We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other regime has a unique steady state which can be determinate or...

We introduce behavioral learning equilibria (BLE) into a multi-variate linear framework and apply it to New Keynesian DSGE models. In a BLE, boundedly rational agents use simple but optimal first-order autoregressive (AR(1)) forecasting rules whose parameters are consistent with the observed...

Recessions are associated with sharp increases in turbulence that reshuffle firms' productivity rankings. To study the business cycle implications of turbulence shocks, we use Compustat data to construct a measure of turbulence based on the (inverse of) Spearman correlations of firms'...

This paper uses a dataset covering the universe of French firm-level sales, imports, and exports over the period 1993-2007 and a quantitative multi-country model to study the international transmission of business cycle shocks at both the micro and the macro levels. The largest firms are both...

We document the cyclical behavior of the post-tax income distribution in the US. The analysis is based on a dataset that is informative for the lower and the upper tail of the post-tax income distribution and that also matches aggregate national income. Most importantly, lower and higher income...

Este trabajo trata sobre el tema de la relacion entre las fluctuaciones agregadas y los problemas de coordinacion intertemporal. Se parte de la observacion de que los procesos de crecimiento economico muestran a veces signos de discontinuidad que ponen a prueba la capacidad de los agentes para...

Allgemeine Überlegungen zur Konjunkturzyklustheorie. Anwendungsmöglichkeit auf die Situation in der RSA. Herausarbeitung der zyklusrelevanten Indikatoren der südafrikanischen Wirtschaft (Wachstum, Angebot, Nachfrage, Entwicklung der monetären Größen). Nachfrage und Kaufkraft der Schwarzen...

Aufwerfung der Frage nach den besten Frühindikatoren, die den wahrscheinlichen Verlauf der wirtschaftlichen Entwicklung anzeigen. Überblick über die verschiedenen Indikatoren, die üblicherweise in der RSA hierfür herangezogen werden. Durchführung einer Regressionsanalyse mit 23 hierfür...