, through the New Keynesian Phillips Curve, lower inflation. While the proposed model does a good job at matching the observed … dynamics, it generates insufficient volatility of markups and profits. Estimates of standard parameters are largely unaffected …

illustrate that the yield and volatility factors are closely related to industrial capacity utilization, inflation, monetary … autoregressive processes with stochastic volatility. The factor volatilities parsimoniously capture risk inherent to the term …

Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and … structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the …

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous … countercyclical unemployment, and is simultaneously consistent with procyclical reallocation, countercyclical separations and a … negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …

in recessions by examining the movement of relative unemployment rates over the business cycle. Any conclusion drawn from … of unemployment are not examined. Using Current Population Survey data matched across adjacent months from 1989 to 2004 … the racial unemployment gap near the peak of the business cycle is driven by a reduction in the rate of job loss for …

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous … countercyclical unemployment, and is simultaneously consistent with procyclical reallocation, countercyclical separations and a … negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous … countercyclical unemployment, and is simultaneously consistent with procyclical reallocation, countercyclical separations and a … negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …