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Skill-Biased Technological Change and the Business Cycle

Balleer, Almut; van Rens, Thijs - C.E.P.R. Discussion Papers - 2011

-biased technology shocks in a VAR with long-run restrictions. Hours fall in response to skill-biased technology shocks, indicating that …

Persistent link: https://www.econbiz.de/10009643505

Time-Varying Business Volatility, Price Setting, and the Real Effects of Monetary Policy

Bachmann, Rüdiger; Born, Benjamin; Elstner, Steffen; … - C.E.P.R. Discussion Papers - 2013

of a 25 basis point monetary policy shock to output declines from 0.347% to 0.341%. …

Persistent link: https://www.econbiz.de/10011083687

The Ins and Arounds in the U.S. Housing Market

Bachmann, Rüdiger; Cooper, Daniel - C.E.P.R. Discussion Papers - 2014

In the U.S., 15 percent of households move in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market - renter-occupied properties and owner-occupied properties. The gross flows between these two...

Persistent link: https://www.econbiz.de/10011083733

Surprise, Surprise - Measuring Firm-level Investment Innovations

Bachmann, Rüdiger; Elstner, Steffen; Hristov, Atanas - C.E.P.R. Discussion Papers - 2014

direct, econometrics-free quantitative discipline on the idiosyncratic shock processes used in structural heterogeneous …

Persistent link: https://www.econbiz.de/10011084608

A Note on NNS Models: Introducing Physical Capital; Avoiding Rationing

Danthine, Jean-Pierre; Donaldson, John B - C.E.P.R. Discussion Papers - 2002

This note makes two comments on recent NNS models. First, it disputes the way physical capital has been introduced into these models, arguing that this leads to the dubious postulate that the cost of adjusting physical capital stock is an order of magnitude lower than the cost of changing...

Persistent link: https://www.econbiz.de/10005661873

Stylized Facts of Business Cycles in the G7 from a Real Business Cycles Perspective

Fiorito, Riccardo; Kollintzas, Tryphon - C.E.P.R. Discussion Papers - 1992

This paper investigates the basic stylized facts of business cycles in the G7 countries using quarterly data from 1960-89. The methodology used is based on Kydland and Prescott (1990). The evidence suggests that the real business cycles model can account for several important stylized facts for...

Persistent link: https://www.econbiz.de/10005662365

Drift and Breaks in Labour Productivity

Benati, Luca - C.E.P.R. Discussion Papers - 2006

-varying parameters median-unbiased estimation methodology, to investigate changes in the equilibrium rate of growth of labor productivity …

Persistent link: https://www.econbiz.de/10005791767

Determinacy with Capital Adjustment Costs and Sector-Specific Externalities

Herrendorf, Berthold; Valentinyi, Akos - C.E.P.R. Discussion Papers - 2001

indeterminate and stable sunspots are possible. We find that capital adjustment costs of any size preclude stable sunspots for every … size are considered, a necessary condition for the existence of stable sunspots is an upward-sloping labour demand curve in … the standard result that when we abstract from capital adjustment costs, stable sunspots occur in the two-sector model for …

Persistent link: https://www.econbiz.de/10005661912

Fiscal Policy in an Expectations Driven Liquidity Trap

Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2010

We examine the impact of fiscal policy interventions in an environment where the short term nominal interest rate is at the zero bound. In the basic New Keynesian model in which the monetary authority operates a Taylor rule, globally multiple equilibria arise, some of which display all the...

Persistent link: https://www.econbiz.de/10008554241

Investment Shocks and the Relative Price of Investment

Justiniano, Alejandro; Primiceri, Giorgio E; … - C.E.P.R. Discussion Papers - 2009

-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of … investment. The second shock affects the production of installed capital from investment goods or, more broadly, the … transformation of savings into the future capital input. We find that this shock is the most important driver of U.S. business cycle …

Persistent link: https://www.econbiz.de/10008557006