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作者：Hornstein, A; Praschnik, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Western University (University of Western Ontario)
摘要：The post-war US business cycle is characterized by positive comovement of employment and output across sectors. It has been argued that multi-sector growth models are inconsistent with this observation when changes in relative productivities are the main source of fluctuations. We suggest that the input-output structure of an economy, in particular the pervasive use of intermediate inputs, can induce positive comovement in sectoral employment and output following changes in relative productivi...
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作者：Romer, CD; Romer, DH
作者单位：University of California System; University of California Berkeley
摘要：Contrary to the arguments of Leeper (1997), the problems that arise in VAR investigations of monetary policy do not arise with our use of the narrative approach. The apparent high predictability of our monetary-policy variable that Leeper finds is due to overfitting. And the estimated effects of our measure when variables other than output are considered are unsurprising given Leeper's specifications. (C) 1997 Elsevier Science B.V. All rights reserved.
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作者：Fisher, JDM
作者单位：Western University (University of Western Ontario)
摘要：Recent work suggests that the standard real business cycle framework has difficulty accounting for co-movement among aggregate expenditure components when they are disaggregated even slightly to include business and household investment. In addition, relative prices of these goods have displayed substantial variation over the post-war period. This paper reports that incorporating a source of empirically plausible relative price variability makes the framework's implications for comovement even...
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作者：Cooley, TF; Greenwood, J; Yorukoglu, M
作者单位：University of Chicago; University of Rochester; University of Rochester
摘要：A prototypical vintage capital model of economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an economic, not a physical, concept. The vintage capital economy's balanced-growth paths and transitional dynamics are analyzed, The transitional dynamics are markedly different from the standard neoclassical growth model. (C) 1997 Elsevier Science B.V. All righ...
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作者：Barr, DG; Campbell, JY
作者单位：Brunel University; National Bureau of Economic Research
摘要：This paper estimates expected future real interest rates and inflation rates from observed prices of UK government nominal and index-linked bonds, The estimation method takes account of imperfections in the indexation of UK index-linked bonds. It assumes that expected log returns on all bonds are equal, and that expected real interest rates and inflation follow simple time-series processes whose parameters can be estimated from the cross-section of bond prices. The extracted inflation expectat...
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作者：Klenow, PJ; Rodriguez-Clare, A
作者单位：University of Chicago
摘要：The last decade has seen an explosion of research on economic growth. Based on a selective review of this literature and the recent book on Economic Growth by Robert Barro and Xavier Sala-i-Martin, we see four main challenges for future research. First, to more tightly link theory and evidence. We think a good way of achieving this would be to follow the methodology common in the business cycle literature of simulating models to compare their predictions to the data. Second, to develop new way...
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作者：Alvarez, F; Atkeson, A
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; Universidad Torcuato Di Tella; National Bureau of Economic Research
摘要：We analyze the impact of monetary policy on inflation, interest rates and exchange rates in a model with segmented asset markets developed by Grossman and Weiss (1983) and Rotemberg (1984, 1985). We find parameters for which real and nominal exchange rates in this model are (1) much more volatile than interest rates, inflation rates, and money growth rates, (2) highly correlated with each other, and (?) highly persistent, While this model fails to match the data in other important respects, it...
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作者：Ingram, BF; Kocherlakota, NR; Savin, NE
作者单位：University of Iowa; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：A significant amount of economic activity takes place within the home. Unfortunately, it is difficult to assess the cyclical properties of home production because the available data are too sporadic. Using a real business cycle (RBC) model, we construct quarterly data on three variables that are unobservable at a quarterly frequency: hours worked in the home sector, hours spent in leisure, and the consumption of home-produced goods. Three results emerge: leisure is countercyclical while nonmar...
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作者：Cushman, DO; Zha, T
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Saskatchewan
摘要：Previous empirical study on the effects of monetary policy shocks in small open economies has generated puzzling dynamic responses in various macroeconomic variables. This paper argues that these puzzles derive from an identification of monetary policy that is inappropriate for such economies. To remedy this, it is proposed that a structural model be estimated to explicitly account for the features of the small open economy. Such a model is applied to Canada with tightly estimated results over...
