The literature on the relationship between real output growth and the growth rate in the price of oil, including an allowance for asymmetry in the impact of oil prices on output, continues to evolve. Here we show that a new technique, which allows us to control for both this asymmetry and also...

Case, Quigley and Shiller (2013) distinguished and quantified two wealth effects in retail sales at the state level: One from wealth held as corporate stock and one from wealth held in the form of home ownership. Here we investigate how each of these wealth e¤ects varies by frequency that is,...

We estimate a monetary policy rule for the US allowing for possible frequency de- pendence - i.e., allowing the central bank to respond differently to persistent innovations than to transitory innovations, in both the real-time unemployment rate and the real-time inflation rate. The estimation...

We estimate a monetary policy rule allowing for possible frequency dependence - i.e. allowing the central bank to respond di¤erently to persistent innovations than to transitory innovations, in both the real-time unemployment rate and the real-time inflation rate. The method is flexible, and...