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Why crises happen - nonstationary macroeconomics
Davidson, James E. H.; Meenagh, David; Minford, Patrick; … - 2010
Persistent link: https://www.econbiz.de/10008807060
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Why crises happen : nonstationary macroeconomics
Davidson, James E. H.; Meenagh, David; Minford, Patrick; … - 2010
A Real Business Cycle model of the UK is developed to account for the behaviour of UK nonstationary macro data. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a VECM representation of the data; we find the model can explain...
Persistent link: https://www.econbiz.de/10008758527
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Explaining The Equity Risk Premium
Lungu, Laurian; Minford, Patrick - C.E.P.R. Discussion Papers - 2005
We develop a simple overlapping generations model in which the young have a choice in investing in equities and index-linked bonds. Projections of share price uncertainty over a 30-year period show that the risk associated with such a long-term investment predicts an equity premium that matches...
Persistent link: https://www.econbiz.de/10005667120
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Explaining the equity risk premium
Lungu, Laurian; Minford, Patrick - In: The Manchester School 74 (2006) 6, pp. 670-700
Persistent link: https://www.econbiz.de/10003390023
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Explaining the equity risk premium
Lungu, Laurian - 2005
Persistent link: https://www.econbiz.de/10013424604
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US post-war monetary policy : what caused the great moderation
Minford, Patrick; Ou, Zhirong - 2010
Persistent link: https://www.econbiz.de/10008780537
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Revisiting the Great Moderation : policy or luck?
Minford, Patrick; Ou, Zhirong; Wickens, Michael R. - 2014 - May 2012, updated April 2014
We investigate the relative roles of monetary policy and shocks in causing the Great Moderation, using indirect inference where a DSGE model is tested for its ability to mimic a VAR describing the data. A New Keynesian model with a Taylor Rule and one with the Optimal Timeless Rule are both...
Persistent link: https://www.econbiz.de/10010354539
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Energy business cycles
Meenagh, David; Minford, Patrick; Oyekola, Olayinka - 2015
We find that, when estimated, a two sector computable dynamic stochastic general equilibrium open economy model of the U.S. that formally admits energy into the production process can generate plausible parameter values that can be applied to deal with a broad range of economic issues. As a...
Persistent link: https://www.econbiz.de/10011471623
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US post-war monetary policy : what caused the Great Moderation?
Minford, Patrick; Ou, Zhirong - 2010 - Updated November 2010
Acceleration and the Great Moderation. The implication is that changing variances of shocks caused the reduction of volatility …. Smaller Fed policy errors accounted for the fall in inflation volatility. Smaller supply shocks accounted for the fall in … output volatility and smaller demand shocks for lower interest rate volatility. The same model with differing Taylor rules of …
Persistent link: https://www.econbiz.de/10008757931
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Revisiting the Great Moderation : policy or luck?
Minford, Patrick; Ou, Zhirong; Wickens, Michael R. - In: Open economies review 26 (2015) 2, pp. 197-223
Persistent link: https://www.econbiz.de/10011474106