We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a … negatively affected productivity. This spillover has since disappeared. Second, we show that within the framework of a dynamic … stochastic general equilibrium model, the disappearance of this energy-productivity spillover generates the significantly lower …

This paper examines Total Factor Productivity (TFP) and knowledge flows, using international patent data. The result is …-industry innovation enhances domestic productivity, and domestic between industry innovations are productivity enhancing. However, foreign …-sourced between-industry innovation has a negative effect on domestic productivity. This highlights the dual aspect of patents as a …

composite consumer price index (CCPI) was the best measure of inflation, and should be used to construct the real effective …This study analyses India's inflation using the Phillips curve theory. To estimate an open-economy Phillips curve, we … need three variables: (1) inflation (2) the output gap and (3) the real effective exchange rate. In India, the incorrect …

We present a new monthly index of the yield on junk (high yield) bonds from 1910-1955. We then use the index to …

Diffusion index models have received considerable attention from both theoreticians and empirical econometricians in … macroeconomic variables. In this paper we review some recent results in the study of diffusion index models, focusing primarily on … using diffusion index methodology and approaches that are useful for assessing whether there are observable variables that …

factor proxies selected from amongst 132 macroeconomic and financial time series, using the diffusion index methodology of … variables that we predict are output growth and inflation, two representative variables from our set of indicators that are … macroeconomic indicators (not including spreads) perform best when forecasting inflation in non-volatile time periods, while …

We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard …, consumer price inflation and producer price inflation shows an otherwise unexplained downward shift in CPI inflation since the … simulation of the wage-price spiral shows that the low level of U.S. inflation during the late 1990s stems from coincidental …

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My … the behavior of inflation expectations-agents expected shocks to persist in the pre-Volcker period, but not in the post …

idiosyncratic components, we study the regime dependence of the inflation-RPV relation in Argentina and the USA. Under High …Using frequency domain techniques to separate short and long run dynamics and decomposing inflation into its common and … inflation, strong long-run comovement between RPV and Inflation is found for both economies, that extends to the short run …