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Heterogeneous expectations, indeterminacy, and postwar US business cycles
Ilabaca, Francisco; Milani, Fabio - 2020
postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … windows and allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large … the sample. The results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while …
Persistent link: https://www.econbiz.de/10012200338
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A structural investigation of quantitative easing
Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2020
Did the Federal Reserves' Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, the authors estimate a large-scale DSGE model over the sample from 1998 to 2020, including data of the Fed's balance sheet. The authors allow for QE to...
Persistent link: https://www.econbiz.de/10012230143
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A structural investigation of quantitative easing
Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2021
Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...
Persistent link: https://www.econbiz.de/10012426411
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Propensity to search and income elasticity of demand : does the equilibrium really exist?
Malakhov, Sergey - In: Expert journal of economics 6 (2018) 1, pp. 15-25
The analysis of the propensity to search under price dispersion discovers the identity of the optimal consumption-leisure choices in the model of optimal search and in the classical model of individual labor supply when the propensity to search is unimportant. However, the vigorous propensity to...
Persistent link: https://www.econbiz.de/10012062883
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Cyclical drivers of euro area consumption : what can we learn from durable goods?
Casalis, André; Krustev, Georgi - 2020
We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing durable from nondurable expenditures. We adopt a theoretical partial equilibrium framework to justify the identification strategy of our empirical model, a time-varying parameter...
Persistent link: https://www.econbiz.de/10012197836
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Human capital externalities in Western Germany
Heuermann, Daniel F. - 2008
externalities arising from the regional share of highly qualified workers. Employing the regional number of public schools and of … students as instrumental variables the paper shows that human capital externalities are underestimated in ordinary panel …. An analysis by sector reveals that human capital externalities are more pronounced in manufacturing than in the service …
Persistent link: https://www.econbiz.de/10009373720
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Human capital externalities in Western Germany
Heuermann, Daniel F. - 2007
externalities arising from the regional share of highly qualified workers. Employing the regional number of public schools and of … students as instrumental variables the paper shows that human capital externalities are underestimated in ordinary panel …. An analysis by sector reveals that human capital externalities are more pronounced in manufacturing than in the service …
Persistent link: https://www.econbiz.de/10009373723
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Human Capital Externalities in Western Germany
Heuermann, Daniel F. - 2012
externalities arising from the regional share of highly qualified workers. Employing the regional number of public schools and of … students as instrumental variables the paper shows that human capital externalities are underestimated in ordinary panel …. An analysis by sector reveals that human capital externalities are more pronounced in manufacturing than in the service …
Persistent link: https://www.econbiz.de/10012712781
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Animal spirits and the business cycle : empirical evidence from moment matching
Jang, Tae-Seok; Sacht, Stephen - 2014
In this paper we empirically examine a hybrid New-Keynesian model with heterogeneous bounded rational agents who may adopt an optimistic or pessimistic attitude - so called animal spirits - towards future movements of the output and inflation gap. The model is estimated via the simulated method...
Persistent link: https://www.econbiz.de/10010348346
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Venture cycles : theory and evidence
Gehrig, Thomas P.; Stenbacka, Rune - 2003
screening externalities induced by competition among venture capitalists as a structural source of instability. We show that …
Persistent link: https://www.econbiz.de/10011506424