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Christiano, Lawrence J. - 2006

This paper analyzes the quality of VAR-based procedures for estimating the response of the economy to a shock. We focus … question that has attracted a great deal of attention in the literature: How do hours worked respond to an identified shock? In … all of our examples, as long as the variance in hours worked due to a given shock is above the remarkably low number of 1 …

Persistent link: https://www.econbiz.de/10012466312

Factor Hoarding and the Propagation of Business Cycles Shocks

Burnside, Craig - 1994

This paper analyzes the role of variable capital utilization rates in propagating shocks over the business cycle. To this end we formulate and estimate an equilibrium business cycle model in which cyclical capital utilization rates are viewed as a form of factor hoarding. We find that variable...

Persistent link: https://www.econbiz.de/10012474257

Assessing the Effects of Fiscal Shocks

Burnside, Craig - 2000

This paper investigates the response of real wages and hours worked to an exogenous shock in fiscal policy. We identify … this shock with the dynamic response of government purchases and tax rates to an exogenous increase in military purchases …

Persistent link: https://www.econbiz.de/10012471317

Sectoral Solow Residuals

Burnside, Craig - 1995

technology shock measures. We argue that the properties of technology shocks for the manufacturing sector are quite different …

Persistent link: https://www.econbiz.de/10012473584

Stochastic Technical Progress, Nearly Smooth Trends and Distinct Business Cycles

Rotemberg, Julio J. - 2002

This paper investigates whether it is possible to entertain simultaneously two attractive views about US GDP. The first is that long term growth in US GDP is attributable to an empirically plausible specification of random technical progress. The second is that deviations of GDP from a fitted...

Persistent link: https://www.econbiz.de/10012469795

Is the Business Cycles a Necessary Consequence of Stochastic Growth?

Rotemberg, Julio J. - 1994

We compute the forecastable changes in output, consumption, and hours implied by a VAR that includes the growth rate of private value added, the share of output that is consumed, and the detrended level of private hours. We show that the size of the forecastable changes in output greatly exceeds...

Persistent link: https://www.econbiz.de/10012474286

Liquidity Effects, Monetary Policy, and the Business Cycle

Eichenbaum, Martin - 1992

model, a positive money supply shock generates a large drop in the interest rate comparable in magnitude to what we find in …

Persistent link: https://www.econbiz.de/10012474841

Labor Hoarding and the Business Cycle

Burnside, Craig - 1990

Existing Real Business Cycle (RBC) models assume that the key impulses to business cycles are stochastic technology shocks. RBC analysts typically measure these technology shocks by the Solow residual. This paper assesses the sensitivity of inference based on Solow residual accounting to labor...

Persistent link: https://www.econbiz.de/10012475490

Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity

Rotemberg, Julio J. - 1989

We construct a dynamic general equilibrium model in which the typical industry colludes by threatening to punish deviations from an implicitly agreed upon pricing path. We argue that models of this type explain better than do competitive models the way in which the economy responds to aggregate...

Persistent link: https://www.econbiz.de/10012475831

Monetary Policy in the Open Economy Revisited : Price Setting and Exchange Rate Flexibility

Devereux, Michael B. - 2000

This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...

Persistent link: https://www.econbiz.de/10012471102

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