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Granger Causality of the Inflation-Growth Mirror in Accession Countries

Gillman, Max; Nakov, Anton - C.E.P.R. Discussion Papers - 2005

growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … capital and in this sense induces the growth rate decrease. Shifts in the model’s credit sector productivity cause shifts in … the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth …

Persistent link: https://www.econbiz.de/10005791637

When are Supply and Demand Determined Recursively Rather than Simultaneously? Another look at the Fulton Fish Market Data

Graddy, Kathryn; Kennedy, Peter E - C.E.P.R. Discussion Papers - 2007

When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night’s catch, so this would appear to be a good example of a...

Persistent link: https://www.econbiz.de/10005504667

Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data

Boivin, Jean; Giannoni, Marc; Mihov, Ilian - C.E.P.R. Discussion Papers - 2007

This paper disentangles fluctuations in disaggregated prices due to macroeconomic and sectoral conditions using a factor-augmented vector autoregression estimated on a large data set. On the basis of this estimation, we establish eight facts: (1) Macroeconomic shocks explain only about 15% of...

Persistent link: https://www.econbiz.de/10005497865

Bridging DSGE Models and the raw data

Canova, Fabio - C.E.P.R. Discussion Papers - 2013

A method to estimate DSGE models using the raw data is proposed. The approach links the observables to the model counterparts via a flexible specification which does not require the model-based component to be solely located at business cycle frequencies, allows the non model-based component to...

Persistent link: https://www.econbiz.de/10011083486

European Cooperative R&D and Firm Performance: Evidence Based on Funding Differences in Key Actions

Aguiar Wicht, Luis; Gagnepain, Philippe - C.E.P.R. Discussion Papers - 2013

The Framework programmes created by the European Union are the main financial tools used to support cooperative R&D activities in the EU. Unlike previous empirical studies, this paper suggests that their impact on firms’ competitiveness is significant. We analyze industry-oriented research...

Persistent link: https://www.econbiz.de/10011083569

Multivariate Choice and Identification of Social Interactions

Cohen-Cole, Ethan; Liu, Xiaodong; Zenou, Yves - C.E.P.R. Discussion Papers - 2012

In this paper, we investigate the impact of peers on own outcomes where all agents embedded in a network choose more than one activity. We develop a simple network model that illustrates these issues. We differentiate between the ‘seemingly unrelated’ simultaneous equations model where...

Persistent link: https://www.econbiz.de/10011083770

Business Cycle Fluctuations and the Distribution of Consumption

De Giorgi, Giacomo; Gambetti, Luca - C.E.P.R. Discussion Papers - 2014

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use CEX consumption data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that our approach is able to closely match business...

Persistent link: https://www.econbiz.de/10011145411

The Discrete Choice Analytically Flexible (DCAF) Model of Demand for Differentiated Products

Davis, Peter - C.E.P.R. Discussion Papers - 2006

In this paper I develop the Discrete Choice Analytically Flexible (DCAF) model of demand for differentiated products. DCAF relaxes the constraints imposed on the matrix of own- and cross-price elasticities of demand by popular analytic discrete choice models such as the Multinomial Logit (MNL)...

Persistent link: https://www.econbiz.de/10005656174

Measuring Core Inflation

Quah, Danny - C.E.P.R. Discussion Papers - 1995

In this paper we argue that measured (RPI) inflation is conceptually mismatched with core inflation: the difference is more than just `measurement error'. We propose a technique for measuring core inflation based on an explicit long-run economic hypothesis. Core inflation is defined as that...

Persistent link: https://www.econbiz.de/10005662040

Indeterminacy in a Forward Looking Regime Switching Model

Farmer, Roger E A; Waggoner, Daniel F; Zha, Tao - C.E.P.R. Discussion Papers - 2006

This paper is about the properties of Markov switching rational expectations (MSRE) models. We present a simple monetary policy model that switches between two regimes with known transition probabilities. The first regime, treated in isolation, has a unique determinate rational expectations...

Persistent link: https://www.econbiz.de/10005792224