Showing 1 - 10 of 16
When households consume both nondurable goods and housing services, external habit preference over nondurable consumption generates procyclical demand for housing. Marginal utility falls when housing demand rises and innovations to housing demand arise as a risk factor. Motivated by theory, we...
Persistent link: https://www.econbiz.de/10012216697
Persistent link: https://www.econbiz.de/10011429359
The outbreak of COVID-19 has significantly disrupted the economy. This paper attempts to quantify the macroeconomic impact of costly and deadly disasters in recent US history, and to translate these estimates into an analysis of the likely impact of COVID-19. A costly disaster series is...
Persistent link: https://www.econbiz.de/10012837186
It is well known that the covariance structure of the data alone is not enough to identify an SVAR, and the conventional approach is to impose restrictions on the parameters of the model based on a priori theoretical considerations. This paper suggests that much can be gained by requiring the...
Persistent link: https://www.econbiz.de/10012960789
Uncertainty about the future rises in recessions. But is uncertainty a source of business cycles or an endogenous response to them, and does the type of uncertainty matter? We propose a novel SVAR identification strategy to address these questions via inequality constraints on the structural...
Persistent link: https://www.econbiz.de/10013010283
Persistent link: https://www.econbiz.de/10012655667
Persistent link: https://www.econbiz.de/10012221593
The outbreak of COVID-19 has significantly disrupted the economy. This paper attempts to quantify the macroeconomic impact of costly and deadly disasters in recent US history, and to translate these estimates into an analysis of the likely impact of COVID-19. A costly disaster series is...
Persistent link: https://www.econbiz.de/10012481943
Persistent link: https://www.econbiz.de/10011634676
Identifying assumptions need to be imposed on dynamic models before they can be used to analyze the dynamic effects of economically interesting shocks. Often, the assumptions are only rich enough to identify a set of solutions. This paper considers two types of restrictions on the structural...
Persistent link: https://www.econbiz.de/10012455456