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US, Japan and the euro area
McAdam, Peter - 2003
forecasting, model selection and policy analysis etc. …
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
1 has better and more robust forecasting properties for real GDP than yield spreads. This property persists when one … controls for a number of other influences. We also evaluate the out-of-sample forecasting performance of different classes of … VAR models comprising real M1, GDP and other indicators, using as benchmark a simple univariate model. As a result, only …
Persistent link: https://www.econbiz.de/10009635922
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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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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