In this paper, we study the short-run and long-run comovement between prices and real activity in the G7 countries during the postwar period using vector autoregressive systems and frequency-domain filters. We find several patterns that are robust across countries and time periods. Typically,...

In den Niederlanden verlangsamte sich 2001 die konjunkturelle Expansion zunächst und stagnierte ab Jahresmitte. Das reale Bruttoinlandsprodukt erhöhte sich nur noch um 1,1%. Auch der Anstieg der Beschäftigung verlangsamte sich deutlich. Die vor allem bei qualifizierten Kräften vielfach...

How important are the benefits of low price-level uncertainty? This paper explores the desirability of price-level path targeting in an estimated DSGE model fit to Canadian data. The policy implications are based on social welfare evaluations. Compared to the historical inflation targeting rule,...

Identifying business cycle stylised facts is essential as these often form the basis for the construction and validation of theoretical business cycle models. Furthermore, understanding the cyclical patterns in economic activity, and their causes, is important to the decisions of both...