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Issues on the Measurement of the Solow Residual and the Testing of its Exogeneity : A Tale of Two Countries
Paquet, Alain; Robidoux, Benoit - 1998
Using aggregate U.S. and Canadian data, this paper examines the implications for the empirical assessment of market structure and exogeneity of productivity shocks of correcting the Solow residual for variation in capacity utilization. In contrast to most studies, not accounting for capacity...
Persistent link: https://www.econbiz.de/10014089031
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House prices, increasing returns, and the effects of government spending shocks
Larsen, Rasmus Bisgaard; Ravn, Søren Hove; Santoro, … - 2021
We report new regional evidence indicating that U.S. house prices increase persistently in the face of positive shocks to fiscal spending. In sharp contrast with this fact, though, house prices fall in conventional dynamic general equilibrium models where Ricardian households benefit from the...
Persistent link: https://www.econbiz.de/10012795842
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Macroeconomic effects of government spending shocks : new evidence using natural disaster relief in Korea
Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - 2012
We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...
Persistent link: https://www.econbiz.de/10009630124
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Using military build-ups to capture fiscal shocks : a reassessment
Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - 2014
Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...
Persistent link: https://www.econbiz.de/10010256126
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Macroeconomic Effects of Government Spending Shocks : New Evidence Using Natural Disaster Relief in Korea
Yang, Weonho - 2012
We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...
Persistent link: https://www.econbiz.de/10013100013
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Government Policy Response to War-Expenditure Shocks
Martin, Fernando M. - 2012
Persistent link: https://www.econbiz.de/10013107789
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Using Military Build-Ups to Capture Fiscal Shocks : A Reassessment
Yang, Weonho - 2014
Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...
Persistent link: https://www.econbiz.de/10013055995
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Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence from World War II
McGrattan, Ellen R.; Ohanian, Lee E. - 2008
There is much debate about the usefulness of the neoclassical growth model for assessing the macroeconomic impact of fiscal shocks. We test the theory using data from World War II, which is by far the largest fiscal shock in the history of the United States. We take observed changes in fiscal...
Persistent link: https://www.econbiz.de/10014216144
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A banking explanation of the US velocity of money : 1919 - 2004
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009
The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during … the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series …. -- Volatility ; business cycles ; credit shocks ; velocity …
Persistent link: https://www.econbiz.de/10003898790
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A banking explanation of the US velocity of money: 1919 - 2004
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009
The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during … the1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series …
Persistent link: https://www.econbiz.de/10003919681