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Macroeconomic Uncertainty and the Impact of Oil Shocks
Van Robays, Ine - 2014
production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times …
Persistent link: https://www.econbiz.de/10013065408
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Personal Income Tax Progressivity and Output Volatility : Evidence from OECD Countries
Attinasi, Maria Grazia; Checherita-Westphal, Cristina D.; … - 2021
This paper investigates empirically the effect of personal income tax progressivity on output volatility in a sample of … hypothesis that higher personal income tax progressivity leads to lower output volatility. All other factors constant, countries …
Persistent link: https://www.econbiz.de/10013315980
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Labor Market Institutions and Macroeconomic Volatility in a Panel of OECD Countries
Rumler, Fabio; Scharler, Johann - 2021
In this paper we analyze empirically how labor market institutions influence business cycle volatility in a sample of … protection legislation appear to play a limited role for output volatility. We also find some evidence suggesting that highly … coordinated wage bargaining systems have a dampening impact on inflation volatility …
Persistent link: https://www.econbiz.de/10013316420
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Technological Diversification
Koren, Miklós; Tenreyro, Silvana - 2021
and it hence lowers the volatility of output. Technological complexity evolves endogenously in response to profit …
Persistent link: https://www.econbiz.de/10013318779
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Financial Frictions : Micro vs Macro Volatility
Lee, Seungcheol; Luetticke, Ralph; Ravn, Morten O. - 2021
We introduce frictional financial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces an endogenous countercyclical spread between the...
Persistent link: https://www.econbiz.de/10013312156
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Would the Bundesbank Have Prevented the Great Inflation in the United States?
Benati, Luca - 2009
Policy counterfactuals based on estimated structural VARs routinely suggest that bringing Alan Greenspan back in the 1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests that the Bundesbank – which is near-universally...
Persistent link: https://www.econbiz.de/10013153230
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2021
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10013317584
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Forecasting the Brent oil price: addressing time-variation in forecast performance
Belu Mănescu, Cristiana; Van Robays, Ine - 2014
This paper demonstrates how the real-time forecasting accuracy of different Brent oil price forecast models changes over time. We find considerable instability in the performance of all models evaluated and argue that relying on average forecasting statistics might hide important information on...
Persistent link: https://www.econbiz.de/10011605780
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Forecasting the Brent Oil Price : Addressing Time-Variation in Forecast Performance
Manescu, Cristiana - 2015
This paper demonstrates how the real-time forecasting accuracy of different Brent oil price forecast models changes over time. We find considerable instability in the performance of all models evaluated and argue that relying on average forecasting statistics might hide important information on...
Persistent link: https://www.econbiz.de/10013032606
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Finance and diversification
Manganelli, Simone; Popov, Alexander - 2010
aggregate output across industrial sectors which minimize the economy’s long-term volatility for a given level of long …
Persistent link: https://www.econbiz.de/10011605305