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Inventories, employment and hours
Galeotti, Marzio; Maccini, Louis J.; Schiantarelli, Fabio - 2002
-logarithmic form and derive an estimable system of Euler equations for inventories and employment with implied cross …
Persistent link: https://www.econbiz.de/10010293442
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Input and output inventories
Humphreys, Brad R.; Maccini, Louis J.; Schuh, Scott - 2000
) inventories by adding joint determination of input inventories which largely have been ignored Empirically input inventories are … more important than output inventories especially in business cycle fluctuations Maximum likelihood estimation of the …
Persistent link: https://www.econbiz.de/10010293497
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The interest rate, learning, and inventory investment
Maccini, Louis J.; Schaller, Huntley; Moore, Bartholomew - 2004
Economic theory predicts a negative relationship between inventories and the real interest rate, but previous empirical … inventories and the interest rate ?are unlikely to uncover a relationship. Our analysis suggests that inventories will not respond … predictions and show a highly significant long-run relationship between inventories and the interest rate, with an elasticity of …
Persistent link: https://www.econbiz.de/10010333073
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The Microeconomics of Macroeconomic Asymmetries : Sectoral Driving Forces and Firm Level Characteristics
Korenok, Oleg; Mizrach, Bruce; Radchenko, Stanislav - 2004
There is now considerable evidence that business cycle variation in output and employment in the U.S. differs in expansions and contractions. We present nonparametric evidence that asymmetries are strongest in durable goods manufacturing. In a Markov switching framework, we find two leading...
Persistent link: https://www.econbiz.de/10010263225
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First-time home buyers and residential investment volatility
Fisher, Jonas Daniel Maurice; Gervais, Martin - 2007
Like other macroeconomic variables, residential investment has become much less volatile since the mid-1980s (recent experience notwithstanding.) This paper explores the role of structural change in this decline. Since the the early 1980s there have been many changes in the underlying structure...
Persistent link: https://www.econbiz.de/10010292099
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Establishments dynamics and matching frictions in classical competitive equilibrium
Veracierto, Marcelo - 2007
This paper develops a Walrasian equilibrium theory of establishment level dynamics and matching frictions and uses it to evaluate the effects of congestion externalities in the matching process and determine the government interventions that are needed to implement a Pareto optimal allocation....
Persistent link: https://www.econbiz.de/10010292153
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Energy price shocks and the macroeconomy: The role of consumer durables
Dhawan, Rajeev; Jeske, Karsten - 2006
So far, the literature on dynamic stochastic general equilibrium models with energy price shocks uses energy on the production side only. In these models, energy shocks are responsible for only a negligible share of output fluctuations. We study the robustness of this finding by explicitly...
Persistent link: https://www.econbiz.de/10010292215
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Business cycles: A role for imperfect competition in the banking system
Mandelman, Federico S. - 2006
This paper studies the cyclical pattern of ex post markups in the banking system using balance-sheet data for a large set of countries. Markups are strongly countercyclical even after controlling for financial development, banking concentration, operational costs, inflation, and simultaneity or...
Persistent link: https://www.econbiz.de/10010292221
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Firm entry and labor market dynamics
Shao, Enchuan; Silos, Pedro - 2008
We present a model of aggregate fluctuations in which monopolistic firms face sunk costs to enter the production process and labor markets are characterized by search and matching frictions. Entrants post vacancies and are matched to idle workers. Our specification of sunk costs gives rise to a...
Persistent link: https://www.econbiz.de/10010292232
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Taylor rules with headline inflation: A bad idea
Dhawan, Rajeev; Jeske, Karsten - 2007
Should a central bank accommodate energy price shocks? Should the central bank use core inflation or headline inflation with the volatile energy component in its Taylor rule? To answer these questions, we build a dynamic stochastic general equilibrium model with energy use, durable goods, and...
Persistent link: https://www.econbiz.de/10010292245