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Financial openness and macroeconomic volatility
Hagen, Jürgen von (contributor); Zhang, Haiping (contributor) - 2006
We analyze the implications of financial openness to macroeconomic volatility in a small open economy. Major macroeconomic aggregates show non-monotonic volatility patterns with respect to the degree of financial openness in the model without domestic financial frictions. The introduction of...
Persistent link: https://www.econbiz.de/10003449265
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Labor supply heterogeneity and macroeconomic comovement
Eusepi, Stefano; Preston, Bruce - 2009
Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate...
Persistent link: https://www.econbiz.de/10003947787
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Labor Supply Heterogeneity and Macroeconomic Comovement
Eusepi, Stefano; Preston, Bruce J. - 2009
Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate...
Persistent link: https://www.econbiz.de/10014201507
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Hysteresis in Labor Markets? Evidence from Professional Long-Term Forecasts
Bluedorn, John C. - 2019
We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts...
Persistent link: https://www.econbiz.de/10012868467
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Time Variation in the Size of the Multiplier : A Kalecki-Harrod Approach
Setterfield, Mark - 2015
larger and consistently greater than one during periods of slow growth and/or recession. This paper contributes to the theory … of the time-varying multiplier. It is shown that a combination of Kalecki's dynamic theory of investment and Harrod …'s “satisficing” approach to the investment decision furnish a theory in which the “crowding in” of investment expenditures following …
Persistent link: https://www.econbiz.de/10013015033
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The Expectational Effects of News in Business Cycles : Evidence from Forecast Data
Miyamoto, Wataru - 2017
This paper proposes to exploit data on expectations to identify news shocks in business cycles. News shocks work through changes in expectations, so data on expectations contain important information for identification. We demonstrate this by estimating a DSGE model augmented with news shocks...
Persistent link: https://www.econbiz.de/10012972743
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Estimation of Heuristic Switching in Behavioral Macroeconomic Models
Kukacka, Jiri; Sacht, Stephen - 2021
This paper offers a simulation-based method for the estimation of heuristic switching in nonlinear macroeconomic models. Heuristic switching is an important feature of modeling strategy since it uses simple decision rules of boundedly rational heterogeneous agents. The simulation study shows...
Persistent link: https://www.econbiz.de/10013238343
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Long and Plosser meet Bewley and Lucas
Dong, Feng; Wen, Yi - 2018
We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the enriched N-sector...
Persistent link: https://www.econbiz.de/10011911508
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Do Multisectoral New Keynesian Models Match Sectoral Data?
Andrade, Philippe; Sheremirov, Viacheslav - 2022
We document empirical regularities of disaggregated inflation and consumption and study whether multisectoral New Keynesian models can explain them. We focus on higher moments of the inflation and consumption growth distributions as well as on the contemporaneous comovement of these two...
Persistent link: https://www.econbiz.de/10014242593
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Integrated macroeconomic production function for open economies : a new Schumpeterian Solow model for globalization
Welfens, Paul J. J. - 2016
The macroeconomic production function is a traditional key element of modern macroeconomics, as is the more recent knowledge production function which explains knowledge/patents by certain input factors such as research, foreign direct investment or international technology spillovers. This...
Persistent link: https://www.econbiz.de/10011452235