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Born, Benjamin; Pfeifer, Johannes - 2013 - This version: July 11, 2013, First Version: December 2010

The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining business cycle fluctuations by using an estimated New...

Persistent link: https://www.econbiz.de/10009772961

Household leveraging and deleveraging

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013

U.S. households' debt skyrocketed between 2000 and 2007, but has since been falling. This leveraging and deleveraging cycle cannot be accounted for by the liberalization and subsequent tightening of mortgage credit standards that occurred during the period. We base this conclusion on a...

Persistent link: https://www.econbiz.de/10009721293

Liquidity premia, price-rent dynamics, and business cycles

Miao, Jianjun; Wang, Pengfei; Zha, Tao - 2014

In the U.S. economy during the past 25 years, house prices exhibit fluctuations considerably larger than house rents, and these large fluctuations tend to move together with business cycles. We build a simple theoretical model to characterize these observations by showing the tight connection...

Persistent link: https://www.econbiz.de/10010395957

Policy risk and the business cycle

Born, Benjamin; Peifer, Johannes - 2011 - This version: June 1, 2011

The argument that policy risk, i.e. uncertainty about monetary and fiscal policy, has been holding back the economic recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining business cycle fluctuations by using an estimated New...

Persistent link: https://www.econbiz.de/10009126071

A banking explanation of the US velocity of money: 1919 - 2004

Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009

velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during … cycle, credit shocks, velocity and volatility …

Persistent link: https://www.econbiz.de/10003919681

Is increased price flexibility stabilizing? : redux

Bhattarai, Saroj; Eggertsson, Gauti B.; Schoenle, Raphael - 2012

We study the implications of increased price flexibility on aggregate output volatility in a dynamic stochastic general … flexibility ; aggregate volatility ; systematic monetary policy ; DSGE model ; Bayesian estimation …

Persistent link: https://www.econbiz.de/10009521652

The effect of the great moderation on the US business cycle in a time-varying multivariate trend-cycle model

Creal, Drew; Koopman, Siem Jan; Zivot, Eric - 2008

accounts for time variation in macroeconomic volatility, known as the great moderation. In particular, we consider an … volatility processes and mixture distributions for the irregular components and the common cycle disturbances enable us to … that time-varying volatility is only present in the a selection of idiosyncratic components while the coefficients driving …

Persistent link: https://www.econbiz.de/10011376640

Are Labor Market Indicators Telling the Truth? Role of Measurement Error in the U.S. Current Population Survey

Shibata, Ippei - 2019

Labor market indicators are critical for policymakers, but measurement error in labor force survey data is known to be substantial. In this paper, I quantify the implications of classification errors in the U.S. Current Population Survey (CPS), in which respondents misreport their true labor...

Persistent link: https://www.econbiz.de/10012889152

Essays on volatility

Gorbachev, Olga - 2007

Persistent link: https://www.econbiz.de/10009690592

Volatility and job creation in the knowledge economy

Chichilnisky, Graciela; Gorbachev, Olga - In: Essays in dynamic general equilibrium theory ; …, (pp. 45-74). 2004

Persistent link: https://www.econbiz.de/10002575855

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