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The information content of capacity utilization for detrending total factor productivity
Planas, C.; Roeger, W.; Rossi, A. - In: Journal of Economic Dynamics and Control 37 (2013) 3, pp. 577-590
In the production function approach, an accurate output gap assessment requires a careful evaluation of the total factor productivity (TFP) cycle. We build a common cycle model that links TFP to capacity utilization and we show that, in almost all of the pre-enlargement EU countries, using...
Persistent link: https://www.econbiz.de/10010608459
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How beneficial was the Great Moderation after all?
Pancrazi, Roberto - In: Journal of Economic Dynamics and Control 46 (2014) C, pp. 73-90
This paper computes the welfare effect of the Great Moderation, using a representative-agent consumption-based asset … only a modest welfare gain from Great Moderation (0.38 percent in consumption equivalent), due mainly to the utility cost …
Persistent link: https://www.econbiz.de/10010906772
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Anticipation, learning and welfare: the case of distortionary taxation
Gasteiger, Emanuel; Zhang, Shoujian - In: Journal of Economic Dynamics and Control 39 (2014) C, pp. 113-126
for the welfare consequences of fiscal reforms. …
Persistent link: https://www.econbiz.de/10010744180
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Portfolio selection in a data-rich environment
Bouaddi, Mohammed; Taamouti, Abderrahim - In: Journal of Economic Dynamics and Control 37 (2013) 12, pp. 2943-2962
We model portfolio weights as a function of latent factors that summarize the information in a large number of economic variables. This approach (hereafter diffusion index approach) offers the opportunity to exploit a much richer information base to improve portfolio selection. We use factor...
Persistent link: https://www.econbiz.de/10010870990
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Misallocation, informality, and human capital: Understanding the role of institutions
D׳Erasmo, Pablo N.; Moscoso Boedo, Hernan J.; Şenkal, … - In: Journal of Economic Dynamics and Control 42 (2014) C, pp. 122-142
The aim of this paper is to quantify the role of formal-sector institutions in shaping the demand for human capital and the level of informality. We propose a firm dynamics model where firms face capital market imperfections and costs of operating in the formal sector. Formal firms have a larger...
Persistent link: https://www.econbiz.de/10011051923
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Monetary policy trade-offs in an estimated open-economy DSGE model
Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - In: Journal of Economic Dynamics and Control 42 (2014) C, pp. 33-49
This paper studies the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank׳s estimated dynamic stochastic general equilibrium (DSGE) model of a small open economy. Our main finding is that the trade-off between stabilizing CPI...
Persistent link: https://www.econbiz.de/10011051989
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Dynamically optimal R&D subsidization
Grossmann, Volker; Steger, Thomas; Trimborn, Timo - In: Journal of Economic Dynamics and Control 37 (2013) 3, pp. 516-534
. There is a small loss in welfare, however, from immediately setting the R&D subsidy to its optimal long run level, compared …
Persistent link: https://www.econbiz.de/10010870991
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Equilibrium Heterogeneous-Agent models as measurement tools: Some Monte Carlo evidence
Cozzi, Marco - In: Journal of Economic Dynamics and Control 39 (2014) C, pp. 208-226
-Agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the long-run welfare changes … induced by a set of policy experiments is assessed. The results show that, for the policy reforms with sizable welfare effects …
Persistent link: https://www.econbiz.de/10010744182
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Social security reform with impure intergenerational altruism
Yang, Fang - In: Journal of Economic Dynamics and Control 37 (2013) 1, pp. 52-67
This paper studies the long-run aggregate and welfare effects of eliminating Social Security in a quantitative dynamic … bigger effect than in a model with two-sided altruism. The welfare gain of eliminating Social Security system under impure …
Persistent link: https://www.econbiz.de/10010594907
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Optimal Fiscal Policy with Labor Selection
Chugh, Sanjay K.; Lechthaler, Wolfgang; Merkl, Christian - In: Journal of Economic Dynamics and Control 94 (2018), pp. 142-189
This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey decentralized equilibrium, labor market volatility is inefficient. Keeping fixed the structural parameters, the Ramsey government achieves efficient labor market...
Persistent link: https://www.econbiz.de/10012490454