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Inflation dynamics and the Great Recession
Ball, Laurence; Mazumder, Sandeep - 2011
This paper examines inflation dynamics in the Unites States since 1960, with a particular focus on the Great Recession …. A puzzle emerges when Phillips curves estimated over 1960- 2007 are used to predict inflation over 2008-2010: inflation … by theories of costly price adjustment: we measure core inflation with the median CPI inflation rate, and we allow the …
Persistent link: https://www.econbiz.de/10010285786
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On-the-job search and the cyclical dynamics of the labor market
Krause, Michael U.; Lubik, Thomas A. - 2004
We develop a dynamic general equilibrium model where workers can engage in search while on the job. We show that on-the-job search is a key component in explaining labor market dynamics in models of equilibrium unemployment. The model predicts fluctuations of unemployment, vacancies, and labor...
Persistent link: https://www.econbiz.de/10010293492
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Can intangible capital explain cyclical movements in the labor wedge?
Gourio, François; Rudanko, Leena - 2014
Intangible capital is an important factor of production in modern economies that is generally neglected in business cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially if the intangible is complementary with production...
Persistent link: https://www.econbiz.de/10010352192
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Measuring and Predicting Heterogeneous Recessions
Çakmaklı, Cem; Paap, Richard; van Dijk, Dick - 2012
This paper conducts an empirical analysis of the heterogeneity of recessions in monthly U.S. coincident and leading indicator variables. Univariate Markovswitching models indicate that it is appropriate to allow for two distinct recession regimes, corresponding with 'mild' and 'severe'...
Persistent link: https://www.econbiz.de/10010500207
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The increased importance of asset price misalignments for business cycle dynamics
Bask, Mikael; Madeira, João - 2011
We outline a dynamic stochastic general equilibrium (DSGE) model with trend extrapo-lation in asset pricing that we fit to quarterly U.S. macroeconomic time series with Baye-sian techniques. To be more precise, we modify the DSGE model in Smets and Wouters (2007) by incorporating asset traders...
Persistent link: https://www.econbiz.de/10010321374
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Gresham on Horseback: The Monetary Roots of Spanish American Political Fragmentation in the Nineteenth Century
Irigoin, Maria Alejandra - College of New Jersey <Princeton, NJ> - 2006
The economics literature is full of studies of monetary or currency unions ranging from the sterling area before 1914, to the Bretton Woods system later and the euro zone within the European Monetary Union today. A quick search in Econ-Lit returned over 10,000 entries among abstracts and...
Persistent link: https://www.econbiz.de/10005870564
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a … spiral of higher inflation, output contraction, and further debt accumulation. A coordinated commitment to inflate away the …
Persistent link: https://www.econbiz.de/10012030336
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Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing,and Macroeconomic Instability
Benhabib, Jess; Schmitt-Grohé, Stephanie; Uribe, Martín - 2003
linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due … properties of interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has … inflation are likely to ensure global stability provided that the coefficient on lagged interest rates is greater than unity. …
Persistent link: https://www.econbiz.de/10010263206
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Non-uniform staggered prices and output persistence
Söderberg, Johan - 2009
Staggered prices are a fundamental building block of New Keynesian dynamic stochastic general equilibrium models. In the standard model, prices are uniformly staggered but recent empirical evidence suggest that deviations from uniform staggering are common, This paper analyzes how...
Persistent link: https://www.econbiz.de/10010321439
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Business cycle persistence in developing countries: How successful is a DSGE model with a vertical production chain and sticky prices?
Male, Rachel - 2010
of this analysis is that the model overestimates output persistence in high inflation countries and underestimates output … persistence in low inflation countries. This has important implications not only for this model, but also for any economist …
Persistent link: https://www.econbiz.de/10010280761