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News Shocks
Barsky, Robert - 2009
of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to …
Persistent link: https://www.econbiz.de/10013156463
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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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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 … an aggregate shock, and it does so if the distribution features a sufficiently large fraction of households with very …
Persistent link: https://www.econbiz.de/10012989141
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Macroeconomic Regimes
Baele, Lieven - 2011
We estimate a New-Keynesian macro model accommodating regime-switching behavior in monetary policy and in macro shocks. Key to our estimation strategy is the use of survey-based expectations for inflation and output. We identify accommodating monetary policy before 1980, with activist monetary...
Persistent link: https://www.econbiz.de/10013124545
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Supply Shocks in Macroeconomics
Shapiro, Matthew D. - 2007
Supply shocks played an important role in macroeconomic fluctuations during the 1970's. Supply shocks are also increasingly important in Keynesian and neo-classical models of the business cycle. This paper is a short survey of these theoretical models. It also discusses the history of supply...
Persistent link: https://www.econbiz.de/10012777374
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Macroeconomics of Persistent Slumps
Hall, Robert E. - 2016
framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and … later as its effects persist. Some of the effects propagate the effects of the shock---they contribute to poor performance …
Persistent link: https://www.econbiz.de/10012992651
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Microeconomic Heterogeneity and Macroeconomic Shocks
Kaplan, Greg - 2018
. First, the degree of equivalence between models crucially depends on the shock being analyzed. Second, certain interesting …
Persistent link: https://www.econbiz.de/10012916186
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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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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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The Macroeconomics of Specificity
Caballero, Ricardo J.; Hammour, Mohamad L. - 2021
, and expansions run into bottlenecks. While, depending on the nature of the shock, expansions may require reinforcement or …
Persistent link: https://www.econbiz.de/10013237014