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Can Structural Small Open Economy Models Account for the Influence of Foreign Disturbances?
Justiniano, Alejandro - 2008
This paper demonstrates that an estimated, structural, small open economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...
Persistent link: https://www.econbiz.de/10012464100
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Temporary Price Changes and the Real Effects of Monetary Policy
Kehoe, Patrick J. - 2008
policy analysis, researchers should use a menu cost model like ours or at least a third, theory-based shortcut: set the Calvo …
Persistent link: https://www.econbiz.de/10012464255
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The Impact of Uncertainty Shocks
Bloom, Nicholas - 2007
oil-price shock and the 9/11 terrorist attack. This paper offers a structural framework to analyze the impact of these … data. The parameterized model is then used to simulate a macro uncertainty shock, which produces a rapid drop and rebound … medium term the increased volatility from the shock induces an overshoot in output, employment and productivity. Thus, second …
Persistent link: https://www.econbiz.de/10012465265
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Changing Effects of Monetary Policy on Real Economic Activity
Friedman, Benjamin M. - 1990
Major changes have taken place in the U.S. economy within the past quarter century. Changes with implications that are at least potentially important for the effect of monetary policy on real economic activity include the elimination of Regulation Q interest ceilings and the development of the...
Persistent link: https://www.econbiz.de/10012475757
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News Shocks in Open Economies : Evidence from Giant Oil Discoveries
Arezki, Rabah - 2015
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output-the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10012457809
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State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168
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Local Projections
Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2024
A central question in applied research is to estimate the effect of an exogenous intervention or shock on an outcome …
Persistent link: https://www.econbiz.de/10015056147
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Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets
Martinez, Joseba - 2019
We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal...
Persistent link: https://www.econbiz.de/10012479975
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The Granular Origins of Aggregate Fluctuations
Gabaix, Xavier - 2009
This paper proposes that idiosyncratic firm-level fluctuations can explain an important part of aggregate shocks, and provide a microfoundation for aggregate productivity shocks. Existing research has focused on using aggregate shocks to explain business cycles, arguing that individual firm...
Persistent link: https://www.econbiz.de/10012463365
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Uncertainty Shocks as Second-Moment News Shocks
Berger, David - 2017
We provide evidence on the relationship between aggregate uncertainty and the macroeconomy. Identifying uncertainty shocks using methods from the news shocks literature, the analysis finds that innovations in realized stock market volatility are robustly followed by contractions, while shocks to...
Persistent link: https://www.econbiz.de/10012453915