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Measuring the natural interest rate for the Macedonian economy: A multi-model approach

Miteski, Mite; Petrovska, Magdalena; Sulejmani, Artan - 2023

This paper identifies the natural interest rate for the Macedonian economy using quarterly data for 2001Q4-2019Q3. To this end, the estimation is made by using different types of models, such as the Holston, Laubach, and Williams model and the full-fledged country-specific structural MAKPAM...

Persistent link: https://www.econbiz.de/10014327951

Dynamic hysteresis effects

Li, Mengheng; Mendieta-Muñoz, Ivan - 2024

We study how the output gap affects potential output over time-i.e., the dynamic hysteresis effect. To do so, we introduce novel unobserved components (UC) models that consider hysteresis as a sequence of lagged effects, thus separating the long-run recession-induced adverse effects from other...

Persistent link: https://www.econbiz.de/10014581848

The Natural Real Interest Rate and the Output Gap in the Euro Area: A Joint Estimation

Garnier, Julien; Wilhelmsen, Bjørn-Roger - 2005

The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current central bank research. The idea is that there exists a level at which the real interest rate would be compatible with output at its potential level and stationary inflation. Such a consept is of...

Persistent link: https://www.econbiz.de/10012143650

International Evidence on Output Fluctuation and Shock Persistence

Levy, Daniel; Dezhbakhsh, Hashem - 2002

We estimate output growth rate spectra for 58 countries. The spectra exhibit diverse shapes. To study the sources of this diversity, we estimate the short-run, business cycle, and long-run frequency components of the sampled series. For most OECD countries the bulk of the spectral mass is in the...

Persistent link: https://www.econbiz.de/10013204730

On the Causality Between Saving and Growth: Long- and Short-Run Dynamics and Country Heterogeneity

Andersson, Björn - 1999

The temporal interdependence between saving and output has been in focus in a number of recent empirical studies. Results from these studies have compelled some authors to question the traditional notion of a causal chain where saving leads growth through capital accumulation. This paper...

Persistent link: https://www.econbiz.de/10010321740

Uncertainty, intangible capital, and productivity dynamics

Palombo, Edoardo - 2020

productivity growth. This paper offers a quantitative study on the link between uncertainty and low productivity growth. Firstly … Recession. Secondly, to investigate the effect of uncertainty on productivity growth dynamics, I present a novel general … productivity growth when accounting for the empirical discrepancy between the realised and expected changes to the second-moment of …

Persistent link: https://www.econbiz.de/10012670872

Output collapses and productivity destruction

Blyde, Juan S.; Daude, Christian; Fernández-Arias, Eduardo - 2009

below trend - and total factor productivity (TFP), using a panel of 71 developed and developing countries during the period …

Persistent link: https://www.econbiz.de/10010278252

Explaining the Low US Inflation - Coincidence or "New Economy"? Evidence Based on a Wage-Price Spiral

Claussen, Carl Andreas; Staehr, Karsten - 2001

We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard expectations-augmented Phillips curve does not exhibit structural breaks. However, a wage-price spiral comprising wage growth, consumer price inflation and producer price inflation shows...

Persistent link: https://www.econbiz.de/10012143580

Estimating hysteresis effects

Furlanetto, Francesco; Robstad, Ørjan; Ulvedal, Pål; … - 2020

decline in investment (including R&D investment) on productivity is compensated by the fact that the least productive workers …

Persistent link: https://www.econbiz.de/10012661571

Macroeconomic effects of the gender revolution

Bergholt, Drago; Fosso, Luca; Furlanetto, Francesco - 2024

. Empirically, we find that secular changes in female-specific labor productivity account for approximately one-third of economic …

Persistent link: https://www.econbiz.de/10015433764