Search Results
Working Paper
Sectoral vs. aggregate shocks : a structural factor analysis of industrial production
This paper uses factor analytic methods to decompose industrial production (IP) into components arising from aggregate shocks and idiosyncratic sector-specific shocks. An approximate factor model finds that nearly all (90%) of the variability of quarterly growth rates in IP are associated with common factors. Because common factors may reflect sectoral shocks that have propagated by way of input-output linkages, we then use a multisector growth model to adjust for the effects of these linkages. In particular, we show that neoclassical multisector models, of the type first introduced by Long ...
Working Paper
Measures of fit for calibrated models
Working Paper
Money, prices, interest rates and the business cycle
Journal Article
Temporal instability of the unemployment-inflation relationship
Journal Article
Market anticipations of monetary policy actions - commentary
Conference Paper
On the sources of the Great Moderation - discussion
Conference Paper
Modeling inflation after the crisis