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Eaton, Jonathan - 2011

We develop a dynamic multi-country general equilibrium model to investigate forces acting on the global economy during the Great Recession and ensuing recovery. Our multi-sector framework accounts completely for countries' trade, investment, production, and GDPs in terms of different sets of...

Persistent link: https://www.econbiz.de/10013131675

What Inventory Behavior Tells Us About Business Cycles

Bils, Mark; Kahn, James A. - 2021

Manufacturers' finished goods inventories move less than shipments over the business cycle. We argue that this requires marginal cost to be more procyclical than is conventionally measured. We construct, for six manufacturing industries, alternative measures of marginal cost that attribute...

Persistent link: https://www.econbiz.de/10013222235

Why Do Countries and Industries with Large Seasonal Cycles Also Have Large Business Cycles?

Beaulieu, Joe; MacKie-Mason, Jeffrey K.; Miron, Jeffrey A. - 2021

We show there is a strong, positive correlation across countries and industries between the standard deviation of the seasonal component and the standard deviation of the non-seasonal component of aggregate variables such as output, labor input, interest rates, and prices. After documenting this...

Persistent link: https://www.econbiz.de/10013224335

Market Structure and Cyclical Fluctuations in U.S. Manufacturing

Domowitz, Ian; Petersen, Bruce C.; Hubbard, R. Glenn - 2021

The relevance of imperfect competition for models of aggregate economic fluctuations has received increased attention from researchers in both macroeconomics and industrial organization. Measuring properly the size of industry markups of price over marginal cost is important both for assessing...

Persistent link: https://www.econbiz.de/10013233459

Procyclical Labor Productivity and Competing Theories of the Business Cycle : Some Evidence from Interwar U.S. Manufacturing Industries

Bernanke, Ben; Parkinson, Martin Lee - 2021

Each of the main explanations of procyclical labor productivity, or short-run increasing returns to labor (SRIRL), is closely associated with a competing theory of the business cycle: Real business cycle theorists attribute SRIRL to procyclical technological shocks, proponents of recent theories...

Persistent link: https://www.econbiz.de/10013249702

The Seasonal Cycle in U.S. Manufacturing

Beaulieu, Joe; Miron, Jeffrey A. - 2021

This paper examines the seasonal cycle in the manufacturing sector of the U.S. economy. we present estimates of the seasonal patterns in monthly data for 2-digit industries, and we demonstrate the similarity of the seasonal cycle and the business cycle in manufacturing with respect to several...

Persistent link: https://www.econbiz.de/10013312494

Product Switching and the Business Cycle

Bernard, Andrew B. - 2016

This paper explores role of product adding and dropping within manufacturing firms over the business cycle. While a substantial body of work has explored the importance of the extensive margins of firm entry and exit in employment and output flows, only recently has research begun to examine the...

Persistent link: https://www.econbiz.de/10012982936

Uncertainty Business Cycles - Really?

Bachmann, Ruediger - 2011

Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within the framework of a heterogeneous-firm dynamic stochastic general equilibrium model with fixed capital adjustment costs. In such a model, surprise increases of risk lead to a...

Persistent link: https://www.econbiz.de/10013128887

Structural and Cyclical Forces in the Labor Market During the Great Recession : Cross-Country Evidence

Sala, Luca - 2012

price and wage rigidities to study four countries (the U.S., the U.K., Sweden, and Germany) during the financial crisis and … factors were also important in the U.K., but less so in Sweden and Germany. Reduced matching efficiency was considerably less … important in the U.K. and Sweden than in the U.S., but matching efficiency improved in Germany, helping to keep unemployment low …

Persistent link: https://www.econbiz.de/10013099824

Inflation and Activity – Two Explorations and Their Monetary Policy Implications

Blanchard, Olivier J. - 2015

We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and...

Persistent link: https://www.econbiz.de/10013011919

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