Recent studies using long-run restrictions question the validity of the technology-driven real business cycle … technology- driven real business cycle hypothesis. We propose an alternative identi�cation that maximizes the contribution of …-run restrictions aimed at isolating the e�ects of technology shocks on productivity beyond business cycle frequencies do not provide …

, business-cycle frequencies” (Piazzesi and Swanson, 2008, p. 690). 5 where 1 t fff denotes the rate on the 1-month ahead … News Moves Markets,” Current Issues in Economics and Finance, Federal Reserve Bank of New York, 14(6), 1-7. Bernanke … Rate Target on Market Interest Rates in the 1970s,” Journal of Monetary Economics, 24(3), pp. 331-51. Faust, J., E …

that investigates the role of endogenous �rm entry and exit on business cycle �uctuations.1 Studying entry behavior in a … macroecon- omy is important for several reasons. First, a key business cycle fact, as shown by Bilbiie, Ghironi and Melitz (2006 … prototypical real business cycle, hence there is no role for monetary policy. All of the others papers in this area are based on …

believe that it applies broadly to all central banks. The economics profession has made considerable progress towards … understanding the role of central banks in controlling inflation in the 45 years since I took my first economics course. Until at … least the early 1970’s the majority of the economics profession believed that central banks could do little to control …

of exchange essential. In doing so, these papers introduce new elements into monetary economics, including detailed ….023. 10 Targeting ζ is like tageting the labor supply elasticity in a standard business cycle model, which one may or may not …

assistance.
 1 Joseph G. Hoyt Distinguished University Professor, Department of Economics, Washington University in Saint Louis … evidence by means of the HP filter are dwarfed by the fluctuations taking place at business cycle frequencies: factors' shares …

of real business cycle models, constructs dynamic stochastic general equilibrium models to study optimal stabilization … policy. What separates New Keynesian (NK) models from real business cycle models is their reliance on nominal rigidities …

economics. Early contributions by Tobin (1965) and Sidrauski (1967a,1967b) gave us insights as to how in�a- tion could deter (or …, S.B., G. ROCHETEAU and C. WALLER (2007), �Bargaining and the Value of Money�, Journal of Monetary Economics 54, 2636 …�, (Mimeo, University of Notre Dame). [5] BERENTSEN, ROJAS-BREU and SHI (2009). �Liquidity and Economics Growth�, (Mimeo …

Vivekananda Mukherjee* Department of Economics, Jadavpur University, Calcutta 700032, India August, 2009 … inputs to business activities; then call centers outside the U.S. serving the airlines are contributing towards the …. 9 References Arndt, S. (1997): Globalization and the Open Economy, North American Journal of Economics and Finance …

.wen@stls.frb.org. 1 1 Introduction This paper reconsiders the business-cycle and welfare e�ects of money by generalizing Bewley�s (1980 … money.1 The model is applied to studying some important issues in monetary literature, including (i) the business … address some of the issues considered in this paper, such as the dynamics of velocity, the monetary business cycle, the …