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Rational inattention and the business cycle effects of productivity and news shocks

Maćkowiak, Bartosz; Wiederholt, Mirko - 2023

of employment, investment, and output are about as persistent as in the data, with an amount of inattention consistent …

Persistent link: https://www.econbiz.de/10014343098

Asset price booms and monetary policy

Detken, Carsten (contributor); Smets, Frank (contributor) - 2004

Persistent link: https://www.econbiz.de/10002125226

Globalisation, domestic inflation and global output gaps : evidence from the euro area

Calza, Alessandro (contributor) - 2008

This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the global output gap (the global output gap hypothesisʺ) holds for the euro area. The empirical analysis uses quarterly data over the period 1979-2003. Measures of the global...

Persistent link: https://www.econbiz.de/10003778776

Risk-adjusted forecasts of oil prices

Pagano, Patrizio; Pisani, Massimiliano - 2009

This paper documents the existence of a significant forecast error on crude oil futures. We interpret it as a risk premium, which, in part, could have been explained by means of a real-time US business cycle indicator, such as the degree of capacity utilization in manufacturing. This result is...

Persistent link: https://www.econbiz.de/10003831598

Assessing the factors behind oil price changes

Dées, Stéphane; Gasteuil, Audrey; Kaufmann, Robert Kurt; … - 2008

The rapid rise in the price of crude oil between 2004 and the summer of 2006 are the subject of debate. This paper investigates the factors that might have contributed to the oil price increase in addition to demand and supply for crude oil, by expanding a model for crude oil prices to include...

Persistent link: https://www.econbiz.de/10003636096

Shocking stuff : technology, hours, and factor substitution

Cantore, Cristiano; León-Ledesma, Miguel A.; McAdam, Peter - 2010

The reaction of hours worked to technology shocks represents a key controversy between RBC and New Keynesian explanations of the business cycle. It sparked a large empirical literature with contrasting results. We demonstrate that, with a more general and data coherent supply and production...

Persistent link: https://www.econbiz.de/10008771789

Monetary policy and stock market boom-bust cycles

Christiano, Lawrence J.; Ilut, Cosmin; Motto, Roberto - 2008

overoptimistic. We find that it is difficult to generate a boom-bust cycle (a period in which stock prices, consumption, investment …

Persistent link: https://www.econbiz.de/10003803289

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Search in the product market and the real business cycle

Mathä, Thomas; Pierrard, Olivier - 2009

We develop a search-matching model, where firms search for customers (e.g. in form of advertising). Firms use long-term contracts and bargain over prices, resulting in a price mark up above marginal cost, which is procyclical and depends on firms' relative bargaining power. Product market...

Persistent link: https://www.econbiz.de/10003832586

Flight to liquidity and the Great Recession

Radde, Sören - 2014

Persistent link: https://www.econbiz.de/10010441146

Corporate debt and investment : a firm level analysis for stressed euro area countries

Gebauer, Stefan; Setzer, Ralph; Westphal, Andreas - 2017

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area … countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive … thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt …

Persistent link: https://www.econbiz.de/10011719911