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作者：Barsky, Robert B.; Sims, Eric R.
作者单位：University of Notre Dame; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：This paper proposes and implements a novel structural VAR approach to the identification of news shocks about future technology. The news shock is identified as the shock orthogonal to the innovation in current utilization-adjusted TFP that best explains variation in future TFP. A favorable news shock leads to an increase in consumption and decreases in output, hours, and investment on impact - more suggestive of standard DSGE models than of recent extensions designed to generate news-driven b...
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作者：Miyamoto, Hiroaki; Takahashi, Yuya
作者单位：University of Mannheim
摘要：The impact of long-run productivity growth on unemployment is studied. We incorporate disembodied technological progress and on-the-job search into the endogenous job separation model of Mortensen and Pissarides (1994). Because we include on-the-job search, faster growth reduces unemployment by decreasing job separation and inducing job creation. The incorporation of on-the-job search substantially improves the ability of the Mortensen and Pissarides model to explain the effect of growth on la...
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作者：Davis, Douglas; Korenok, Oleg
作者单位：Virginia Commonwealth University
摘要：A market experiment examines the capacity of price and information frictions to explain real responses to nominal price shocks. Results indicate that both price and information frictions impede the response to a nominal shock, as predicted by the standard dynamic adjustment models. Observed adjustment delays, however, far exceed predicted levels. Results of a pair of subsequent treatments indicate that a combination of announcing the shock privately to all sellers (rather than publicly) and a ...
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作者：Mayoral, Laura; Dolores Gadea, Maria
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Zaragoza; Barcelona School of Economics
摘要：A novel approach to analyzing real exchange rate (RER) persistence and its sources is presented. Using highly disaggregated data for a group of EU-15 countries, it is shown that the distribution of sectoral persistence is highly heterogeneous and skewed to the right, so that a limited number of sectors are responsible for the high levels of persistence observed at the aggregate level. Quantile regression has been employed to investigate whether traditional theories, such as the lack of arbitra...
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作者：Rabanal, Pau; Rubio-Ramirez, Juan F.; Tuesta, Vicente
作者单位：Duke University; International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A puzzle in international macroeconomics is that real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. This paper provides evidence that TFP processes for the U.S. and the rest of the world are characterized by a vector error correction model (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps to explain the observed high real exchange rate volatility. Also, the model can explain the obse...
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作者：Dellas, Harris
作者单位：University of Bern; Centre for Economic Policy Research - UK
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作者：Sundaresan, Suresh
作者单位：Columbia University
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作者：Imbs, Jean; Jondeau, Eric; Pelgrin, Florian
作者单位：Paris School of Economics; University of Lausanne
摘要：Sector-level Phillips curves are estimated in French data. There is considerable heterogeneity across sectors, with vastly different estimates of the backward looking component of inflation and the duration of nominal rigidities. A multi-sector model of inflation dynamics is calibrated on the basis of these sectoral estimates. Aggregate inflation, simulated on the basis of heterogeneous sectors, displays comparable dynamics to actual data. A comparison is drawn between the policy trade-offs im...
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作者：Ohanian, Lee E.
作者单位：University of California System; University of California Los Angeles
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作者：Bech, Morten L.; Klee, Elizabeth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds rate began to deviate from the target rate set by the Federal Open Market Committee. In response, the Federal Reserve revised its operational framework for implementing monetary policy and began to pay int...
