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Sticky Information in General Equilibrium
Mankiw, N. Gregory - 2007
This paper develops and analyzes a general-equilibrium model with sticky information. The only rigidity in goods, labor, and financial markets is that agents are inattentive, sporadically updating their information sets, when setting prices, wages, and consumption. After presenting the...
Persistent link: https://www.econbiz.de/10012778241
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An Optimizing Is-Lm Specification for Monetary Policy and Business Cycle Analysis
McCallum, Bennett T.; Nelson, Edward - 2021
This paper asks whether relations of the IS-LM type can sensibly be used for the aggregate demand portion of a dynamic optimizing general equilibrium model intended for analysis of issues regarding monetary policy and cyclical fluctuations. The main result is that only one change -- the addition...
Persistent link: https://www.econbiz.de/10013218718
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Testing Models of Low-Frequency Variability
Müller, Ulrich K. - 2010
We develop a framework to assess how successfully standard times eries models explain low-frequency variability of a data series. The low-frequency information is extracted by computing a finite number of weighted averages of the original data, where the weights are low-frequency trigonometric...
Persistent link: https://www.econbiz.de/10012760561
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Macroeconomics and Household Heterogeneity
Krueger, Dirk - 2016
amplify and propagate a macroeconomic shock. We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps. First … inequality before and during the Great Recession. We then investigate how households in different segments of the wealth … little net worth that sharply increase their saving (i.e. they are not hand-to mouth) as the recession hits. We document that …
Persistent link: https://www.econbiz.de/10012989141
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The Macroeconomics of Specificity
Caballero, Ricardo J.; Hammour, Mohamad L. - 2021
Specific quasi-rents build up in a wide variety of economic relationships, and are exposed to opportunism unless fully protected by contract. The recognition that such contracts are often incomplete has yielded major insights into the organization of microeconomic exchange. Rent appropriation,...
Persistent link: https://www.econbiz.de/10013237014
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The Macroeconomics of the Great Depression : A Comparative Approach
Bernanke, Ben S. - 2021
Recently, research on the causes of the Great Depression has shifted from a heavy emphasis on events in the United States to a broader, more comparative approach that examines the interwar experiences of many countries simultaneously. In this lecture I survey the current state of our knowledge...
Persistent link: https://www.econbiz.de/10013245107
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Where Modern Macroeconomics Went Wrong
Stiglitz, Joseph E. - 2017
This paper provides a critique of the DSGE models that have come to dominate macroeconomics during the past quarter-century. It argues that at the heart of the failure were the wrong microfoundations, which failed to incorporate key aspects of economic behavior, e.g. incorporating insights from...
Persistent link: https://www.econbiz.de/10012948067
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Pervasive Stickiness (Expanded Version)
Mankiw, N. Gregory; Reis, Ricardo - 2021
This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model...
Persistent link: https://www.econbiz.de/10013229008
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Business Cycles, Consumption and Risk-Sharing : How Different is China?
Curtis, Chadwick - 2010
Can standard business-cycle methodology be applied to China? In this chapter, we address this question by examining the macroeconomic time series and identifying dimensions in which China differs from economies (such as Canada and the U.S.) that are typically the subject of business-cycle...
Persistent link: https://www.econbiz.de/10013141319
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Debt, Deficits and Finite Horizons : The Stochastic Case
Farmer, Roger E. A. - 2013
We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the...
Persistent link: https://www.econbiz.de/10013095876