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analysis: the United States, Germany, and Sweden. Our analysis has three main results. First, using individual gross income, we … document that skewness is procyclical and dispersion (variance) is flat and acyclical in Germany and Sweden, as was previously …, especially in Germany and Sweden. The resulting welfare gain—through the lens of a structural model—amounts to 1.3% in …
Persistent link: https://www.econbiz.de/10012919872
This paper examines the stochastic properties of aggregate macroeconomic time series from the standpoint of fractionally integrated models, and focuses on the persistence of economic shocks. We develop a simple macroeconomic model that exhibits long-term dependence, a consequence of aggregation...
Persistent link: https://www.econbiz.de/10013218327
This paper investigates empirically the differences in time?series behavior of key economic aggregates under alternative exchange rate systems. We use a postwar sample of 49 countries to compare the behavior of output. consumption, trade flows, government consumption spending, and real exchange...
Persistent link: https://www.econbiz.de/10013229068
data from the U.S. and Germany in structural VARs, we find that positive innovations to business uncertainty lead to …
Persistent link: https://www.econbiz.de/10013141840
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
. Using detailed administrative data for Germany for numerous birth cohorts across different regions, we follow workers from …
Persistent link: https://www.econbiz.de/10013086299
differential effects of UI in booms and recessions, this paper exploits the fact that, in Germany, potential UI benefit duration is …
Persistent link: https://www.econbiz.de/10013110942
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
We document a new business cycle fact: the cross-sectional standard deviation of firm-level investment (investment dispersion) is robustly and significantly procyclical. This makes investment dispersion different from the dispersion of productivity and output growth, which is countercyclical....
Persistent link: https://www.econbiz.de/10013128889
We propose a simple method to help researchers develop quantitative models of economic fluctuations. The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges which resemble productivity, labor and investment taxes, and government...
Persistent link: https://www.econbiz.de/10013324144