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Technology (and Policy) Shocks in Models of Endogenous Growth

Jones, Larry; Manuelli, Rodolfo; Stacchetti, Ennio - 2008

Our objective is to understand how fundamental uncertainty can affect the long-run growth rate and what factors determine the nature of the relationship. Qualitatively, we show that the relationship between volatility in fundamentals and policies and mean growth can be either positive or...

Persistent link: https://www.econbiz.de/10014215791

State-Dependent Local Projections : Understanding Impulse Response Heterogeneity

Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023

An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...

Persistent link: https://www.econbiz.de/10014226168

Money, Sticky Wages, and the Great Depression

Bordo, Michael D.; Erceg, Christopher J.; Evans, Charles L. - 2000

This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is...

Persistent link: https://www.econbiz.de/10014154226

Sources and Propagation of International Cycles : Common Shocks or Transmission?

Marrinan, Jane; Canova, Fabio - 2014

This paper studies the generation and transmission of international cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbance are considered, and three channels of propagation are compared. In the short run the contemporaneous correlation of...

Persistent link: https://www.econbiz.de/10014089398

Nonlinear Business Cycle Dynamics : Cross-Country Evidence on the Persistence of Aggregate Shocks

Bradley, Michael; Jansen, Dennis W. - 1998

We look for asymmetries in the dynamics of real GDP growth for the G7 countries, using a model by Beaudry and Koop that allows the depth of a recession to influence the rate of growth of output. We find evidence supporting these nonlinearities in four countries, including the United States, but...

Persistent link: https://www.econbiz.de/10014068931

The Delayed Response to a Technology Shock : A Flexible Price Explanation

Vigfusson, Robert J. - 2015

I present empirical evidence of how the U.S. economy, including per-capita hours worked, responds to a technology shock … positive technology shock. This paper's empirical evidence suggests that emphasizing the drop in hours worked is misdirected …. In response to a positive technology shock, a standard flexible price model would have an immediate increase in hours …

Persistent link: https://www.econbiz.de/10014070555

A Reconsideration of the Empirical Evidence on the Asymmetric Effects of Money-Supply Shocks : Positive vs. Negative or Big vs. Small?

Ravn, Morten O.; Sola, Martín - 1998

This paper reconsiders the empirical evidence on the asymmetric output effects of monetary policy. Asymmetric effects is a common feature of many theoretical models, and there are many different versions of such asymmetries. We concentrate on the distinctions between positive and negative...

Persistent link: https://www.econbiz.de/10014070901

Monitoring multicountry macroeconomic risk

Korobilis, Dimitris; Schröder, Maximilian - 2023

inference that feature varying level of trade-off between estimation precision and computational speed. Using monthly data for …

Persistent link: https://www.econbiz.de/10014314068

The origins and effects of macroeconomic uncertainty

Bianchi, Francesco; Kung, Howard; Tirskikh, Mikhail - In: Quantitative economics : QE ; journal of the … 14 (2023) 3, pp. 855-896

We estimate a production‐based general equilibrium model featuring demand‐ and supply‐side uncertainty and an endogenous term premium. Using term structure and macroeconomic data, we find sizable effects of uncertainty on risk premia and business cycle fluctuations. Both demand‐ and...

Persistent link: https://www.econbiz.de/10014362538

Identification using higher-order moments restrictions

Andrade, Philippe; Ferroni, Filippo; Melosi, Leonardo - 2023 - First draft (June 2022)

in the Euro Area. In both cases, using higher-moment restrictions significantly sharpens identification. After a shock to …

Persistent link: https://www.econbiz.de/10014335939