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How well does the Aggregate Demand - Aggregate Supply framework explain unemployment fluctuations? A France - United States Comparison.
Algan, Yann - Sciences Po - 2000
unemployment fluctuations of the last three decades. A structural VAR model for the growth rates of labor productivity, inflation … and unemployment is estimated on American and French data. By using long-run identifying restrictions, unemployment … large part of the French unemployment drift. This result questions the conventional prior that the heterogeneity in …
Persistent link: https://www.econbiz.de/10008562066
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How well does the Aggregate Demand - Aggregate Supply framework explain unemployment fluctuations? A France - United States Comparison
Algan, Yann - Department of Economics, Sciences économiques - 2000
unemployment fluctuations of the last three decades. A structural VAR model for the growth rates of labor productivity, inflation … and unemployment is estimated on American and French data. By using long-run identifying restrictions, unemployment … large part of the French unemployment drift. This result questions the conventional prior that the heterogeneity in …
Persistent link: https://www.econbiz.de/10010757389
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Hysteresis and Economic Fluctuations (Spain, 1970-94)
Dolado, Juan J.; López-Salido, J David - C.E.P.R. Discussion Papers - 1996
differenced unemployment rate, to isolate three 'structural' shocks which drove business cycle fluctuations in Spain during 1970 … unit-root persistence in the unemployment rate. Our basic finding is that disinflationary policies in an economy suffering … from high persistence can become very costly in terms of unemployment, unless supply-side reforms, aimed at eliminating the …
Persistent link: https://www.econbiz.de/10005124406
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Bootstrapping Structural VARs: Avoiding a Potential Bias in Confidence Intervals for Impulse Response Functions
Phillips, Kerk L.; Spencer, David E. - Volkswirtschaftliche Fakultät, … - 2010
Constructing bootstrap confidence intervals for impulse response functions (IRFs) from structural vector autoregression (SVAR) models has become standard practice in empirical macroeconomic research. The accuracy of such confidence intervals can deteriorate severely, however, if the bootstrap...
Persistent link: https://www.econbiz.de/10008550553
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Consumer Confidence, News and Consumption Stimulation
Guo, Xinqiang; Xu, Zhiwei - Volkswirtschaftliche Fakultät, … - 2009
In the Chinese urban data, there is a stronger relationship between consumer behavior (measured by consumption income ratio or cy ratio) and consumer confidence (measured by Consumer Confidence Index or CCI), which implies expectation about the future plays an important role in domestic demand....
Persistent link: https://www.econbiz.de/10005070480
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House Prices and Business Cycles in Europe: a VAR Analysis
Iacoviello, Matteo - Department of Economics, Boston College - 2002
A structural vector autoregressive approach identifies the main macroeconomic factors behind fluctuations in house prices in France, Germany, Italy, Spain, Sweden and the UK. Quarterly GDP, house prices, money, inflation and interest rates are characterised by a multivariate process driven by...
Persistent link: https://www.econbiz.de/10005102686
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Limited participation or sticky prices? New evidence from firm entry and failures
Uusküla, Lenno - Eesti Pank - 2008
Traditional models of monetary transmission such as sticky price and limited participation abstract from firm creation and destruction. Only a few papers look at the empirical effects of the monetary shock on the firm turnover measures. But what can we learn about monetary transmission by...
Persistent link: https://www.econbiz.de/10005187651
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Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S.
Gubler, Matthias; Hertweck, Matthias S. - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2011
This paper develops a 9-dimensional SVAR to investigate the sources of the U.S. business cycle. We extend the standard set of identified shocks to include unexpected changes in commodity prices. Our main result is that commodity price shocks are a very important driving force of macroeconomic...
Persistent link: https://www.econbiz.de/10009025044
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Testing for Sufficient Information in Structural VARs
Forni, Mario; Gambetti, Luca - C.E.P.R. Discussion Papers - 2011
. We apply our procedure to a VAR including TFP, unemployment and per-capita hours worked. We find that the three variables …
Persistent link: https://www.econbiz.de/10008854473
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Testing for Sufficient Information in Structural VARs
Forni, Mario; Gambetti, Luca - Barcelona Graduate School of Economics (Barcelona GSE) - 2011
. We apply our procedure to a VAR including TFP, unemployment and per-capita hours worked. We find that the three variables …
Persistent link: https://www.econbiz.de/10010547441