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This paper examines house price diffusion across metropolitan areas in the United States. We develop a generalization of the Hamilton and Owyang (2012) Markov-switching model, where we incorporate direct regional spillovers using a spatial weighting matrix. The Markov-switching framework allows...
Persistent link: https://www.econbiz.de/10012137100
an important driver of business cycles and public debt dynamics, with much stronger shock transmission observed in the …
Persistent link: https://www.econbiz.de/10012153925
(Brazil, Chile, Colombia and Mexico) during the period 1980-2010. Wages are highly pro-cyclical during the 1980s and early …
Persistent link: https://www.econbiz.de/10011519079
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994 … indexation in accounting for the unique features of inflation dynamics in Brazil. …
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"This paper shows that economic fluctuations can be largely demand-driven. In particular, the stylized open-economy business cycle regularities documented by Feldstein and Horioka (1980) and Backus, Kehoe and Kydland (JPE 1992) can be explained by the standard general equilibrium theory if...
Persistent link: https://www.econbiz.de/10002956729
"A defining feature of business cycles is the comovement of inputs at the sectoral level with aggregate activity. Standard models cannot account for this phenomenon. This paper develops and estimates a two-sector dynamic general equilibrium model which can account for this key regularity. My...
Persistent link: https://www.econbiz.de/10002977387