DSGE Models in the Frequency Domain
In: Paolo Baffi Centre Research Paper No. 2012-130
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In: Paolo Baffi Centre Research Paper No. 2012-130
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Working paper
In: Journal of monetary economics, Band 56, Heft 4, S. 431-449
In: Journal of international economics, Band 142, S. 103746
ISSN: 0022-1996
In: CEPR Discussion Paper No. DP12808
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Working paper
In: Banque de France Working Paper No. 704
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Working paper
In: The Economic Journal, Band 124, Heft 581, S. 1168-1191
In: NBER International Seminar on Macroeconomics, Band 9, Heft 1, S. 345-404
ISSN: 2150-8372
In: NBER Working Paper No. w18434
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Working paper
In: Paolo Baffi Centre Research Paper No. 2012-126
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Working paper
In: Paolo Baffi Centre Research Paper No. 2012-128
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Working paper
In: Riksbank Research Paper Series No. 95
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Working paper
We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic ineffciency in recent U.S. data: the output gap - the gap between the actual and effcient levels of output - and the labor wedge - the wedge between households' marginal rate of substitution and firms' marginal product of labor. We establish three results. (i ) The output gap and the labor wedge are closely related, suggesting that most ineffciencies in output are due to the ineffcient allocation of labor. (ii ) The estimates are sensitive to the structural interpretation of shocks to the labor market, which is ambiguous in the model. (iii ) Movements in hours worked are essentially exogenous, directly driven by labor market shocks, whereas wage rigidities generate a markup of the real wage over the marginal rate of substitution that is acyclical. We conclude that the model fails in two important respects: it does not give clear guidance concerning the effciency of business cycle uctuations, and it provides an unsatisfactory explanation of labor market and business cycle dynamics.
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In: Paolo Baffi Centre Research Paper No. 2009-44
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In: Journal of monetary economics, Band 55, Heft 5, S. 983-1006
In: NBER macroeconomics annual, Band 19, S. 161-200
ISSN: 1537-2642