Similar Search Results

Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom not the Disease!

Jagannathan, Ravi; Kapoor, Mudit; Schaumburg, Ernst - National Bureau of Economic Research (NBER) - 2009

Globalization has made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world's effective labor supply, triggered by...

Persistent link: https://www.econbiz.de/10008610972

How Inflation Affects Macroeconomic Performance: An Agent-Based Computational Investigation

Howitt, Peter; Ashraf, Quamrul; Gershman, Boris - National Bureau of Economic Research (NBER) - 2012

We use an agent-based computational approach to show how inflation can worsen macroeconomic performance by disrupting … the mechanism of exchange in a decentralized market economy. We find that increasing the trend rate of inflation above 3 … significant negative effect of trend inflation on output even when such an effect exists in reality. …

Persistent link: https://www.econbiz.de/10010821728

The Phillips Curve is Alive and Well: Inflation and the NAIRU During the Slow Recovery

Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2013

ideas. The coroner's evidence consists of the small standard deviation of the core inflation rate in the past two decades … despite substantial volatility of the unemployment rate, and in particular the common tendency of PC inflation equations to … predict ever greater amounts of negative inflation (i.e., deflation) over the years of labor-market slack since 2008 …

Persistent link: https://www.econbiz.de/10010951448

News Shocks

Barsky, Robert B.; Sims, Eric R. - National Bureau of Economic Research (NBER) - 2009

innovations, and negatively correlated with inflation innovations. The disinflationary nature of news shocks is consistent with …

Persistent link: https://www.econbiz.de/10005027105

Asset Pricing Implications of Macroeconomic Interventions An Application to Climate Policy

Mehra, Rajnish - National Bureau of Economic Research (NBER) - 2013

This paper illustrates that evaluating alternate abatement polices that affect the growth path of an economy on the basis of their effects on asset valuation may not be welfare enhancing. We show that the class of abatement polices considered in the integrated assessment literature are robust...

Persistent link: https://www.econbiz.de/10010821892

Assessing Asset Pricing Models Using Revealed Preference

Berk, Jonathan B.; Binsbergen, Jules H. van - National Bureau of Economic Research (NBER) - 2014

We propose a new method of testing asset pricing models that relies on using quantities rather than prices or returns. We use the capital flows into and out of mutual funds to infer which risk model investors use. We derive a simple test statistic that allows us to infer, from a set of candidate...

Persistent link: https://www.econbiz.de/10011144243

Confidence Risk and Asset Prices

Bansal, Ravi; Shaliastovich, Ivan - National Bureau of Economic Research (NBER) - 2009

In the data, asset prices exhibit large negative moves at frequencies of about 18 months. These large moves are puzzling as they do not coincide, nor are they followed by any significant moves in the real side of the economy. On the other hand, we find that measures of investor's uncertainty...

Persistent link: https://www.econbiz.de/10005775065

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011207908

The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

Calvo, Guillermo - National Bureau of Economic Research (NBER) - 2012

Fiat money contains the seeds of its own destruction. It has no intrinsic value and, yet, it can be exchanged for valuable consumption and production goods. As Hahn (1965) shows, this situation puts fiat money's market value or liquidity premium at the brink of collapse. In this paper I will...

Persistent link: https://www.econbiz.de/10010796587

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries

Calvo, Guillermo; Coricelli, Fabrizio; Ottonello, Pablo - National Bureau of Economic Research (NBER) - 2012

("wageless recovery"). Second, inflation determines the type of recovery: low inflation (below 30 percent annual rate) is … associated with jobless recovery, while high inflation is associated with wageless recovery. The paper shows that this pattern of …

Persistent link: https://www.econbiz.de/10010796672