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Bank:Federal Reserve Bank of Chicago  Series:Working Paper Series, Macroeconomic Issues 

Working Paper
North-South financial integration and business cycles

This paper examines the business cycle implications of increased North-South trade in financial assets. We build a quantitative general equilibrium model of North-South trade and compare the model's predictions under two asset market assumptions: a restricted setting in which asset trade is limited to a non-contingent one-period bond market; and a highly integrated setting in which agents have access to a complete contingent-claims market. Simulations of the North-South model suggest that increased North-South trade in asset markets (a) lowers Southern consumption and output volatility, and ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-10

Working Paper
Investment and market imperfections in the U.S. manufacturing sector

Working Paper Series, Macroeconomic Issues , Paper 92-4

Working Paper
Economic activity and the short-term credit markets: an analysis of prices and quantities

Working Paper Series, Macroeconomic Issues , Paper 93-17

Working Paper
Current real business cycle theories and aggregate labor market fluctuations

Working Paper Series, Macroeconomic Issues , Paper 90

Working Paper
Evidence on structural instability in macroeconomic times series relations

Working Paper Series, Macroeconomic Issues , Paper 94-13

Working Paper
Sticky price and limited participation models of money: a comparison

We provide new evidence that models of the monetary transmission mechanism should be consistent with at least the following facts. After a contractionary monetary policy shock, the aggregate price level responds very little, aggregate output falls, interest rates initially rise, real wages decline by a modest amount, and profits fall. We compare the ability of sticky price and limited participation models with frictionless labor markets to account for these facts. The key failing of the sticky price model lies in its conterfactual implications for profits. The limited participation model can ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-28

Working Paper
The output, employment, and interest rate effects of government consumption

Working Paper Series, Macroeconomic Issues , Paper 90-10

Working Paper
Inside money, outside money and short term interest rates

Working Paper Series, Macroeconomic Issues , Paper 95-13

Working Paper
Cyclical productivity in a model of labor hoarding

Working Paper Series, Macroeconomic Issues , Paper 93-20

Working Paper
The identification of monetary policy disturbances: explaining the liquidity puzzle

Replaces Working paper 91-24.
Working Paper Series, Macroeconomic Issues , Paper 92-27

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Working Paper 126 items

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Christiano, Lawrence J. 18 items

Eichenbaum, Martin S. 16 items

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