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The cost of business cycles under endogenous growth

Barlevy, Gadi - Federal Reserve Bank of Chicago - 2003

cyclical fluctuations that prevailed during the post-War period would have increased the growth rate of real GDP per capita in … the U.S. from 2.0% per year to 2.5% per year. The cost of reduced growth from macroeconomic volatility is computed at a …

Persistent link: https://www.econbiz.de/10005419941

Assessing the effects of fiscal shocks

Burnside, Craig; Eichenbaum, Martin; Fisher, Jonas D.M. - Federal Reserve Bank of Chicago - 1999

This paper investigates the response of real wages and hours worked to an exogenous shock in fiscal policy. We identify this shock with the dynamic response of government purchases and tax rates to an exogenous increase in military purchases. The fiscal shocks that we isolate are characterized...

Persistent link: https://www.econbiz.de/10005419950

Technology shocks matter

Fisher, Jonas D. M. - Federal Reserve Bank of Chicago - 2002

This paper uses the neoclassical growth model to identify the effects of technological change on the US business cycle …

Persistent link: https://www.econbiz.de/10005419952

Organizational flexibility and employment dynamics at young and old plants

Campbell, Jeffrey R.; Fisher, Jonas D.M. - Federal Reserve Bank of Chicago - 1998

There are significant differences in the dynamics of employment over the business cycle between young and old manufacturing plants. Young plants are more sensitive to aggregate disturbances, and they respond to them along different margins. We interpret these differences as reflecting greater...

Persistent link: https://www.econbiz.de/10005419957

Is the United States an optimum currency area? an empirical analysis of regional business cycles

Kouparitsas, Michael A. - Federal Reserve Bank of Chicago - 2001

This paper develops a statistical model to study the business cycles of the eight U.S. BEA regions. By combining unobserved component and VAR techniques I identify not only common and idiosyncratic sources of innovation, but also common and idiosyncratic responses to common shocks. Using this...

Persistent link: https://www.econbiz.de/10005419961

Trade structure, industrial structure, and international business cycles

Baxter, Marianne; Kouparitsas, Michael A. - Federal Reserve Bank of Chicago - 2002

This paper examines the extent to which the composition of a country's production and trade differs among its trade partners. For example, does the US export the same bundle of goods to the UK as it does to Japan? If we find high dispersion in a country's export and import bundles with its...

Persistent link: https://www.econbiz.de/10005419962

A real explanation for heterogeneous investment dynamics

Fisher, Jonas D.M. - Federal Reserve Bank of Chicago - 2001

Household investment, that is investment in consumer durables and housing, leads non-residential fixed investment over the U.S. business cycle. This observation represents a potent challenge to real business cycle (RBC) theory. First of all the theory has been unable to account for it. In...

Persistent link: https://www.econbiz.de/10005419969

Is there evidence of the new economy in the data?

Kouparitsas, Michael A. - Federal Reserve Bank of Chicago - 1999

experienced an innovation in the 1990s that raised its so-called constant-inflation trend growth rate. According to its advocates …, evidence of the new economy comes from the fact that the U.S. economy experienced relatively strong output growth and low … levels of price inflation over the 1990s. This paper evaluates the new economy theory by formally testing whether the growth …

Persistent link: https://www.econbiz.de/10005419976

International business cycles under fixed and flexible exchange rate regimes

Kouparitsas, Michael - Federal Reserve Bank of Chicago - 2003

This paper studies the changing characteristics of post-war international comovement under fixed and flexible exchange regimes. I find that business cycle comovement among all the G7 economies was highest in the universally flexible exchange rate era following the collapse of Bretton Woods (BW)...

Persistent link: https://www.econbiz.de/10005419984

Is the business cycle of Argentina "different?"

Kydland, Finn E.; Zarazaga, Calos E.J.M. - In: Economic and Financial Policy Review (1997) Q IV, pp. 21-36

Despite the relative success of Real Business Cycle (RBC) models to replicate key moments of the business cycles of the United States and several European countries, economic research in Latin America tends to take the more traditional view that monetary factors play a predominant role in the...

Persistent link: https://www.econbiz.de/10005420163