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A state-level analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007

the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

Persistent link: https://www.econbiz.de/10005360567

Tobin's imperfect asset substitution in optimizing general equilibrium

Andres, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2004

In this paper, we present a dynamic optimizing model that allows explicitly for imperfect substitutability between different financial assets. This is specified in a manner which captures Tobin's (1969) view that an expansion of one asset's supply affects both the yield on that asset and the...

Persistent link: https://www.econbiz.de/10005352930

Macroeconometric equivalence, microeconomic dissonance, and the design of monetary policy

Levin, Andrew T.; López-Salido, J. David; Nelson, Edward; … - Federal Reserve Bank of St. Louis - 2008

Many recent studies in macroeconomics have focused on the estimation of DSGE models using a system of loglinear approximations to the models' nonlinear equilibrium conditions. The term macroeconometric equivalence encapsulates the idea that estimates using aggregate data based on first-order...

Persistent link: https://www.econbiz.de/10005490955

Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and...

Persistent link: https://www.econbiz.de/10005076715

Money and the natural rate of interest: structural estimates for the United States and the Euro area

Andrés, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2007

We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility … and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for … holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for …

Persistent link: https://www.econbiz.de/10005352963

How Long Can the U.S. Consumers Carry the economy on Their Shoulders?

Arestis, Philip; Karakitsos, Elias - EconWPA - 2003

The consumer has been on a tightrope since the bursting of the "new economy" bubble, as losses in equity markets have been partly offset by gains in real estate and fiscal support and mortgage refinancing have partly offset increased consumer cautiousness. The consumer will remain on a tightrope...

Persistent link: https://www.econbiz.de/10005408134

The conditions for a Sustainable U.S. Recovery: The Role of Investment

Arestis, Philip; Karakitsos, Elias - EconWPA - 2003

The anemic U.S. economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to ….e., the all-time-high indebtedness in the face of falling asset prices) are preventing investment from picking up and are …

Persistent link: https://www.econbiz.de/10005408108

The Case for Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

excess of private savings over investment at the desired level of economic activity. The paper outlines the "functional …

Persistent link: https://www.econbiz.de/10005408077

Reinventing Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of...

Persistent link: https://www.econbiz.de/10005408097

Are government spending multipliers greater during periods of slack? evidence from 20th century historical data

Owyang, Michael T.; Ramey, Valerie A.; Zubairy, Sarah - Federal Reserve Bank of St. Louis - 2013

A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...

Persistent link: https://www.econbiz.de/10011027317