Output gaps that are estimated in real time can differ substantially from those estimated after the fact. We aim to understand the real-time instability of output gap estimates by comparing a suite of reduced-form models. We propose a new statistical decomposition and find that including a...

Residential energy consumptions of both electricity and fuels are associated with emissions of many air pollutants. Temporally and spatially resolved energy consumption data are scarce in China, which are critical for a better understanding of their environmental impacts. In this study, a...

The objective of the study was to investigate the post-traumatic psychological reactions of children and adolescents of 2008 Chinese earthquake in two samples from a highly exposed area (HEA) (n = 188) and a lowly exposed area (LEA) (n = 235). One year after the earthquake, 423...

This paper develops a model of the financial system that provides a framework for analyzing monetary policy implementation in a world with multiple Federal Reserve liabilities and a superabundant supply of reserves. The analysis demonstrates that the Federal Reserve's suite of policy tools...

The effects of asset purchase programs on macroeconomic variables are likely to be moderate. We reach this conclusion after simulating the impact of the US Federal Reserve second Large-Scale Asset Purchase program (LSAP II) in a DSGE model enriched with a preferred habitat framework and...

We simulate the Federal Reserve second Large-Scale Asset Purchase program in a DSGE model with bond market segmentation estimated on U.S. data. GDP growth increases by less than a third of a percentage point and inflation barely changes relative to the absence of intervention. The key reasons...

Standard dynamic stochastic general equilibrium (DSGE) models assume a Taylor rule and forecast an increase in interest rates immediately after the 2007-2009 economic recession given the predicted output and inflation, contradictory to the extended period of near-zero interest rate policy (ZIRP)...

Purpose This study aims to examine the impact of a mega-sporting event “2014 FIFA World Cup” on hotel pricing strategies and performance. Design/methodology/approach The present project examines the host regions’ response to the 2014 FIFA World Cup which was established by the variance in...