#Macroeconomics – Working papers (#RePEc, 17/04/2014)

working_papers1

Source: RePEc – EconPapers

La spesa pubblica in Italia prima e dopo la crisi
Antonio Affuso and V. Bravi 
Department of Economics, Parma University (Italy)
Keywords: fiscal consolidation, public expenditure, panel, economic crisis
JEL-code: E62 H50 C33
Created/Revised: 2014Downloads

Competitiveness disparities behind the economic crisis in the euro area
Olavi Rantala 
The Research Institute of the Finnish Economy
Keywords: Euro crisis, competitiveness
JEL-code: C67 E64 F16
Created/Revised: 2014-04-01Downloads

From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy
L. Randall Wray 
Levy Economics Institute, The
Keywords: Modern Money Theory; Chartalism; State Money; Knapp; Innes; Schumpeter; Keynes; Minsky; Goodhart; In…
JEL-code: B1 B3 B15 B22 B25 B52 E40 E50 E62 H5 H60 N1
Created/Revised: 2014-03Downloads

Self-Monitoring or Reliance on Newswire Services: How Do Financial Market Participants Process Central Bank News?
Bernd Hayo and Matthias Neuenkirch 
Philipps-Universität Marburg, Faculty of Business …
Keywords: Central Bank Communication, Financial Market Participants, Information Processing, Interest Rate Dec…
JEL-code: D83 E52 E58
Created/Revised: 2014Downloads

EMU: The Sustainability Issue
Frédéric Teulon 
Department of Research, Ipag Business School
Keywords: European Monetary Union; European Central Bank (EBC); Eurozone; Stability growth pact; Financial cri…
JEL-code: E42 E44 G38
Created/Revised: 2014-03-28Downloads

Fiscal policy, institutional quality and central bank transparency
Meixing Dai, Moïse Sidiropoulos and Eleftherios Spyromitros 
Bureau d’Economie Théorique et Appliquée, UDS, Str…
Keywords: Central bank opacity, fiscal disciplining effect, distortions, institutional quality, corruption.
JEL-code: D73 E52 E58 E61 E63 H50
Created/Revised: 2014Downloads

Crises and Productivity in Good Booms and in Bad Booms
Gary Gorton and Guillermo Ordonez 
Penn Institute for Economic Research, Department o…
Keywords: Financial Crises, Credit booms, Productivity
JEL-code: E3 E5
Created/Revised: 2014-02-01Downloads

Cyclical components and dual long memory in the foreign exchange rate dynamics: the Tunisian case
Rania Jammazi and Chaker Aloui 
Department of Research, Ipag Business School
Keywords: exchange rates; time series decomposition; HML test; dual long memory.
JEL-code: E30 F31
Created/Revised: 2014-03-28Downloads

Explaining Educational Attainment across Countries and over Time
Diego Restuccia and Guillaume Vandenbroucke 
University of Toronto, Department of Economics
Keywords: schooling, productivity, life expectancy, labor supply.
JEL-code: O1 O4 E24 J22 J24
Created/Revised: 2014-03-28Downloads

10 Family Firms, Soft Information and Bank Lending in a Financial Crisis
Leandro D’Aurizio, Tommaso Oliviero and Livio Romano 
Centre for Studies in Economics and Finance (CSEF)…
Keywords: Family firms, Financial crisis, Soft information, Bank lending
JEL-code: C81 D22 E44 G21 G32 L26
Created/Revised: 2014-03-29Downloads

11 Noise Bubbles
Mario Forni, Luca Gambetti, Marco Lippi and Luca Sala 
University of Modena and Reggio E., Dept. of Econo…
JEL-code: C32 E32 E62
Created/Revised: 2014-03Downloads

12 Noisy News in Business Cycles
Mario Forni, Luca Gambetti, Marco Lippi and Luca Sala 
University of Modena and Reggio E., Dept. of Econo…
Keywords: Invertibility, Nonfundamentalness, SVAR, Imperfect Information, News, Noise, Signal, Business cycles
JEL-code: C32 E32 E62
Created/Revised: 2014-03Downloads

13 Global Implications of the Renminbi’s Ascendance
Eswar Prasad 
Asian Development Bank Institute
Keywords: renminbi internationalization; reserve currency; capital account convertibility; exchange rate flexi…
JEL-code: E50 F30 F40
Created/Revised: 2014-03-28Downloads

14 Residential Property Price Indexes for Japan: An Outline of the Japanese Official RPPI
W. Erwin Diewert, Kiyohiko Nishimura, Chihiro Shimizu and Tsutomu Watanabe 
Vancouver School of Economics
Keywords: House price indexes; hedonic price indexes; repeat sales price indexes; aggregation bias; housing de…
JEL-code: C2 C23 C43 D12 E31 R21
Created/Revised: 2014-03-27Downloads

15 Effects of Unconventional Monetary Policy on Financial Institutions
Gabriel Chodorow-Reich 
Harvard University OpenScholar
Created/Revised: 2014-01Downloads

16 Recursive utility and jump-diffusions
Knut K. Aase 
Department of Business and Management Science, Nor…
Keywords: Recursive utility; jump dynamics; the stochastic maximum principle; early resolution; utility gradie…
JEL-code: D51 D53 D90 E21 G10 G12
Created/Revised: 2014-03-25Downloads

17 The Euro crisis and contradictions of Neoliberalism in Europe
Engelbert Stockhammer 
School of Economics, Kingston University London
Keywords: Euro crisis; Neoliberalism; European economic policy; European integration; financial crisis; sovere…
JEL-code: B50 E60
Created/Revised: 2013-12-08Downloads

18 The ACA: Some Unpleasant Welfare Arithmetic
Casey Mulligan 
National Bureau of Economic Research, Inc
JEL-code: E24 H21 I38
Created/Revised: 2014-03Downloads

19 Der Weg in die Nullzins- und Hochverschuldungsfalle
Gunther Schnabl 
Friedrich-Schiller-University Jena
Keywords: Geldpolitik, Finanzpolitik, Niedrigzinsfalle, Hochverschuldungsfalle, Finanzmarktkrisen
JEL-code: E32 E44 E58 E62
Created/Revised: 2014-03-31Downloads

20 The Fiscal Compact and Current Account Patterns in Europe
Stefan Behrendt 
Friedrich-Schiller-University Jena
Keywords: fiscal policy, Fiscal Compact, current account, sectoral balances
JEL-code: E27 E61 E62 E66 F32 H62 H63
Created/Revised: 2014-03-26Downloads

21 Crisis continues to smoulder
IMK Düsseldorf, OFCE Paris and WIFO Wien 
IMK at the Hans Boeckler Foundation, Macroeconomic…
Created/Revised: 2013Downloads

22 Is the supply side all that counts?
Alexander Herzog-Stein, Fabian Lindner and Rudolf Zwiener 
IMK at the Hans Boeckler Foundation, Macroeconomic…
Created/Revised: 2013Downloads

23 Structural Asymmetries at the Roots of the Eurozone Crisis: What’s New for Industrial Policy in the EU?
Alberto Botta 
Levy Economics Institute, The
Keywords: Center–Periphery Structural Symmetries, EU Industrial Policy
JEL-code: E12 F15 O25 O52
Created/Revised: 2014-03Downloads

24 Revisiting an important Canadian natural experiment with new methods: an evaluation of the impact of the 1994 tax decrease on smoking
Philip Merrigan and François Gardes 
Université Panthéon-Sorbonne (Paris 1), Centre d’E…
Keywords: Cigarette, price-elasticity, difference in difference.
JEL-code: D1 E2 H2 I1
Created/Revised: 2014-03Downloads

25 Information in the yield curve: A Macro-Finance approach
Hans Dewachter, Leonardo Iania and Marco Lyrio 
National Bank of Belgium
Keywords: Macro-finance model, Yield curve, Expectations hypothesis
JEL-code: E43 E44 E47
Created/Revised: 2014-03Downloads

26 Crisis Mismanagement in The United States And Europe: Impact On Developing Countries And Longer-Term Consequences
Yýlmaz Akyüz 
Turkish Economic Association
Keywords: Monetary policy, quantitative easing, tapering, emerging markets
Created/Revised: 2014Downloads

27 Macroprudential Regulation and the Role of Monetary Policy
William John Tayler and Roy Zilberman 
ZBW – German National Library of Economics
Keywords: Bank Capital Regulation.,Macroprudential Policy,Basel III,Monetary Policy,Cost Channel
JEL-code: E32 E44 E52 E58 G28
Created/Revised: 2014-03-31Downloads

28 Does Interbank Market Matter for Business Cycle Fluctuation? An Estimated DSGE Model with Financial Frictions for the Euro Area
Federico Giri 
Universita’ Politecnica delle Marche (I), Dipartim…
Keywords: Bayesan estimation, DSGE model, financial frictions, interbank market
JEL-code: E30 E44 E51
Created/Revised: 2014-03Downloads

29 Shaky emerging economies in view of the global financial crisis: the Turkish economy after three decades of liberal reforms
Faruk Ülgen 
HAL
Keywords: liberalisation ; stability ; sustainable growth regime ; Turkish economy
Created/Revised: 2013-10-28Downloads

30 Why is Old Workers’ Labor Market More Volatile? Unemployment Fluctuations over the Life-Cycle
Jean-Olivier Hairault, François Langot and Thepthida Sopraseuth 
Institute for the Study of Labor (IZA)
Keywords: search, matching, business cycle, life-cycle
JEL-code: E32 J11 J23
Created/Revised: 2014-03Downloads

31 Source of Underestimation of Monetary Policy Effect: Re-examination of the Policy Effectiveness in Japan’s 1990s
Masahiko Shibamoto 
Research Institute for Economics & Business Admini…
Keywords: Monetary policy, Surprise target changes, Vector autoregression model, Japan
JEL-code: E52 E58
Created/Revised: 2014-03Downloads

32 Exchange Rate Adjustment, Monetary Policy and Fiscal Stimulus in Japan’s Escape from the Great Depression
Masahiko Shibamoto and Masato Shizume 
Research Institute for Economics & Business Admini…
Keywords: Great depression, Japanese economy, Macroeconomic policy, Expectation, Vector auto-regressive model,…
JEL-code: E52 E63 N15
Created/Revised: 2014-03Downloads

33 Inflation Targeting and Inflation Expectations: Evidence for Brazil and Turkey
Sumru Altug and Cem Cakmakli 
Koc University-TUSIAD Economic Research Forum
Keywords: Inflation targeting, survey-based inflation expectations, forecasting, state space model.
JEL-code: E31 E37 C32 C51
Created/Revised: 2014-04Downloads

34 Some revisions to the sectoral factor model of core inflation
Gael Price 
Reserve Bank of New Zealand
Created/Revised: 2013-10Downloads

35 Exchange rate and commodity price pass‐through in New Zealand
Miles Ian Parker and Benjamin Wong 
Reserve Bank of New Zealand
Created/Revised: 2014-03Downloads

36 Short-term Indicator Models for Quarterly GDP Growth in the BRIICS: A Small-scale Bridge Model Approach
Thomas Chalaux and Cyrille Schwellnus 
OECD Publishing
Keywords: forecasting, growth, bridge models, short-term indicators, indicateurs de court terme, croissance, m…
JEL-code: C53 E37
Created/Revised: 2014-03-31Downloads

37 A new recession-dating algorithm for South Africa
Pieter Laubscher 
Stellenbosch University, Department of Economics
Keywords: Business cycles, turning points, quantitative analysis of business cycles
JEL-code: C41 E32
Created/Revised: 2014Downloads

38 THE CREDIT CYCLE AND THE BUSINESS CYCLE IN CANADA AND THE U.S.: TWO SOLITUDES
B. Lavender P. Siklos 
Laurier Centre for Economic Research and Policy An…
Keywords: macro-financial linkages, credit standards, Loan Officer Survey
JEL-code: E32 E5 G21
Created/Revised: 1970Downloads

39 WHEN IS LIFT-OFF? EVALUATING FORWARD GUIDANCE FROM THE SHADOW
P. Siklos M. Neuenkirch 
Laurier Centre for Economic Research and Policy An…
Keywords: Bank of Canada, central bank communication, committee behaviour, monetary policy committees, shadow …
JEL-code: E43 E52 E58 E61 E69
Created/Revised: 1970Downloads

40 RISK ASSESSMENT UNDER A NONLINEAR FISCAL POLICY RULE
Cristos Shiamptanis 
Laurier Centre for Economic Research and Policy An…
Keywords: unemployment, employment reallocation, sectoral shifts, aggregate shocks, conditional quantile regre…
JEL-code: C63 E62 E63 F34 H63
Created/Revised: 1970Downloads

41 Outperforming IMF Forecasts by the Use of Leading Indicators
Katja Drechsel, Sebastian Giesen and Axel Lindner 
Halle Institute for Economic Research
Keywords: IMF WEO forecasts, leading indicators, real-time data
JEL-code: C52 C53 E02 E32 E37 O19
Created/Revised: 2014-04Downloads

42 Social Security and the Interactions Between Aggregate and Idiosyncratic Risk
Daniel Harenberg and Alexander Ludwig 
University of Cologne, Department of Economics
Keywords: social security, idiosyncratic risk, aggregate risk, welfare
JEL-code: C68 E27 E62 G12 H55
Created/Revised: 2014-03-20Downloads

43 Macroeconomic and fiscal challenges faced by the Southern and Eastern Mediterranean region
Marek DABROWSKI 
CASE-Center for Social and Economic Research
Keywords: Southern and Eastern Mediterranean, fiscal policy, macroeconomic policy, energy and food subsidies, …
JEL-code: E62 E63 H24 H56 H62 H63
Created/Revised: 2014-04Downloads

44 Growth with Unused Capacity and Endogenous Depreciation
Fabrizio Patriarca and Claudio Sardoni 
Levy Economics Institute, The
Keywords: Kaleckian Models of Growth; Capital Accumulation; Capital Depreciation; Income Distribution and Grow…
JEL-code: E12 E25 O40
Created/Revised: 2014-04Downloads

45 Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
Eugenio Caverzasi 
Levy Economics Institute, The
Keywords: Hyman Minsky; Financial Instability Hypothesis; Jan Toporowski; Capital Market Inflation; Financiali…
JEL-code: B2 B5 E44 G01
Created/Revised: 2014-04Downloads

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