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The Great Depression and the Friedman-Schwartz hypothesis
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004
We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...
Persistent link: https://www.econbiz.de/10009636549
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US, Japan and the euro area
McAdam, Peter - 2003
There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...
Persistent link: https://www.econbiz.de/10009635889
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On the indeterminacy of determinacy and indeterminacy
Beyer, Andreas; Farmer, Roger E. A. - 2003
A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...
Persistent link: https://www.econbiz.de/10009635896
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Forecasting real GDP
Brand, Claus; Reimers, Hans-Eggert; Seitz, Franz - 2003
This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s and reviews theoretical arguments on why real narrow money should help predict real GDP. We find that, unlike in the U.S., in the euro area, M1 has better and more robust forecasting...
Persistent link: https://www.econbiz.de/10009635922
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International risk-sharing and the transmission of productivity shocks
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004
the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated …
Persistent link: https://www.econbiz.de/10009636531
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Post-crisis unemployment developments : US and EU approaching?
Casaux, Suzanne; Turrini, Alessandro - 2011
This brief reviews the evolution of the US and the European labour markets since the beginning of the financial crisis. In the US, the unemployment rate and the share of long-term unemployment grew very fast, during the crisis, thereby reaching levels close to those in the EU. Does that mean...
Persistent link: https://www.econbiz.de/10011291914
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Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...
Persistent link: https://www.econbiz.de/10009636527
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EU productivity and competitiveness: an industry perspective
O'Mahony, Mary (contributor); Ark, Bart van (contributor) - Europäische Kommission / Generaldirektion Unternehmen; … - 2003
Persistent link: https://www.econbiz.de/10009635931
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Creative destruction and transition: The effects of firm entry and exit on productivity growth in Estonia
Masso, Jaan; Eamets, Raul; Philips, Kaia - 2004
firm entry and exit as well as survival analysis of new firms. Also, decompositions of productivity change into components … consisting of resource reallocation, firm entry and exit, and productivity growth within continuing firms are carried out. The … productivity compared to incumbent firms and changes in the sectoral structure of the economy. The decomposition of productivity …
Persistent link: https://www.econbiz.de/10009636560
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Economic Survey of the Slovak Republic, 2004
Organisation for Economic Co-operation and Development … - 2004
Slovakia is engaged in an ambitious reform process which has the potential to quicken productivity growth, increase the …
Persistent link: https://www.econbiz.de/10009636870