLUCTUATIONS IN SUBSAHARAN AFRICA:A VECTOR AUTOREGRESSIVE APPROACH

NWAOBI, DR. GODWIN CHUKWUDUM - EconWPA - 2004

A controversial result of some current research on the real business cycles is the claim that a common stochastic trend(the cumulative effect of permanent shocks to productivity)underlies the bulk of economic fluctuations. If confirmed, this will imply that many other forces have been relatively...

Persistent link: https://www.econbiz.de/10005412719

Sticky Price Models and Durable Goods

Barsky, Robert; House, Christopher L.; Kimball, Miles - EconWPA - 2005

This paper shows that there are striking implications that stem from including durable goods in otherwise conventional sticky price models. The behavior of these models depends heavily on whether durable goods are present and whether these goods have sticky prices. If long-lived durables have...

Persistent link: https://www.econbiz.de/10005076801

Trends and cycles in the Euro Area: how much heterogeneity and should we worry about it?

Giannone, Domenico; Reichlin, Lucrezia - EconWPA - 2005

Not so much and we should not, at least not yet.

Persistent link: https://www.econbiz.de/10005126213

Leading Indicators of Euroland Business Cycles

Fritsche, Ulrich; Marklein, Felix - EconWPA - 2001

The introduction of a common monetary policy in eleven European countries increased the need for leading indicators for that area. A reliable leading indicator should possess the following properties: (1) The movements in the indicator series should resemble those in the business cycle reference...

Persistent link: https://www.econbiz.de/10005076700

Economic Crises and Governments in Turkey, 1969-2001 (Turkiye'de Ekonomik Krizler ve Hukumetler, 1969-2001)

Kibritcioglu, Aykut - EconWPA - 2004

(This abstract and the paper are in Turkish.) Ekonomik krizler; herhangi bir mal, hizmet, uretim faktoru veya doviz piyasasindaki fiyat ve/veya miktarlarda, kabul edilebilir bir degisme sinirinin otesinde gerceklesen siddetli dalgalanmalar olarak tanimlanabilir. Soz konusu krizlerin ortaya...

Persistent link: https://www.econbiz.de/10005126199

Gibson’s Paradox, Monetary Policy, and the Emergence of Cycles

Hannsgen, Greg - EconWPA - 2004

to customers. A model shows that the cost- push effect of inflation, long known as Gibson’s paradox, intensifies … of interest rates with inflation or the log of the price level is present in data from the 1950s to present. …

Persistent link: https://www.econbiz.de/10005412732

Maximum Likelihood Estimation of Dynamic Stochastic Theories with an Application to New Keynesian Pricing

Kurmann, André - EconWPA - 2004

good approximation of U.S. inflation dynamics. By contrast, if the same estimates are constrained to yield a unique stable …

Persistent link: https://www.econbiz.de/10005412787

A cross-country investigation of macroeconomic asymmetries

Verbrugge, Randal J. - EconWPA - 1998

Using a recently introduced nonparametric test, I investigate two important and distinct asymmetries in cross-country quarterly macroeconomic time series. Asymmetries are suggested by many theories (old and new), and those discovered aid in the selection of the appropriate nonlinear time series...

Persistent link: https://www.econbiz.de/10005412800

Staggered prices and trend inflation: some nuisances

Ascari, Guido - EconWPA - 2004

Most of the papers in the sticky-price literature are based on a log- linearization around the zero inflation steady … state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both the long … results obtained by models log-linearized around a zero inflation steady state are quite misleading. Furthermore, the same is …

Persistent link: https://www.econbiz.de/10005076806

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