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Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks

Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2009

A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...

Persistent link: https://www.econbiz.de/10005000442

On-the-Job Search Over the Business Cycle

Tattara, Giuseppe; Valentini, Marco - Dipartimento di Economia, Università Ca' Foscari Venezia - 2007

On-the-Job Search is one of the most common and efficient ways to look for a new job, most of the time workers move directly from one employment position to another (E-to-E) without an intervening spell of unemployment. E-to-E transitions are a relevant component of total labour flows and have a...

Persistent link: https://www.econbiz.de/10005057163

On-the-job Search and the Cyclical Dynamics of the Labor Market

Lubik, Thomas A.; Krause, Michael U. - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005051321

Lumpy Investment, Sectoral Propagation, and Business Cycles

Nirei, Makoto - Society for Economic Dynamics - SED - 2004

invest when the aggregate demand is high. This causes a propagation of investment across sectors. When the investment follows … an (S,s) policy, the propagation size can exhibit a significant fluctuation. We derive the probability distribution of … the propagation size, and show that its variance can be large enough to match the observed investment fluctuations. We …

Persistent link: https://www.econbiz.de/10005027253

Learning by Doing as a Propagation Mechanism

Chang, Yongsung; Gomes, Joao F; Schorfheide, Frank - C.E.P.R. Discussion Papers - 2002

important propagation mechanism in a dynamic stochastic general equilibrium model, as the current labour supply affects future …

Persistent link: https://www.econbiz.de/10005504303

The Economic Effects of Energy Price Shocks

Kilian, Lutz - C.E.P.R. Discussion Papers - 2007

Large fluctuations in energy prices have been a distinguishing characteristic of the U.S. economy since the 1970s. Turmoil in the Middle East, rising energy prices in the U.S. and evidence of global warming recently have reignited interest in the link between energy prices and economic...

Persistent link: https://www.econbiz.de/10005504581

Can Nominal Wage and Price Rigidities Be Equivalent Propagation Mechanisms? The Case of Open Economics

Hansen, Bo William; Nielsen, Lars Mayland - School of Economics and Management, University of Aarhus

Does it matter for the propagation mechanism following nominal shocks whether nominal rigidities are specified as … persistence pattern. Specifically, nominal wage and price rigidities are equivalent "impact adjusted" propagation mechanisms …

Persistent link: https://www.econbiz.de/10005440001

The Relative Price and Relative Productivity Channels for Aggregate Fluctuations

Swanson, Eric - In: Contributions to Macroeconomics 6 (2006) 1, pp. 1293-1293

This paper demonstrates that sectoral heterogeneity itself, without additional bells or whistles, has important, first-order implications for the transmission of aggregate shocks to aggregate variables in an otherwise standard DSGE model. The effects of sectoral heterogeneity on this...

Persistent link: https://www.econbiz.de/10005751491

Propagation Through Endogenous Investment-Specific Technological Change

Huffman, Gregory W. - Vanderbilt University Department of Economics - 2002

Many real business cycle models lack a significant propagation mechanism. Consequently most of the serial correlation …

Persistent link: https://www.econbiz.de/10005585315

Chiral effects on optical solitons

Torres-Silva, H.; Zamorano, M. - In: Mathematics and Computers in Simulation (MATCOM) 62 (2003) 1, pp. 149-161

A basic equation, describing the temporal evolution of fields in a chiral medium with Kerr non-linearity is used to study the effects resulting from the combined action of chirality and non-linearity on optical solitons. The spatial chirality effect is characterized through the Born–Fedorov...

Persistent link: https://www.econbiz.de/10010748684