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Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

Gourio, Francois; Rudanko, Leena - Federal Reserve Bank of Chicago - 2014

Intangible capital is an important factor of production in modern economies that is generally neglected in business cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially if the intangible is complementary with production...

Persistent link: https://www.econbiz.de/10010742258

Credit Supply and the Housing Boom

Justiniano, Alejandro; Primiceri, Giorgio E.; … - Federal Reserve Bank of Chicago - 2014

The housing boom that preceded the Great Recession was due to an increase in credit supply driven by looser lending constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical observations: the unprecedented rise in home prices and...

Persistent link: https://www.econbiz.de/10011099908

Core and 'Crust': Consumer Prices and the Term Structure of Interest Rates

Ajello, Andrea; Benzoni, Luca; Chyruk, Olena - Federal Reserve Bank of Chicago - 2012

term structures of risk-free rates. In our framework, distinct core, food, and energy price series combine into a measure … inflation-indexed bond market. Finally, we find a pronounced declining pattern in the inflation risk premium that illustrates … the changing nature of inflation risk in nominal Treasuries. …

Persistent link: https://www.econbiz.de/10011093790

Inflation Uncertainty and Disagreement in Bond Risk Premia

D'Amico, Stefania; Orphanides, Athanasios - Federal Reserve Bank of Chicago - 2014

-based ex-post measures of macroeconomic risk. Inflation uncertainty is an important driver of bond premia, but the relation …

Persistent link: https://www.econbiz.de/10011119883

The Effects of the Saving and Banking Glut on the U.S. Economy

Justiniano, Alejandro; Primiceri, Giorgio E.; … - Federal Reserve Bank of Chicago - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10010735412

A Portfolio-Balance Approach to the Nominal Term Structure

King, Thomas B. - Federal Reserve Bank of Chicago - 2013

Explanations of why changes in the relative quantities of safe debt seem to affect asset prices often appeal informally to a “portfolio balance” mechanism. I show how this type of effect can be incorporated in a general class of structural, arbitrage-free asset-pricing models using a...

Persistent link: https://www.econbiz.de/10011027196

Adverse Selection, Risk Sharing and Business Cycles

Veracierto, Marcelo - Federal Reserve Bank of Chicago - 2014

I consider a real business cycle model in which agents have private information about an idiosyncratic shock to their …

Persistent link: https://www.econbiz.de/10011093788

Technology shocks matter

Fisher, Jonas D. M. (contributor) - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001761436

Economic perspectives

Federal Reserve Bank of Chicago - Chicago, Ill. : Research Dept. of the Federal Reserve Bank - 1.1977 - 6.1982; 13.1989 -

Persistent link: https://www.econbiz.de/10000361175

Earnings inequality and the business cycle

Barlevy, Gadi (contributor); Tsiddon, Daniel (contributor) - 2004 - [Elektronische Ressource]

"Economists have long viewed recessions as contributing to increasing inequality. However, this conclusion is largely based on data from a period in which inequality was increasing over time. This paper examines the connection between long-run trends and cyclical variation in earnings...

Persistent link: https://www.econbiz.de/10002049337