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Friday, April 24, 2020 | History

2 edition of Business cycles with a common trend in neutral and investment-specific productivity found in the catalog.

Business cycles with a common trend in neutral and investment-specific productivity

Stephanie Schmitt-Grohe

Business cycles with a common trend in neutral and investment-specific productivity

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  • 29 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English


Edition Notes

StatementStephanie Schmitt-Grohé, Martín Uribe
SeriesNBER working paper series -- working paper 16071, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16071.
ContributionsNational Bureau of Economic Research
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL24545188M
LC Control Number2010655864

In closed-book markets, not all bid-ask data may be available to all parties and the trader may have to pay commission to a broker to locate the best price. Price improvement results when a trader steps in front of the best quoted bid or ask (i.e., sellers get a higher bid and buyers get a . Technological change is an important factor in determining the growth of productivity and output and in determining the business cycle in United States. Of particular interest is investment-specific technological change or embodied technological change. There are three essays in this dissertation. A business operating entirely in cash can measure its profits by • Cash refers to physical currency such as banknotes and coins. • Cash has now become a very small part of the money supply. • A business operating entirely in cash can measure its profits by withdrawing the entire bank balance at the end of the period, plus any cash in hand.


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Business cycles with a common trend in neutral and investment-specific productivity by Stephanie Schmitt-Grohe Download PDF EPUB FB2

Stephanie Schmitt-Grohe & Martin Uribe, "Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol.

14(1), pages: RePEc:red:issued DOI: / Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity Stephanie Schmitt-Grohé, Martín Uribe. NBER Working Paper No. Issued in June NBER Program(s):Economic Fluctuations and Growth Program.

This paper identifies a new source of business-cycle fluctuations. Common-trend shocks and business cycles How important is the common stochastic trend in neutral and investment-specific productivity identified in this paper in generating business cycles.

To address this question, we compute the variance decomposition of key macroeconomic variables implied by our estimated DSGE by: Get this from a library.

Business cycles with a common trend in neutral and investment-specific productivity. [Stephanie Schmitt-Grohe; Martin Uribe; National Bureau of Economic Research.] -- This paper identifies a new source of business-cycle fluctuations.

Namely, a common stochastic trend in neutral and investment-specific productivity. Downloadable (with restrictions). This paper identifies a new source of business-cycle fluctuations. Namely, a common stochastic trend in neutral and investment-specific productivity. We document that in U.S.

postwar quarterly data total factor productivity (TFP) and the relative price of investment are cointegrated. We show theoretically that TFP and the relative price of investment are. Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity by Stephanie Schmitt-Grohé & Martín Uribe Computational Appendix and Data Files.

Investment-Specific Technology Shocks and International Business Cycles: An Empirical Assessment by Federico Mandelman & Pau Rabanal & Juan Francisco Rubio-Ramirez & Diego Vilan. INVESTMENT SHOCKS AND BUSINESS CYCLES 2 to a neoclassical core a rich set of nominal and real frictions, along the lines of Christiano, Eichenbaum, and Evans (), and several shocks, as in Smets and Wouters (), including a shock to total factor productivity (or neutral technology shock), as in the RBC literature.

Namely, a common stochastic trend in neutral and investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the relative price of. Schmitt-Grohé, S., and M. Uribe. “Business Cycles with a Common Trend in Neutral and Investment-Specific Productivity.” Review of Economic Dynamics 14 (1): – Web of Science Crossref Google Scholar.

Schmitt-Grohé, S., and M. Uribe. “What’s News in Business Cycles.” Econometrica –Author: Joel Wagner. We set up a standard small open economy business cycle model driven by government spending shocks, neutral productivity (TFP) shocks, and investment-specific shocks.

the important business cycle features of the data is dependent on the presence of shocks that capture financial frictions as well as a permanent investment specific technology shock that originates in the US.

JEL Codes: E32, F41, F44, C Keywords: Emerging markets, Investment specific technology shocks International real business by: 1. In most of the existing literature, productivity processes (IST and TFP) are assumed to be stationary or trend stationary in logs, and they are modelled as a VAR in levels.2 In this paper, we instead consider (log) processes that are cointegrated of order C(1,1).

This implies that the (log) processes are integrated of order one but a linear. Paul D. McNelis, in Neural Networks in Finance, Deflation poses a special problem. While at first glance the idea of falling prices appears to be good news, the zero lower bound on nominal interest rates means that real interest rates will start to rise sharply after the nominal interest rate hits its zero lower bound, if the deflation process continues.

Business cycles with a common trend in neutral and investment-specific productivity Business cycles, consumption and risk-sharing: how different is China.

Calling recessions in real time CASE membership directory Catálogo de acuerdos del consejo general del IEDF [folleto].

Business Cycles and Economic Growth. the mix of occupations has been more stable since This trend adds occupational structure to the growing list of ways our nation’s economy has become less dynamic in recent decades.

we find that the entry and exit of plants account for a larger fraction of aggregate productivity. Business cycles with a common trend in neutral and investment-specific productivity: Schmitt-Grohe, Stephanie.

Uribe, Martin. National Bureau of Economic Research. NBER WPS Investment under uncertainty: testing the options model with professional traders: List, John A., Haigh, Michael S. National Bureau of Economic Research.

Trend and cycle shocks in Bayesian unobserved components models for UK productivity (pdf) UK house prices and three decades of decline in the risk-free real interest rate (pdf) When creativity strikes: news shocks and business cycle fluctuations (pdf).

w Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity: Franz, Inkmann, Pohlmeier, and Zimmermann: w Young and Out in Germany: On the Youths' Chances of Labor Market Entrance in GermanyCited by: This paper investigates the dynamic relationship between permanent and transitory components of post-war U.S.

business cycles. We specify a time-series model for real GNP and consumption in which the two share a common stochastic trend and transitory component, and Markov-regime switching is used to model business cycle phases in these components. (3) Investment-specific technical change.

This has become a standard shock which can be incorporated into a RBC model and initiated by Greenwood, Hercowitz and Krusell (). The research question was to test whether or not investment-specific technological progress has. Yunlin Yang, Bartosz Gebka and Robert Hudson, Momentum effects in China: A review of the literature and an empirical explanation of prevailing controversies, Research in International Business and Finance, /, 47, (), ().

Qing Han, International Real Business Cycles of the Chinese Economy: Asymmetric Preference, Incomplete Financial Markets, and Terms of Trade Shocks, Emerging Markets Finance and Trade, /X, 55, 9, (), ().Cited by: Dey, Jaya (): The role of investment-specific technology shocks in driving international business cycles: a bayesian approach.

Dey, Jaya and Tsai, Yi-Chan (): Explaining the durable goods co-movement puzzle with non-separable preferences: a bayesian approach. CBO's discussion underscores an important and difficult point regarding productivity analysis, namely the separation of trend growth from cyclical fluctuations.

7 This distinction is critical because long-run growth projections are obviously driven by the trend components, but are obscured by short-term fluctuations. In the mids, for Cited by: 1. Wage Price Spiral is when workers receive a significant wage increase, which is passed to consumers through higher prices, which decreases SAS.

if wages continue to increase, then the Reserve. If cycles result from shocks to common inputs (as in Long and Plosser) one would expect intermediate oods rices to decline relative to final goods over t ae cyc Pe.

shocks, a conventional RBC shock to to- tal factor productivity and a shock that is specific to the productivity of new capi- tal equipment, so the production of capi- tal goods. Considering credit cycles in 41 countries over the periodthis study finds that credit booms are associated with an increase in the share of FFC in an economy, both in emerging and developed economies and for business as well as for household credit cycles.

Miguel León-Ledesma is a Professor of Economics and joined the University of Kent in He is Director of the Macroeconomics, Growth and History Centre (MaGHiC) and is Deputy Head of the School of Economics. Miguel's research interests are in the areas of macroeconomics, economic growth and.

Applying these restrictions to US data leads to the following findings: i) Business cycles implied by productivity shocks are mildly correlated to overall fluctuations and help account for a few episodes of US postwar recessions.

However, only 20% of US fluctuations can be explained by these shocks. Abstract: Beginning inin many advanced economies, policy rates reached their zero lower bound (ZLB). Almost at the same time, oil prices started rising again. We analyze how the ZLB affects the propagation of oil shocks.

As these shocks move inflation and output in opposite directions, their effects on economic activity are cushioned when monetary policy is constrained. Get this from a library. Anticipated technology shocks: a re-evaluation using cointegrated technologies. [Joel Wagner; Bank of Canada,] -- "Two approaches have been taken in the literature to evaluate the relative importance of news shocks as a source of business cycle volatility.

The first is an empirical approach that performs a. • The trend rate of growth of an economy is dependent on labor force growth, the level of investment, and the rate of labor productivity growth.

• Variations in growth rates among countries are usually due to past over investment, government over regulation or political instability, or the bursting of.

productivity collapsed relative to its previous trend. The fall in productivity relative to trend was particularly pronounced within the service sector, and then most particularly in certain subsectors such as ‘Professional, Scientific and Technical Activities’.

Given the weight of services in the economy —. proximately 75 percent during those periods, I assume η equals ; and that beforeτ k equals s, which equals zero. For –90, the restrictions on private capital were such that. Rather, it is the common cross-state slowdown in IT-intensive industries that predominates.

I then turn to two implications of the mids productivity slowdown. First, a multisector neoclassical growth model implies steadystate business-sector labor-productivity growth of about %, as shown at the far right of figure 1. Prior to the Great Cited by: Abstract: We propose a novel chronology of global business cycles based on industrial production data for a sample of 85 countries at a monthly frequency from until and the Bry and Boschan () algorithm.

We assess the methodology with statistical tools of signal detection theory and against existing chronologies of country-specific. Business Review (Federal Reserve Bank of Philadelphia), Fourth Quarter by Federal Reserve Bank of Philadelphia.

The aim of the Working Papers series is to disseminate research papers on economics and finances by Banco de España researchers. The Working Papers are published once they have successfully come through an anonymous evaluation process.

Through their publication, the Banco de España seeks to contribute to the economic analysis and knowledge of the Spanish economy and its international context.

Review of Business and Economics Studies Volume 2, Number 4, Post Reunification Economic Fluctuations in Germany: A Real Business Cycle Interpretation* Michael A.

Flor University of Augsburg. Investment of US firms responds asymmetrically to Tobin’s Q: investment of established firms—“intensive” investment—reacts negatively to Q whereas investment of new firms—“extensive” investment—responds positively and elastically to Q.

This asymmetry, we argue, reflects a difference between established and new firms in the cost of adopting new by:. Full text of "The sources of economic growth in OECD countries [ressource électronique]" See other formats.Should you feel uncertain about the procedure to open an account, please communicate with Anton or Chantal before making an investment.As Klaus Schwab, President of the World Economic Forum, reminded the world's top business leaders convening at Davos: "In today's trust-starved climate, our market-driven system is under parts of the population feel that business has become detached from society, that business interests are no longer aligned with societal interests.