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This paper investigates an international monetary business-cycle model in which agents face monetary policy processes that incorporate regime shifts. In any period, agents cannot directly observe the policy regime, but, instead, form beliefs that are updated through Bayesian learning. Monetary...
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The authors investigate an international monetary business-cycle model in which agents face monetary policy processes that incorporate regime shifts. In any given period agents cannot directly observe the policy regime, but instead form beliefs that are updated via Bayesian learning. As a...
Persistent link: https://www.econbiz.de/10014189321
Many recent studies have identified a decline in the volatility of U.S. real output over the last half century. This study examines a less discussed and analyzed trend, but one as significant as the drop in output volatility, namely a substantial decline in employment volatility during the...
Persistent link: https://www.econbiz.de/10005512254
The volatility of the U.S. economy since the mid-1980s is much lower than it was during the prior 20-year period. The proximate causes of the increased stability and their relative importance remain unsettled, but the sharpness of the volatility decline and its timing has led authors such as...
Persistent link: https://www.econbiz.de/10005512276
This paper investigates trend and cycle dynamics in per capita income for the major U.S. regions during the 1956-95 period. Cointegration and serial correlation common features information are used in jointly decomposing the series into trend and cycle components. The authors find considerable...
Persistent link: https://www.econbiz.de/10005512332
This paper examines monetary regime switching in Canada and the United States and the implications of regime switching for exchange rates and key nominal and real macroeconomic aggregates for the two countries. Evidence of Markov regime switching in the process governing monetary base growth and...
Persistent link: https://www.econbiz.de/10005512385
Horvath and Verbrugge (1996) argue that when investigating the sources of aggregate fluctuations, it is important to use the highest frequency data available. Using monthly data for the U.S. economy they show that industry-specific shocks are more important in explaining fluctuations in...
Persistent link: https://www.econbiz.de/10005387482