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Discussion Paper
The replacement problem
Yorukoglu, Mehmet; Greenwood, Jeremy; Cooley, Thomas F.
(1994)
We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies.
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 95
Discussion Paper
The real business cycle: intermediate inputs and sectoral comovement
Praschnik, Jack; Hornstein, Andreas
(1994)
We describe the postwar U.S. business cycle for the durable and nondurable goods producing sector. The business cycle is characterized by positive comovement of output, employment, and investment across the two sectors. We develop a two sector growth model to explain the observed pattern of comovements, and suggest that intermediate inputs produced by the nondurable goods sector for the durable goods sector play a crucial role.
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 89
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?
Christiano, Lawrence J.; Eichenbaum, Martin S.
(1989)
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 18
Discussion Paper
Hours and employment variation in business cycle theory
Kydland, Finn E.; Prescott, Edward C.
(1989)
Previous business cycle models have made the assumption that all the variation in the labor input is either due to changes in hours per worker or changes in number of workers, but not both. In this paper, both vary. We think this a better model for estimating the contribution of Solow technology shocks to aggregate fluctuations. We find that about 70 percent of U.S. postwar cyclical fluctuations are induced by variations in the Solow technology parameter.
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 17
Discussion Paper
Understanding unit rooters: a helicopter tour
Uhlig, Harald F.; Sims, Christopher A.
(1988)
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 4
Discussion Paper
A toolkit for analyzing nonlinear dynamic stochastic models easily
Uhlig, Harald F.
(1995)
This paper describes and implements a procedure for estimating the timing interval in any linear econometric model. The procedure is applied to Taylors model of staggered contracts using annual averaged price and output data. The fit of the version of Taylors model with serially uncorrelated disturbances improves as the timing interval of the model is reduced.
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 101
Discussion Paper
Structural changes in the real GNP interdependence of the U.S., West Germany, and Japan during the period 1970-1986
Aoki, Masanao
(1989)
The paper first locates quarters in the early 1970s at which the covariance matrices of the innovation vectors have shifted for the real GNPs of the USA, West Germany and Japan treated as univariate series. The paper then exhibits differences in the impulse response time profiles of the two models estimated from the data primarily before and after the break as a concise summary of the changes in dynamic interactions of the three real GNPs.
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 20
Discussion Paper
Risk-taking, global diversification, and growth
Obstfeld, Maurice
(1992)
This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of these two types of capital is meant to capture the idea that growth depends on the availability of an ever-increasing array of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World ...
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 61
Discussion Paper
Business cycles and the asset structure of foreign trade
Crucini, Mario J.; Baxter, Marianne
(1992)
Since the primary role of international financial linkages is to facilitate consumption smoothing in the face of country-specific shocks, the degree of international financial integration should play an important role in the international transmission of business cycles. This paper therefore studies the business cycle implications of restricting international trade in financial assets. The key restriction is that domestic residents must hold all risky claims to domestic output, trading only noncontingent bonds on the international asset markets. We find that restricting asset trade may or may ...
Discussion Paper / Institute for Empirical Macroeconomics
, Paper 59
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Discussion Paper 145 items
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Sims, Christopher A. 7 items
Christiano, Lawrence J. 6 items
Greenwood, Jeremy 6 items
Keane, Michael P. 6 items
Diebold, Francis X. 5 items
Eichenbaum, Martin S. 4 items
Imrohoroglu, Selahattin 4 items
Aoki, Masanao 3 items
Baxter, Marianne 3 items
Gomme, Paul 3 items
Hayashi, Fumio 3 items
Jagannathan, Ravi 3 items
Kydland, Finn E. 3 items
Marimon, Ramon 3 items
Matsuyama, Kiminori 3 items
Persson, Torsten 3 items
Schlagenhauf, Don E. 3 items
Schotman, Peter C. 3 items
Uhlig, Harald F. 3 items
Wrase, Jeffrey M. 3 items
Aiyagari, S. Rao 2 items
Cho, Jang-Ok 2 items
Cooley, Thomas F. 2 items
Crucini, Mario J. 2 items
De Santis, Giorgio 2 items
Fisher, Jonas D. M. 2 items
Granger, Clive W. J. 2 items
Guvenen, Fatih 2 items
Hansen, Gary D. 2 items
Hassler, John 2 items
Hercowitz, Zvi 2 items
Hornstein, Andreas 2 items
Huang, Kevin X. D. 2 items
Huggett, Mark 2 items
Imrohoroglu, Ayse 2 items
Joines, Douglas H. 2 items
Kocherlakota, Narayana R. 2 items
Labadie, Pamela 2 items
Liu, Zheng 2 items
Marcet, Albert 2 items
Mendoza, Enrique G. 2 items
Mulligan, Casey B. 2 items
Prasad, Eswar S. 2 items
Prescott, Edward C. 2 items
Quah, Danny 2 items
Rudebusch, Glenn D. 2 items
Santos, Manuel S. 2 items
Stokey, Nancy L. 2 items
Teles, Pedro 2 items
Young, Peter C. 2 items
Akitoby, Bernardin 1 items
Albanesi, Stefania 1 items
Allen, Beth 1 items
Altig, David E. 1 items
Altonji, Joseph 1 items
Altug, Sumru 1 items
Ambler, Steve 1 items
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Armitage, Peter 1 items
Backus, David K. 1 items
Bassetto, Marco 1 items
Beaudry, Paul 1 items
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Bils, Mark 1 items
Braun, R. Anton 1 items
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Campbell, Jeffrey R. 1 items
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Carlstrom, Charles T. 1 items
Caselli, Francesco 1 items
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Coleman, Wilbur John 1 items
Correia, Isabel 1 items
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Husted, Steven 1 items
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Jermann, Urban J. 1 items
Judd, Kenneth L. 1 items
Juster, F. Thomas 1 items
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King, Robert G. 1 items
Kollmann, Robert 1 items
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Krusell, Per 1 items
Kubota, Keiichi 1 items
Kumar, Krishna B. 1 items
Kuruscu, Burhanettin 1 items
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Lam, Pok-san 1 items
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MacDonald, Glenn M. 1 items
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Mariano, Roberto S. 1 items
Marshall, David A. 1 items
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McGuire, Paul 1 items
Mehra, Rajnish 1 items
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Miller, Robert A. 1 items
Morelli, Massimo 1 items
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Ng, Cho 1 items
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Obstfeld, Maurice 1 items
Ortigueira, Salvador 1 items
Pakes, Ariel 1 items
Paquet, Alain 1 items
Pavoni, Nicola 1 items
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Pfann, Gerard A. 1 items
Phaneuf, Louis 1 items
Polemarchakis, Heraklis M. 1 items
Praschnik, Jack 1 items
Quadrini, Vincenzo 1 items
Ravikumar, B. 1 items
Reed, Robert R. 1 items
Repullo, Rafael 1 items
Rodriguez-Clare, Andres 1 items
Rossi-Hansberg, Esteban 1 items
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Runkle, David E. 1 items
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Rust, John 1 items
Sargent, Thomas J. 1 items
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Sleet, Christopher 1 items
Soderlind, Paul 1 items
Spear, Stephen E. 1 items
Suarez, Javier 1 items
Sunder, Shyam 1 items
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Takehara, Hitoshi 1 items
Temzelides, Ted 1 items
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Vigo, Jesus 1 items
Violante, Giovanni L. 1 items
Walde, Klaus 1 items
Wang, Ping 1 items
Wright, Mark L. J. 1 items
Yorukoglu, Mehmet 1 items
Zhang, Guang-Jia 1 items
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Business cycles 30 items
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Econometrics 7 items
Fiscal policy 7 items
Wages 7 items
time series analysis 7 items
Employment (Economic theory) 6 items
Monetary policy 6 items
Taxation 6 items
Inflation (Finance) 5 items
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Consumption (Economics) 4 items
Gross national product 4 items
Japan 4 items
Liquidity (Economics) 4 items
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