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6,209
The Cyclical Behavior of Equilibrium Unemployment and Vacancies
- American Economic Review
, 2005
"... This paper argues that a broad class of search models cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment ratio is 20 times as volatile as average labor productivity ..."
Abstract
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Cited by 871 (23 self)
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of the model. I show that a shock that changes average labor productivity primarily alters the present value of wages, generating only a small movement along a downward sloping Beveridge curve (unemployment-vacancy locus). A shock to the job destruction rate generates a counterfactually positive correlation
Credit Cycles
- Journal of Political Economy
, 1997
"... We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets play a dual role: not only are they factors of production, but they also serve as collateral for loans. The dynamic interaction betw ..."
Abstract
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Cited by 1673 (38 self)
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We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets play a dual role: not only are they factors of production, but they also serve as collateral for loans. The dynamic interaction
Indivisible labor and the business cycle
- Journal of Monetary Economics
, 1985
"... A growth model with shocks to technology is studied. Labor is indivisible, so all variability in hours worked is due to fluctuations in the number employed. We find that, unlike previous equilibrium models of the business cycle, this economy displays large fluctuations in hours worked and relatively ..."
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Cited by 805 (10 self)
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A growth model with shocks to technology is studied. Labor is indivisible, so all variability in hours worked is due to fluctuations in the number employed. We find that, unlike previous equilibrium models of the business cycle, this economy displays large fluctuations in hours worked
GMM estimation with persistent panel data: an application to production functions
, 1998
"... We consider the estimation of Cobb-Douglas production functions using panel data covering a large sample of companies observed for a small number of time periods. Standard GMM estimators, which eliminate unobserved firm-specific effects by taking first dierences, have been found to produce unsatisf ..."
Abstract
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Cited by 395 (7 self)
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We consider the estimation of Cobb-Douglas production functions using panel data covering a large sample of companies observed for a small number of time periods. Standard GMM estimators, which eliminate unobserved firm-specific effects by taking first dierences, have been found to produce
Open-Economy Inflation Targeting
, 1998
"... The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward-looking aggregate supply and demand with some microfoundations, and with stylized realistic lags in the different transmission channels for monetary policy. The paper compares targeting of ..."
Abstract
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Cited by 370 (7 self)
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the variability of CPI inflation but also the variability of the output gap and the real exchange rate. Somewhat counter to conventional wisdom, negative productivity supply shocks and positive demand shocks have similar effects on inflation and the output gap, and induce similar monetary policy responses
AN ESTIMATED STOCHASTIC DYNAMIC GENERAL EQUILIBRIUM MODEL OF THE EURO AREA
, 2002
"... This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is estimate ..."
Abstract
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Cited by 363 (11 self)
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. It is estimated with Bayesian techniques using seven key macro-economic variables: GDP, consumption, investment, prices, real wages, employment and the nominal interest rate. The introduction of ten orthogonal structural shocks (including productivity, labour supply, investment, preference, cost-push and monetary
Unobserved
, 2004
"... This paper estimates the term structure of the hazard rate to default by using two hazard models- one ignoring and another allowing unobserved heterogeneity and annual shocks to the hazard rate. Diamond (1989) predicts a declining hazard rate to default due to adverse selection and moral hazard. The ..."
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This paper estimates the term structure of the hazard rate to default by using two hazard models- one ignoring and another allowing unobserved heterogeneity and annual shocks to the hazard rate. Diamond (1989) predicts a declining hazard rate to default due to adverse selection and moral hazard
Procyclical Productivity: Increasing Returns or Cyclical Utilization?
- QUARTERLY JOURNAL OF ECONOMICS
, 1996
"... This paper investigates the relative importance of cyclical fluctuations in labor and capital utilization, increasing returns to scale, and technology shocks as explanations for procyclical productivity. It exploits the intuition that materials inputs do not have variable utilization rates, and mate ..."
Abstract
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Cited by 239 (4 self)
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This paper investigates the relative importance of cyclical fluctuations in labor and capital utilization, increasing returns to scale, and technology shocks as explanations for procyclical productivity. It exploits the intuition that materials inputs do not have variable utilization rates
Governance Matters III: Governance Indicators for 1996–2002.” Policy Research Working Paper 3106
, 2003
"... Kaufmann, Kraay, and Mastruzzi present estimates of six aggregate governance indicators in each of the four dimensions of governance covering 199 countries and periods. They present the point estimates of the territories for four time periods: 1996, 1998, 2000, and dimensions of governance as well a ..."
Abstract
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Cited by 298 (1 self)
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the interpretation and use an unobserved components model to construct six use of the data given the estimated margins of errors. This paper-a joint product of the Global Governance Department, World Bank Institute, and Macroeconomics and Growth, Development Research Group-is part of a larger effort in the Bank
Results 1 - 10
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6,209
