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Discussion Paper
The allocation of goods and time over the business cycle
Hercowitz, Zvi; Greenwood, Jeremy (1990)
A Beckerian model of household production is developed to study the allocation of capital and time between market and home activities over the business cycle. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining time, leisure, is combined with household capital to produce home goods and services. The theoretical model presented is parameterized, calibrated, and simulated to see whether it can rationalize the observed allocation of capital and ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 26

Discussion Paper
Endogenous expenditures on public schools and persistent growth
Ravikumar, B.; Glomm, Gerhard (1993)
In this paper, we present a model where individuals accumulate human capital through the formal schooling. To take into account the large involvement of the public sector in education we introduce a government which collects taxes from households and provides inputs to the learning technology. In our model the public expenditures on schools and growth rates are determined endogenously. Under plausible restrictions on the parameters of our model, we show that the predictions of our model qualitatively match the observations on per capita income, years of schooling, public expenditures on ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 85

Discussion Paper
Unit roots in real GNP: do we know, and do we care?
Eichenbaum, Martin S.; Christiano, Lawrence J. (1989)
Discussion Paper / Institute for Empirical Macroeconomics , Paper 18

Discussion Paper
On the dynamic selection of mechanisms for provisions of public projects
Lagunoff, Roger (1995)
This paper describes a dynamic model in which the provision mechanism for a public project is itself the object of locational choice of individuals. Individuals in an ongoing society must choose between a Majority Rule mechanism and a Voluntary Contribution mechanism. Each mechanism determines a funding decision for a local public project which is repeated over time. Generations of individuals asynchronously supercede their parents, creating an entry/exit process that allows individuals with possibly different beliefs to enter society. A self confirming equilibrium (SCE) belief process ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 100

Discussion Paper
A monetary, open-economy model with capital mobility
Wrase, Jeffrey M.; Schlagenhauf, Don E. (1992)
This paper examines a two-country, monetary general-equilibrium model that includes a financial sector, capital mobility, and shocks to technologies and money-growth rates. Capital mobility allows agents in both countries to participate in rewards from relatively favorable shocks realized in either country. Currency exchange facilitates currency-intermediated international trade of consumption and capital goods. Qualitative and quantitative implications of the model for evolutions of variables are investigated. The quantitative analysis is performed by numerically solving and simulating the ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 67

Discussion Paper
Have postwar economic fluctuations been stabilized?
Diebold, Francis X.; Rudebusch, Glenn D. (1990)
Previous investigations of whether the volatility of the U.S. economy diminished after World War II have been inconclusive because of questionable prewar macroeconomic aggregates. We examine, more broadly, the hypothesis of the stabilization of the postwar economy by focusing on the duration of business cycles, rather than their amplitude; in the process, we avoid the debate about the quality of prewar aggregates. Using distribution-free statistics, we find clear evidence of postwar duration stabilization in terms of a shift toward longer expansions and shorter contractions. Moreover, we find ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 33

Discussion Paper
Empirical cross-section dynamics in economic growth
Quah, Danny (1992)
Discussion Paper / Institute for Empirical Macroeconomics , Paper 75

Discussion Paper
International evidence on business cycle duration dependence
Diebold, Francis X.; Sichel, Daniel E.; 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

Discussion Paper
Private money and reserve management in a random-matching model
Erosa, Andres; Temzelides, Ted; Cavalcanti, Ricardo de O. (1999)
In this paper, we develop a model of money and reserve-holding banks. We allow for private liabilities to circulate as media of exchange in a random-matching framework. Some individuals, which we identify as banks, are endowed with a technology to issue private notes and to keep reserves with a clearinghouse. Bank liabilities are redeemed according to a stochastic process that depends on the endogenous trades. We find conditions under which note redemptions act as a force that is sufficient to stabilize note issue by the banking sector.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 128

Discussion Paper
Modeling trends
Sims, Christopher A. (1989)
Models of low-frequency behavior of time series may have strongly conflicting substantive implications while fitting the data nearly equally well. We should develop methods which display the resulting uncertainty rather than adopt modeling conventions which hide it. One step toward this goal may be to consider overparameterized stationary ARMA models.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 22

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