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Ambiguous business cycles, recessions and uncertainty : a quantitative analysis

Piccillo, Giulia; Poonpakdee, Poramapa - 2023

This paper investigates the effects of uncertainty on the macro economy by replicating its micro effects on individual subjective beliefs. In our model, the representative household has smooth ambiguity preferences and is uncertain about which scenario the economy will be in the next period:...

Persistent link: https://www.econbiz.de/10014364652

Lumpy Investment in Dynamic General Equilibrium

Bachmann, Ruediger; Engel, Eduardo M. R. A.; Caballero, … - 2006

Microeconomic lumpiness matters for macroeconomics. According to our DSGE model, it explains roughly 60% of the smoothing in the investment response to aggregate shocks. The remaining 40% is explained by general equilibrium forces. The central role played by micro frictions for aggregate...

Persistent link: https://www.econbiz.de/10014057432

Sector specific news shocks in aggregate and sectoral fluctuations

Görtz, Christoph; Tsoukalas, John D. - 2013 - First version: March 2011, This version: May 2013

Using a two-sector estimated DSGE model with a financial channel we show the sector where TFP news arrives matters for … expansionary while those in the investment sector are broadly contractionary. Our results indicate a significant role of TFP news … shocks as a predictive force behind fluctuations. Consumption sector TFP news shocks generate both aggregate and sectoral co …

Persistent link: https://www.econbiz.de/10009753003

The impact of monetary instruments on shock absorption in EU-countries

Müller, Claudia; Buscher, Herbert S. - 1999

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

Persistent link: https://www.econbiz.de/10011442518

A Model-Based Analysis of Spillovers : The Case of Poland and the Euro Area

Andrle, Michal - 2015

This paper studies economic and financial spillovers from the euro area to Poland in a two-country semi-structural model. The model incorporates various channels of macrofinancial linkages and cross-border spillovers. We parameterize the model through an extensive calibration process, and...

Persistent link: https://www.econbiz.de/10013021783

The Macroeconomic Impact of Microeconomic Shocks : Beyond Hulten's Theorem

Baqaee, David - 2018

We provide a nonlinear characterization of the macroeconomic impact of microeconomic TFP shocks in terms of reduced-form non-parametric elasticities for efficient economies. We also provide the mapping from structural parameters to these reduced-form elasticities, under general equilibrium. In...

Persistent link: https://www.econbiz.de/10012934766

Technology (and Policy) Shocks in Models of Endogenous Growth

Jones, Larry; Manuelli, Rodolfo; Stacchetti, Ennio - 2008

Our objective is to understand how fundamental uncertainty can affect the long-run growth rate and what factors determine the nature of the relationship. Qualitatively, we show that the relationship between volatility in fundamentals and policies and mean growth can be either positive or...

Persistent link: https://www.econbiz.de/10014215791

News Shocks

Barsky, Robert - 2009

We implement a new approach for the identification of news shocks about future technology. In a VAR featuring a measure … of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to … technology innovations that best explains future variation in technology. In the data, news shocks account for the bulk of low …

Persistent link: https://www.econbiz.de/10013156463

R&D Shocks and News Shocks

Jinnai, Ryo - 2014

Most of the theoretical work in the news shock literature abstracts away from structural explanations, assuming instead … that news is a pure signal giving agents advance notice that aggregate technology will undergo exogenous change at some … sector can be seen as news about aggregate productivity. I not only offer a deeper explanation for the news but also show …

Persistent link: https://www.econbiz.de/10013055345

Housing and macroeconomics

Leung, Charles Ka Yui - 2022 - This version: November 2022

Until recently, the literature ignored the interactions between housing and macroeconomics. Thanks to many researchers' contributions, the macro-housing field is in development. This review complements previous research and highlights a few areas that have made significant progress lately. They...

Persistent link: https://www.econbiz.de/10013461195

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