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Output gap and Neutral interest measures for Colombia

González, Andrés; Ocampo, Sergio; Amaya, Julian Pérez; … - Banco de la Republica de Colombia - 2012

In this paper two new measures of the Colombian output gap and the real neutral interest rate are proposed. Instead of relying only on statistical filters, the proposed measures use semi-structural New-Keynesian models, adapted for a small open economy. The output gap measures presented are in...

Persistent link: https://www.econbiz.de/10010561925

Hopf Bifurcation in the Clarida, Gali, and Gertler Model

Barnett, William; Eryilmaz, Unal - Department of Economics, University of Kansas - 2012

We explore bifurcation phenomena in the open-economy New Keynesian model developed by Clarida, Gali and Gertler (2002). We find that the open economy framework can bring about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters...

Persistent link: https://www.econbiz.de/10010562402

Choques internacionales reales y financieros y su impacto sobre la economía colombiana

Echavarría, Juan José; González, Andrés; López, Enrique - Banco de la Republica de Colombia - 2012

En este documento se utiliza la metodología FAVAR (factor augmented VAR) para evaluar el impacto de variaciones no esperadas en cuatro variables internacionales: las tasas de interés de corto plazo, el riesgo, el precio real del petróleo, el café y el carbón, y la actividad económica...

Persistent link: https://www.econbiz.de/10010563805

Good Skills in Bad Times: Cyclical Skill Mismatch and the Long-term Effects of Graduating in a Recession.

Liu, Kai; Salvanes, Kjell G.; Sørensen, Erik Ø. - Institutt for samfunnsøkonomi, Norges Handelshøyskole … - 2012

We show that cyclical skill mismatch, defined as mismatch between the skills supplied by college graduates and skills demanded by hiring industries, is an important mechanism behind persistent career loss from graduating in recessions. Using Norwegian data, we find a strong countercyclical...

Persistent link: https://www.econbiz.de/10010567130

Deconstructing Growth - A Business Cycle Accounting Approach with application to BRICs

Chakraborty, Suparna; Otsu, Keisuke - School of Economics, University of Kent - 2012

What are the economic mechanisms that account for sudden growth spurts? Are these mechanisms similar across episodes? Focusing on the economic resurgence of the BRICs over the last decade, we employ the Business Cycle Accounting methodology developed by Chari, Kehoe and McGrattan (2007) to...

Persistent link: https://www.econbiz.de/10010568150

Lumpy Consumer Durables, Market Power, and Endogenous Business Cycles

Krishna, Kala; Yavas, Cemile - National Bureau of Economic Research (NBER) - 2001

This paper examines the role of lumpy consumer durables and market power in generating endogenous cycles which seem to be consistent with the facts. When goods are durable, past consumption choices determine the current market size which consists of consumers who have not purchased the good...

Persistent link: https://www.econbiz.de/10005723073

Unit Roots in Macroeconomic Time Series: Some Critical Issues

McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 1993

This paper suggests that the relevant question concerning unit root' in the U.S. real GNP time series pertains to the relative importance of difference-stationary and trend-stationary components. Various analytical approaches indicate than an accurate answer is not obtainable with existing data....

Persistent link: https://www.econbiz.de/10005723094

Real Shock, Monetary Aftershock: The San Francisco Earthquake and the Panic of 1907

Weidenmier, Marc; Odell, Kerry A. - National Bureau of Economic Research (NBER) - 2002

Economists have long studied the relationship between the real and monetary sectors. We examine the macroeconomic effects of the 1906 San Francisco earthquake, a shock that immediately reduced United States. GNP by 1.5-1.8 percentage points. The quake's impact manifested itself in gold flows, as...

Persistent link: https://www.econbiz.de/10005723112

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

Mendoza, Enrique G.; Terrones, Marco E. - National Bureau of Economic Research (NBER) - 2008

This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and … regularities of credit booms in macroeconomic aggregates and micro-level data. Macro data show a systematic relationship between … credit booms and economic expansions, rising asset prices, real appreciations, widening external deficits and managed …

Persistent link: https://www.econbiz.de/10005723113

Income Dispersion and Counter-Cyclical Markups

Edmond, Chris; Veldkamp, Laura - National Bureau of Economic Research (NBER) - 2008

Recent advances in measuring cyclical changes in the income distribution raise new questions: How might these distributional changes affect the business cycle itself? We show how counter-cyclical income dispersion can generate counter-cyclical markups in the goods market, without any preference...

Persistent link: https://www.econbiz.de/10005723188