Showing 51 - 60 of 336
Persistent link: https://www.econbiz.de/10005208015
This paper proposes a method to estimate the NAIRU for the U.S. It shares the notion of Estrella and Mishkin (1999) that defines the NAIRU as a leading indicator of inflation changes over the policy horizon. Our alternative construction offers a more theoretically sound and practically useful...
Persistent link: https://www.econbiz.de/10009202941
Dynamic interactions among the real exchange rate, income and imports are modelled for Australia. Evidence of one cointegrating relationship is found among these series and base structural inferences on long-run identifying restrictions of the type proposed for vector-error correction models by...
Persistent link: https://www.econbiz.de/10009207550
Two structural cointegrated models of consumption, labor income and wealth are specified and estimated with US data using the approach of Pagan and Pesaran (2008). We find that consumption and labor income are weakly exogenous in the estimated reduced form model and show that this imposes...
Persistent link: https://www.econbiz.de/10010595229
This article estimates UK core inflation in a structural Vector Autoregression (VAR) framework. While building on the work of Quah and Vahey (1995), we extend their two-variable VAR model to allow for different dynamics depending on the nature of the shocks that potentially influence the process...
Persistent link: https://www.econbiz.de/10009279791
In their VAR model, Blanchard and Quah (BQ, 1989) employed uncorrelatedness between Aggregate Supply (AS) and Aggregate Demand (AD) shocks and the long-run output neutrality condition as identifying assumptions. This article conducts a simple Monte Carlo experiment to gauge how well the BQ...
Persistent link: https://www.econbiz.de/10010624355
Persistent link: https://www.econbiz.de/10008681788
This paper develops a model for optimal capital investment in continuous time when both existing and new capital stocks are subject to uncertainty. The model is generalized to allow for large and infrequent changes in the dynamics of the capital stock, which may arise as a result of natural and...
Persistent link: https://www.econbiz.de/10010629411
Persistent link: https://www.econbiz.de/10010642692
One of the key differences between exogenous and endogenous growth models is that a transitory shock to investment share exhibits different long-run effects on per-capita output. Exploring this difference, the present paper evaluates the empirical relevance of the two growth models for the G-7...
Persistent link: https://www.econbiz.de/10010664419