Narrow search
Showing 1 - 10 of 4,192
Cover Image
Technology (and Policy) Shocks in Models of Endogenous Growth
Jones, Larry E. - 1999
Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies (Kormendi and Meguire (1985)) finding a positive relationship, while others (Ramey and Ramey (1995)) finding the a negative one. Our objective in this paper is to understand how fundamental...
Persistent link: https://www.econbiz.de/10012471733
Cover Image
Are Cyclical Fluctuations in Productivity Due More to Supply Shocks or Demand Shocks?
Shapiro, Matthew D. - 1987
Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output come from shocks to aggregate demand. Keynesian...
Persistent link: https://www.econbiz.de/10012476922
Cover Image
Hedging Macroeconomic and Financial Uncertainty and Volatility
Dew-Becker, Ian - 2019
We study the pricing of uncertainty shocks using a wide-ranging set of options that reveal premia for macroeconomic risks. Portfolios hedging macro uncertainty have historically earned zero or even significantly positive returns, while those exposed to the realization of large shocks have earned...
Persistent link: https://www.econbiz.de/10012480268
Cover Image
Stock Prices, News and Economic Fluctuations
Beaudry, Paul - 2004
by a shock that does not affect productivity in the short run -- and therefore does not look like a standard technology … shock -- but affects productivity with substantial delay -- and therefore does not look like a monetary shock. One … structural interpretation we suggest for this shock is that it represents news about future technological opportunities which is …
Persistent link: https://www.econbiz.de/10012468145
Cover Image
Money, Sticky Wages, and the Great Depression
Bordo, Michael D. - 1997
This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is...
Persistent link: https://www.econbiz.de/10012472743
Cover Image
Sources of Business Cycle Fluctuations
Shapiro, Matthew D. - 1988
. This assumption sufficiently restricts the reduced form of key macroeconomic variables to allow estimation of the shocks …
Persistent link: https://www.econbiz.de/10012476480
Cover Image
World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernández, Andrés - 2016
Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This paper presents an empirical framework in which multiple...
Persistent link: https://www.econbiz.de/10012455847
Cover Image
The Common Origin of Uncertainty Shocks
Kozeniauskas, Nicholas - 2016
Various types of uncertainty shocks can explain many phenomena in macroeconomics and finance. But does this just amount to inventing new, exogenous, unobserved shocks to explain challenging features of business cycles? This paper argues that three conceptually distinct fluctuations, all called...
Persistent link: https://www.econbiz.de/10012456293
Cover Image
Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data
Garín, Julio - 2016
The basic New Keynesian model predicts that positive supply shocks are less expansionary at the zero lower bound (ZLB) compared to periods of active monetary policy. We test this prediction empirically using Fernald's (2014) utilization-adjusted total factor productivity series, which we take as...
Persistent link: https://www.econbiz.de/10012456364
Cover Image
Carbon Emissions and Business Cycles
Khan, Hashmat - 2016
find that emissions rise on impact only after an anticipated investment-specific technology shock; the response is … statistically significant after the first quarter. The same shock explains most-- roughly a third--of the total variation in … emissions at a horizon of 5 years. Notably, emissions decrease on impact after an unanticipated neutral technology shock in a …
Persistent link: https://www.econbiz.de/10012456381