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What Inventory Behavior Tells Us About How Business Cycles Have Changed

Lubik, Thomas A.; Sarte, Pierre-Daniel G.; Schwartzman, … - Federal Reserve Bank of Richmond - 2014

, output, and inventories. Unlike the widely documented change in absolute volatility over that period, known as the Great … "investment wedge" estimated with inventories, unlike previous measures, correlates well with established independent measures of …

Persistent link: https://www.econbiz.de/10010758361

Sticky prices and inventories : production smoothing reconsidered

Hornstein, Andreas; Sarte, Pierre-Daniel - Federal Reserve Bank of Richmond - 2001

Persistent link: https://www.econbiz.de/10005717283

Staggered prices and inventories: production smoothing reconsidered

Hornstein, Andreas; Sarte, Pierre-Daniel - Federal Reserve Bank of Richmond - 1998

Persistent link: https://www.econbiz.de/10005387443

(S,s) Inventory policies in general equilibrium

Fisher, Jonas D.M.; Hornstein, Andreas - Federal Reserve Bank of Richmond - 1998

We study the aggregate implications of (S,s) inventory policies in a dynamic general equilibrium model with aggregate uncertainty. Firms in the model's retail sector face idiosyncratic demand risk, and (S,s) inventory policies are optimal because of fixed order costs. The distribution of...

Persistent link: https://www.econbiz.de/10004994034

Transition dynamics in the neoclassical growth model : the case of South Korea

Chang, Yongsung; Hornstein, Andreas - Federal Reserve Bank of Richmond - 2011

Many cases of successful economic development, such as South Korea, exhibit long periods of sustained capital accumulation rates. This empirical feature is at odds with the standard neoclassical growth model which predicts initially high and then declining capital accumulation rates. We show...

Persistent link: https://www.econbiz.de/10009321094

Fiscal rules and the sovereign default premium

Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - Federal Reserve Bank of Richmond - 2012

We find the optimal target values for fiscal rules and measure their aggregate effects using a model of sovereign default. We calibrate the model to an economy that pays a significant sovereign default premium when the government is not constrained by fiscal rules. For different levels of the...

Persistent link: https://www.econbiz.de/10010551313

Sorting by skill over the course of job search

Kudlyak, Marianna; Lkhagvasuren, Damba; Sysuyev, Roman - Federal Reserve Bank of Richmond - 2012

We use novel high-frequency panel data on individuals' job applications from an online job posting engine to study (1) whether at the beginning of search job seekers with different levels of education (skill) apply to different jobs, and (2) how search behavior changes as search continues....

Persistent link: https://www.econbiz.de/10010723108

Accounting for unemployment in the Great Recession : nonparticipation matters

Kudlyak, Marianna; Schwartzman, Felipe - Federal Reserve Bank of Richmond - 2012

We conduct an accounting exercise of the role of worker flows between unemployment, employment, and labor force nonparticipation in the dynamics of the aggregate unemployment rate across four recent recessions: 1982-1983, 1990-1991, 2001, and 2007-2009 (the "Great Recession"). We show that,...

Persistent link: https://www.econbiz.de/10010723109

Sales, inventories, and real interest rates : a century of stylized facts

Benati, Luca; Lubik, Thomas A. - Federal Reserve Bank of Richmond - 2012

reduced-form and the structural correlations between business inventories and either sales growth or the real interest rate in … development of new models of inventories. In particular, we show that (i) during both the interwar and the post-WWII periods, the … structural correlation between inventories and the real interest rate conditional on identified interest rate shocks is …

Persistent link: https://www.econbiz.de/10010723110

The cyclicality of the user cost of labor with search and matching

Kudlyak, Marianna - Federal Reserve Bank of Richmond - 2011

The user cost of labor captures the hiring wage and the expected effect of the economic conditions at the time of hiring on future wages. In search and matching models, I show that it is the user cost and not the wage that is weighted against the worker's marginal product at the time of hiring;...

Persistent link: https://www.econbiz.de/10008627170