In the U.S., 15 percent of households move in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market - renter-occupied properties and owner-occupied properties. The gross flows between these two...

Firms expect certain investment expenditures. Firms realize certain investment expenditures. The difference is an investment surprise. With the help of the IFO Investment Survey for the German manufacturing sector we measure firms’ (quantitative) investment expectations and firms’...

We estimate a structural econometric model for the credit market in Italy, using bank-level information and the responses of Italian banks to the euro-area Bank Lending Survey to identify demand and supply, focusing on the recent financial crisis. The main results are the following. First, while...

This is the text of the ?Jean-Jacques Laffont lecture?, closing the 2010 Congress of the afse, ?Association Française de Science Économique?. The first part comes back on the standard economic viewpoint on expectational coordination, a viewpoint that the recent events have challenged. The...

Celem pracy jest empiryczna weryfikacja założenia o istnieniu sztywności płac nominalnych w modelach DSGE, estymowanych dla gospodarki polskiej. Weryfikacja ta została dokonana dzięki bayesowskiemu porównaniu modelu lepkich cen z modelem lepkich cen i płac, a także z ich...

This paper presents a univariate model that analyzes systematic changes in the behavior of the business cycle in the Dominican Republic, capturing changes in average growth and identifying differences between contractions and expansions with respect to their persistence and duration. To do so,...

This paper describes the key features of the Moroccan business cycles during the period 1980:q1-2012:q1. In particular, this paper identifies the chronologies in classical and growth cycles (expansion and contraction phases and full cycles in real gross domestic product). Using the modified BB...

In the United States, 15 percent of households change residence in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market — renter-occupied properties and owner-occupied properties. The gross...

Recent studies attempt to quantify the empirical importance of news shocks (ie., anticipated future schocks) in business cycle fluctuations. This paper identifies news schocks in a dynamic stochastic general equilibrium model estimated with not only actual data but also forecast data. The...