Similar Search Results

Business cycles asymmetry and monetary policy: a further investigatio= n=20 using MRSTAR models

DUFRENOT, Gilles; Val=E9rie MIGNON; PEGUIN-FEISSOLE, Anne - EconWPA - 2003

This paper investigates the asymmetric effects of monetary shocks when the=20 impact of monetary policy on real activity works through state-dependent=20 variables. We use a nonlinear model, the multiple regime smooth transition=20 autoregressive model, that allows the effects of shocks to vary...

Persistent link: https://www.econbiz.de/10005126142

Inequality over the Business Cycle: Estimating Income Risk using Micro-Data on Consumption

Primiceri, Giorgio; Rens, Thijs van - EconWPA - 2002

We use CEX repeated cross-section data on consumption and income, to evaluate the nature of increased income inequality in the 1980s and 90s. We decompose unexpected changes in family income into transitory and permanent, and idiosyncratic and aggregate components, and estimate the contribution...

Persistent link: https://www.econbiz.de/10005126150

Growth Dynamics: The Myth of Economic Recovery

Cerra, Valerie; Saxena, Sweta C. - EconWPA - 2005

Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute divergence and lower long-run growth, whereas we find...

Persistent link: https://www.econbiz.de/10005126155

A Dynamic Approach to Inflation Targeting in Transition Economies

Orlowski, Lucjan T - EconWPA - 2005

This study views inflation targeting as a viable regime for more advanced transition economies. A dynamic approach to … the trajectory of disinflation and the flexibility of direct inflation targeting is presented in the context of achieving … monetary convergence to the EU/EMU. The candidate countries are advised to begin from strict inflation targeting and to follow …

Persistent link: https://www.econbiz.de/10005126160

Mathematical Model of the Inflationary Process

Krouglov, Alexei - EconWPA - 1998

Presented here is the mathematical model with one commodity describing the dynamics of the inflationary process. This model is also applied to research how the hypothesis of rational expectations could affect the commodity's demand and production after increasing the amount of money on the market.

Persistent link: https://www.econbiz.de/10005126177

Monetary Convergence And Risk Premiums In The EU Candidate Countries

Orlowski, Lucjan T - EconWPA - 2005

This study examines the link between various monetary policy regimes and the ability to manage inflation and exchange … rate risk premiums in the EU candidate countries as they undergo monetary convergence to the eurozone. The underlying … hypothesis is that a system of 'flexible inflation targeting' may be an optimal policy choice for managing these two categories …

Persistent link: https://www.econbiz.de/10005126179

Intra & Inter-Regional Industry Shocks: A New Metric with an Application to Australasian Currency Union

Grimes, Arthur - EconWPA - 2005

We place regional industry structures at centre stage in currency union analysis, decomposing differences between regional and aggregate cycles into 'industry structure' and 'industry cycle' effects. The industry structure effect indicates whether a region's industry structure causes its cycle...

Persistent link: https://www.econbiz.de/10005126191

Local Complementarities and Aggregate Fluctuations

Verbrugge, Randal J. - EconWPA - 1998

Accumulating microeconomic evidence points both to firm level adjustment lumpiness and to the significant influence of idiosyncratic disturbances. Do these matter for aggregate fluctuations, or do their effects largely vanish upon aggregation? This paper explores the implications of local...

Persistent link: https://www.econbiz.de/10005126219

Credit Cycles Redux

Cordoba, Juan; Ripoll, Marla - EconWPA - 2002

Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result hold under more standard assumptions....

Persistent link: https://www.econbiz.de/10005126224

Adaptive Learning and Cyclical Behavior of Output and Inflation

Adam, Klaus - EconWPA - 2002

This paper considers a sticky price model with a cash-in-advance constraint where agents forecast inflation rates with …. While average output and inflation result the same as under rational expectations, higher moments differ substantially …: output and inflation show persistence, inflation responds sluggishly to nominal disturbances, and the dynamic correlations of …

Persistent link: https://www.econbiz.de/10005126229