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 …

.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 …

, MO 63166; email david.c.wheelock@stls.frb.org. Wilson: The John E. Walker Department of Economics, 222 Sirrine Hall … exibility in ofiering business loans to members. 4 improvements in scale e–ciency. Our evidence is thus consistent with the …. Assumptions 2.1 and 2.2 are standard in the economics literature (e.g., see F˜are, 1988). Free disposability in Assumption 2 …

CSEF-IGIER Symposium on Economics and Institutions, the 2009 North American Summer Meeting of the Econometric Society, the … hotel industry. In both of these industries, most of sunk entry costs explicitly arise from construction costs of business … particular, is not required to pay up front for building or setting up business premises. We assume that all economies in our …

one of the most commonly tested hypotheses in economics. Yet, the mechanism through which money affects an economy …

casino in Metropolis, Illinois, river conditions created transitory disturbances to business which we modeled with pulse … more business to its new competitor than did the casino in Alton, Illinois (which is, coincidentally, about 21-1/2 miles …

, Borrowing Constraints, Heterogenous Firms, Business Cycle. JEL codes: D21, D58, E22, E32. We thank John Haltiwanger and Thomas … business-cycle analyses under aggregate shocks without having to worry about the optimality of an always-binding borrowing … by increased R&D innovations. Kaas (2009) develops a real business cycle model with idiosyncratic productivity shocks and …

also propagate the business cycle. That is, the incentive to accumulate inventories under the cost-smoothing motive can … greatly amplify but also propagate the business cycle. That is, the incentive to accumulate inventories under the cost … the (S,s) rule) does not increase the variance of aggregate output. Keywords: Inventories, Accelerator, Business Cycle …

We analyze the relationship between housing and the business cycle in a set of 51 U.S. cities. Most surprisingly, we …�, Review of Economics and Sta- tistics, 87, 617-626. Davis, Morris A. and Jonathan Heathcote, 2005. �Housing and the Business … Piger, and Howard J. Wall, 2005. �Business Cycle Phases in U.S. States�, Review of Economics and Statistics, 87, 604 …

Louiss and Ente Enaudi for their hospitality. †Department of Economics, Washington University, St. Louis MO 63130-4899, USA …. E-mail: azariadi@artsci.wustl.edu ‡Department of Economics, University of Konstanz, Box D145, 78457 Konstanz, Germany. E … cardinal importance for both long-run growth and business cycles, including economic depressions. Klenow and Rodriguez- Clare …