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News and Noise in the Housing Market
Gazzani, Andrea Giovanni - 2016
prices related (news) and not related (noise) to future fundamentals. I provide empirical evidence of the sizable … macroeconomic effects of news and noise shocks. Following Forni et al. (2014, 2016), I identify news and noise shocks through a non … frequencies, but in the short-medium horizon noise shocks explain a large share of the variability in housing prices, residential …
Persistent link: https://www.econbiz.de/10012986653
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Interest Rate Fluctuations and Equilibrium in the Housing Market
Arslan, Yavuz - 2008
We study the general equilibrium of the housing market in an economy populated by overlapping generations of households. A contribution of the present paper is to solve for the housing market equilibrium in the presence of aggregate (interest rate) uncertainty with a realistic mortgage contract....
Persistent link: https://www.econbiz.de/10014049379
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Rebalancing Frequency and the Welfare Cost of Inflation
Silva, André C. - In: American Economic Journal: Macroeconomics 4 (2012) 2, pp. 153-83
Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods. Every month or quarter, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose how often they exchange bonds for money. In the benchmark...
Persistent link: https://www.econbiz.de/10011014384
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Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach
Fujiwara, Ippei; Hirose, Yasuo; Shintani, Mototsugu - Vanderbilt University Department of Economics - 2009
We examine whether the news shocks, as explored in Beaudry and Portier(2004), can be a major source of aggregate fluctuations. For this purpose, we extend a standard dynamic stochastic general equilibrium model of Christiano, Eichenbaum, and Evans (2005), and Smets and Wouters (2003, 2007) by...
Persistent link: https://www.econbiz.de/10008624635
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Makroekonomiskā aprites modeļa izstrādāšana izmantojot sistēmdinamikas metodi
Skribans, Valerijs - Volkswirtschaftliche Fakultät, … - 2011
Development of an economic situation last 20 years has passed in Latvia through various stages. Including - Post-Soviet re-structuring of demand and closing of industrial giants; development of the economy based on transit; development of craft manufacture, small enterprises and branch of...
Persistent link: https://www.econbiz.de/10009353535
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Six variations on fair wages and the long-run Phillips curve
Vaona, Andrea - Dipartimento di Scienze Economiche, Facoltà di Economia - 2010
The present paper explores the connection between inflation and unemployment in different models with fair wages both in the short and in the long runs. Under customary assumptions regarding the sign of the parameters of the effort function, more inflation lowers the unemployment rate, though to...
Persistent link: https://www.econbiz.de/10008727645
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Crisis Internacional. Impactos y respuestas de política económica en el Perú.
Dancourt, Oscar (contributor); Jimenez, Felix (contributor) - Departamento de Economía, Pontificia Universidad …
Impactos y respuestas de política económica en el Perú.
Persistent link: https://www.econbiz.de/10009278158
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Money growth and inflation in the euro area: a time-frequency view
Rua, António - Banco de Portugal - 2011
This paper provides new insights on the relationship between money growth and inflation in the euro area over the last forty years. This highly relevant link for the European Central Bank monetary policy strategy is assessed using wavelet analysis. In particular, wavelet analysis allows to study...
Persistent link: https://www.econbiz.de/10009292988
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News shocks and inflation
Jinnai, Ryo - In: Economics Letters 119 (2013) 2, pp. 176-179
This paper shows that the empirically documented disinflationary nature of news shocks is consistent with the implications of a sensibly modified version of a New Keynesian model, even if capital is introduced to the model. The modification proposed in the current paper, however, is different...
Persistent link: https://www.econbiz.de/10010664119
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ToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model
Dorich, José; Johnston, Michael K.; Mendes, Rhys R.; … - Bank of Canada - 2013
This report provides a detailed technical description of an updated version of the Terms-of-Trade Economic Model (ToTEM II), which replaced ToTEM (Murchison and Rennison 2006) in June 2011 as the Bank of Canada’s quarterly projection model for Canada. ToTEM has been improved along a number of...
Persistent link: https://www.econbiz.de/10010849975