Economic output may drop for reasons related with supply, such as a fall in the number of the employed factors of production or increases in real costs; and for reasons related with demand, such as an increase in non-productive market power or a fall in aggregate demand, the worst type of...

Somebody must step up. Somebody must call out the stabilization irrelevance of the American Economic Association's signature macro journal, American Economic Journal: Macroeconomics. The on-going failure of the nine-year-old journal is most egregiously illustrated by its treatment of the Great...

We implement a new approach for the identification of news shocks about future technology. In a VAR featuring a measure of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to technology innovations that best explains future variation...

Safe asset shortages can expose the economy to liquidity traps. The nature of these traps is determined by the cyclicality of the bond premium. Self-fulfilling liquidity traps are associated with a counter-cyclical bond premium. Small issuances of government debt crowd out private debt and...

We extend the Lucas asset pricing tree economy to a heterogeneous population. Perturbative methods are applied to explicitly calculate the second order response of returns to heterogeneity. We determine the status of various stylized facts. For example, we find that the equity premium always...

In this paper we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a deflationary safety trap equilibrium with high risk premia. It is an acute form of a liquidity trap, in which the shortage of a specific form of assets, safe...

The paper develops a Dynamic Stochastic General Equilibrium (DSGE) model, which assesses the macroeconomic and labor market effects derived from simulating a positive shock to the stochastic component of the mining-energy sector productivity. Calibrating the model for the Colombian economy, this...

In this paper, we focus on the Lagos and Wright (2005) monetary search model - a workhorse in the so-called New Monetarist Economics. After describing this micro-founded yet tractable framework, we review recent developments in extending it to study a variety of issues from monetary theory to...

Romanian Abstract: Articolul analizează influenţele ce au determinat tendinţele cotaţiilor cerealelor (grâu și porumb) la Bursa Agricolă de la Chicago, identificând situaţiile caracteristice pieţei internaţionale din anul 2015 și perspective pentru 2016. De asemenea, lucrarea...

Rezumat în limba română: Articolul prezintă evoluţia pieţei mondiale a oţelului în anul 2015 şi perspective pentru 2016.În anul 2015, producţia şi consumul de oţel la nivel mondial au scăzut. Preţurile internaţionale au scăzut în 2015, prognozele pentru 2016 indicând majorări...