Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Discussion Paper
A Markov switching model of GNP growth with duration dependence
Lam, Pok-san (1997)
We use a regime-switching model of real GNP growth to examine the duration dependence of business cycles. The model extends Hamilton (1989) and Durland and McCurdy (1994) and is estimated using both the postwar NIPA data and the secular data constructed by Balke-Gordon. We find that an expansion is more likely to end at a young age, that a contraction is more likely to end at an old age, that output growth slows over the course of an expansion, that a decline in output is mild at the beginning of a contraction, and that long expansions are followed by long contractions. This evidence taken ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 124

Discussion Paper
Sectoral shift theories of unemployment: evidence from panel data
Keane, Michael P. (1990)
This paper examines the response of sectoral real wages and location probabilities to oil price shocks using U.S. micro-panel data (the National Longitudinal Survey of Young Men). The goal is to determine whether the observed response patterns are consistent with so-called sectoral shift theories of unemployment. These theories predict that shocks that change sectoral relative wages should increase unemployment in the short run and lead to labor reallocation in the long run. Consistent with these predictions, the oil price changes of the 1970s resulted in substantial movements in industry ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 28

Discussion Paper
Political economy of taxation in an overlapping-generations economy
Bassetto, Marco (1999)
This paper builds a simple but complete model of a political system to analyze the effects of intergenerational conflicts on capital and labor income tax rates, transfers, and government spending. I show how the different nature of tax liabilities for the young and the old can explain why the old receive large gross lump-sum transfers through social security, while the young receive little or none. I also show that there is a natural link between the size of the government as a provider of public goods and the magnitude of transfers that the same government will implement.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 133

Discussion Paper
Macroeconomic implications of investment-specific technological change
Hercowitz, Zvi; Greenwood, Jeremy; Krusell, Per (1992)
A quantitative investigation of investment-specific technological change for the U.S. postwar period is undertaken, analyzing both long-term growth and business cycles within the same framework. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change, and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced growth path for the model is characterized and calibrated to U.S. National Income and Product Account data. The long- and short-run U.S. data are ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 76

Discussion Paper
Knowledge exchange, matching, and agglomeration
Wang, Ping; Berliant, Marcus; Reed, Robert R. (2001-06-01)
Despite wide recognition of their significant role in explaining sustained growth and economic development, uncompensated knowledge spillovers have not yet been fully modeled with a microeconomic foundation. The main purpose of this paper is to illustrate the exchange of knowledge as well as its consequences on agglomerative activity in a general-equilibrium search-theoretic framework. Agents, possessing differentiated types of knowledge, search for partners to exchange ideas and create new knowledge in order to improve production efficacy. When individuals types of knowledge are too diverse, ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 135

Discussion Paper
On convergence in endogenous growth models
Santos, Manuel S.; Ortigueira, Salvador (1996)
In this paper we analyze the rate of convergence to a balanced path in a class of endogenous growth models with physical and human capital. We show that such rate depends locally on the technological parameters of the model, but does not depend on those parameters related to preferences. This result stands in sharp contrast with that of the one-sector neoclassical growth model, where both preferences and technologies determine the speed of convergence to a steady-state growth path.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 110

Discussion Paper
Ex-day behavior of Japanese stock prices: new insights from new methodology
Hayashi, Fumio; Jagannathan, Ravi (1990)
We study the ex-dividend day behavior of Japanese stock prices for the period 198387. We find that, contrary to previous findings, prices of ex-day stocks drop by nearly the full amount of the dividend. However, ex-day stocks shows an abnormal return. Also, for the many ex-dividend day stocks that also go ex-rights on the same ex-day, we find that the return is on average higher than that for stocks without rights issues. We thus conclude that the ex-day behavior of Japanese stocks are qualitatively similar to that of U.S. stocks.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 30

Discussion Paper
The syndrome of exchange-rate-based stabilizations and the uncertain duration of currency pegs
Uribe, Martin; Mendoza, Enrique G. (1997)
This paper shows that some key stylized facts of exchange-rate-based stabilization plans can be explained by the uncertain duration of the plans themselves. Uncertain duration is modeled to reflect evidence showing that devaluation probabilities are higher when the plans are introduced and abandoned than in the period in between. If contingent-claims markets are incomplete, this uncertain duration distortion introduces temporary fiscal cuts with large wealth effects. Investment and employment are also distorted, and the resulting supply-side effects play a critical role. Stabilizations of ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 121

Discussion Paper
Staggered contracts and business cycle persistence
Huang, Kevin X. D.; Liu, Zheng (1998)
Staggered price and staggered wage contracts are commonly viewed as similar mechanisms in generating persistent real effects of monetary shocks. In this paper, we distinguish the two mechanisms in a general equilibrium framework. We show that, although the dynamic price setting and the dynamic wage setting equations are alike, a key parameter governing persistence is linked to the underlying preferences and technologies in different ways. Under the staggered wage mechanism, an intertemporal smoothing incentive in labor supply creates a real rigidity that is absent under the staggered price ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 127

Discussion Paper
International evidence on business cycle duration dependence
Sichel, Daniel E.; Diebold, Francis X.; Rudebusch, Glenn D. (1990)
We provide an investigation of duration dependence in prewar business expansions, contractions, and whole cycles for France, Germany, and Great Britain. Our results, obtained using both nonparametric and parametric procedures, generally indicate the presence of positive duration dependence in expansions and whole cycles but not in contractions. Our results corroborate those of our earlier studies of the United States.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 31

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Keywords