This paper provides a characterisation of U.S. monetary policy within a generalized Taylor rule framework that accommodates uncertainties about the duration of policy regimes and the specification of the rule, in addition to the standard parameter and stochastic uncertainties inherent in...

This paper describes a newly constructed macroeconomic database for Australia including measures of GDP, its components, prices, and key monetary and labour market statistics over the last fifty years as published and revised in real time. Data vintages are collated from various sources and...

Gesamtwirtschaftliche Indikatoren sollten zyklische Wendepunkte der gesamtwirtschaftlichen Produktion zuverlässig und mit statistisch signifikantem Vorlauf anzeigen. Stets muss beurteilt werden, ob die monatliche Veränderung eines Indikators einen Wechsel des konjunkturellen Regimes und damit...

There is an old saying that states that “If the United States sneezes, the rest of the world catches a cold”. Against this background, it is argued that some countries, especifically China, can “decouple” from the US economy and sustain strong growth in the face of a US slowdown. In this...

We study housing and debt in a quantitative general equilibrium model. In the cross-section, the model matches the wealth distribution, the age pro?les of homeownership and mortgage debt, and the frequency of housing adjustment. In the time-series, the model matches the procyclicality and...

We investigate the time varying relation between hours and technology shocks using a structural business cycle model. We propose an RBC model with a Constant Elasticity of Substitution (CES) production function that allows for capital- and labor-augmenting technology shocks. We estimate the...

In this paper, using US as well as French sectoral data and indicators of price rigidity, we re-examine the (lack of) relation between price stickiness and inflation persistence. This has recently been put forward by Bils and Klenow (2004) as evidence against time-dependent price setting models....

Severe simultaneous recessions are de?ned to occur when at least half of the countries under investigation (Australia, Canada, Germany, Japan, United Kingdom, and United States) are in recession simultaneously. I pose two new research questions that extend upon stylized facts for US recessions....

Swings in inventory investment have traditionally played a major role in Canadian business cycles. However, advances in inventory-control techniques and the reduced uncertainty associated with lower inflation have enabled firms to manage their inventories much more tightly and effectively. This...

El estudio que se propone pretende analizar el ciclo económico (business cycle) de la comunidad autónoma de Cataluña en el período 2000:1-2013:1 y relacionarlo con el de la zona euro. El trabajo tiene 2 objetivos principales. En primer lugar, caracterizar las fases cíclicas de esta región...