Showing 1 - 10 of 281
persistent, unidirectional transfers between countries, an issue that largely reflects a Northern vs. Southern Europe divide …
Persistent link: https://www.econbiz.de/10012482336
This paper uses an individual-level data set to analyze the determinants of individual preferences over immigration policy in the United States. In particular, we test for a link from individual skill levels to stated immigration-policy preferences. Different economic models make contrasting...
Persistent link: https://www.econbiz.de/10012471861
Macroeconomics has increasingly adopted tools from the applied micro "credibility revolution" to estimate micro parameters that can inform macro questions. In this paper, we argue that researchers should take advantage of this confluence of micro and macro to take the credibility revolution one...
Persistent link: https://www.econbiz.de/10014421234
This lecture presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of very recent progress. Along the way, it reviews important empirical evidence that has inspired alternative modeling approaches, as well as...
Persistent link: https://www.econbiz.de/10012470351
This paper surveys recent research in open-economy macroeconomics, using questions raised by European economic and monetary unification to guide the topics discussed. A striking empirical regularity is the tendency for changes in the nominal exchange rate regime systematically to affect the...
Persistent link: https://www.econbiz.de/10012471642
), Christiano and Eichenbaum (1992), and many others are, when aggregated across persons with the same marginal utility of income …
Persistent link: https://www.econbiz.de/10012471678
Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the exchange rate, not be measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes with noise traders. The presence of noise traders...
Persistent link: https://www.econbiz.de/10012471695
This paper reviews the role of temporary price and wage rigidities in explaining the dynamic relationship between money, real output, and inflation. It summarizes microeconomic data on price and wage setting behavior, and argues that staggered price and wage setting models provide the most...
Persistent link: https://www.econbiz.de/10012472059
Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit instrument rules' as well as targeting rules.' The latter, which imply implicit instrument rules, may be closer to actual...
Persistent link: https://www.econbiz.de/10012472292
Broadly defined, macroeconomic forecasting is alive and well. Nonstructural forecasting which is based largely on reduced-form correlations, has always been well and continues to" improve. Structural forecasting, which aligns itself with economic theory and hence rises and" falls with theory,...
Persistent link: https://www.econbiz.de/10012472523