Report NEP-MAC-2005-09-29

This is the archive for NEP-MAC, a report on new working papers in the area of Macroeconomics. Soumitra K Mallick issued this report. It is usually issued weekly.

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Other reports in NEP-MAC

The following items were announced in this report:

• Agustin Carstens & Luis I. Jacome H., 2005. "Latin American Central Bank Reform: Progress and Challenges," Macroeconomics 0509022, University Library of Munich, Germany.
• Javier Díaz-Giménez & Giorgia Giovannetti & Ramon Marimon & Pedro Teles, 2003. "Nominal debt as a burden on monetary policy," Economics Working Papers 841, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2006.
• Tommy Sveen & Lutz Weinke, 2005. "Is lumpy investment really irrelevant for the business cycle?," Economics Working Papers 869, Department of Economics and Business, Universitat Pompeu Fabra.
• Galí, Jordi & Vallés Liberal, Javier & López-Salido, J David, 2005. "Understanding the Effects of Government Spending on Consumption," CEPR Discussion Papers 5212, C.E.P.R. Discussion Papers.
• Fregert, Klas & Gustafsson, Roger, 2005. "Fiscal statistics for Sweden 1719-2003," Working Papers 2005:40, Lund University, Department of Economics.
• Giuseppe Diana & Pierre-Guillaume Méon, 2005. "Monetary policy in the presence of asymmetric wage indexation," DULBEA Working Papers 05-16.RS, ULB -- Universite Libre de Bruxelles.
• V.V. Chari & Larry E. Jones & Ramon Marimon, 2004. "Strategic delegation in monetary unions," Economics Working Papers 842, Department of Economics and Business, Universitat Pompeu Fabra.
• Szapáry, György & Rose, Andrew & Darvas, Zsolt, 2005. "Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic," CEPR Discussion Papers 5188, C.E.P.R. Discussion Papers.
• Robert H. Rasche & Marcela M. Williams, 2005. "The effectiveness of monetary policy," Working Papers 2005-048, Federal Reserve Bank of St. Louis.
• K. Vela Velupillai, 2005. "Morishima's nonlinear model of the cycle: simplifications and generalizations," Department of Economics Working Papers 0515, Department of Economics, University of Trento, Italia.
• Jordi Galí & Tommaso Monacelli, 2004. "Monetary policy and exchange rate volatility in a small open economy," Economics Working Papers 835, Department of Economics and Business, Universitat Pompeu Fabra.
• Arthur Grimes, 2005. "Regional and Industry Cycles in Australasia: Implications for a Common Currency," Macroeconomics 0509020, University Library of Munich, Germany.
• Pengfei Wang & Yi Wen, 2005. "Another look at sticky prices and output persistence," Working Papers 2005-051, Federal Reserve Bank of St. Louis.
• Schneider, Martin & Doepke, Matthias, 2005. "Real Effects of Inflation Through the Redistribution of Nominal Wealth," CEPR Discussion Papers 5167, C.E.P.R. Discussion Papers.
• Ingolf Schwarz & Jinhui H. Bai, 2005. "Monetary Equilibria in a Cash-in-Advance Economy with Incomplete Financial Markets," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2005_18, Max Planck Institute for Research on Collective Goods.
• Bjørn-Roger Wilhelmsen & Andrea Zaghini, 2005. "Monetary policy predictability in the euro area: An international comparison," Working Paper 2005/7, Norges Bank.
• Arthur Grimes, 2005. "Intra & Inter-Regional Industry Shocks: A New Metric with an Application to Australasian Currency Union," Macroeconomics 0509019, University Library of Munich, Germany.
• Riccardo DiCecio, 2005. "Comovement: it's not a puzzle," Working Papers 2005-035, Federal Reserve Bank of St. Louis.
• Gunnar Bårdsen & Q. Farooq Akram & Øyvind Eitrheim, 2005. "Monetary policy and asset prices: To respond or not?," Working Paper Series 5405, Department of Economics, Norwegian University of Science and Technology.
• Jordi Galí, 2004. "Modern perspectives on stabilization policies," Economics Working Papers 830, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 2005.
• George W. Evans & Seppo Honkapohja & Ramon Marimon, 2004. "Stable sunspot equilibria in a cash-in-advance economy," Economics Working Papers 844, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2005.
• Reichlin, Lucrezia & Giannone, Domenico & Small, David, 2005. "Nowcasting GDP and Inflation: The Real Time Informational Content of Macroeconomic Data Releases," CEPR Discussion Papers 5178, C.E.P.R. Discussion Papers.
• Albert Marcet & Juan Pablo Nicolini, 2005. "Money and prices in models of bounded rationality in high inflation economies," Economics Working Papers 875, Department of Economics and Business, Universitat Pompeu Fabra.
• Farley Grubb, 2004. "The Constitutional Creation of a Common Currency in the U.S., 1748-1811: Monetary Stabilization versus Merchant Rent Seeking," Working Papers 04-07, University of Delaware, Department of Economics.
• Yi Wen, 2005. "The effectiveness of monetary policy: an assessment," Working Papers 2005-052, Federal Reserve Bank of St. Louis.
• Yi Wen, 2006. "Granger causality and equilibrium business cycle theory," Working Papers 2005-038, Federal Reserve Bank of St. Louis.
• Mark Mink & Jakob de Haan & Jakob de Haan, 2005. "Has the Stability and Growth Pact Impeded Political Budget Cycles in the European Union?," CESifo Working Paper Series 1532, CESifo.
• Danthine, Jean-Pierre & Kurmann, Andre, 2005. "The Macroeconomic Consequences of Reciprocity in Labour Relations," CEPR Discussion Papers 5174, C.E.P.R. Discussion Papers.
• Léonce Ndikumana, 2005. "Can macroeconomic policy stimulate private investment in South Africa? New insights from aggregate and manufacturing sector-level evidence," UMASS Amherst Economics Working Papers 2005-14, University of Massachusetts Amherst, Department of Economics.
• William T. Gavin, 2005. "Recent developments in monetary macroeconomics and U.S. dollar policy," Working Papers 2005-062, Federal Reserve Bank of St. Louis.
• James Bullard & George W. Evans & Seppo Honkapohja, 2005. "Near-Rational Exuberance," University of Oregon Economics Department Working Papers 2005-15, University of Oregon Economics Department, revised 18 Sep 2006.
• James S. Costain & Michael Reiter, 2003. "Business cycles, unemployment insurance and the calibration of matching models," Economics Working Papers 872, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2006.
• Beetsma, Roel & Klaassen, Franc & Giuliodori, Massimo, 2005. "Trade Spillovers of Fiscal Policy in the European Union: A Panel Analysis," CEPR Discussion Papers 5222, C.E.P.R. Discussion Papers.
• Francesco Giavazzi & Tullio Jappelli & Marco Pagano & Marina Benedetti, 2005. "Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence," CSEF Working Papers 142, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
• Portier, Franck & Beaudry, Paul, 2005. "The 'News' View of Economic Fluctuations: Evidence from Aggregate Japanese Data and Sectoral US Data," CEPR Discussion Papers 5176, C.E.P.R. Discussion Papers.
• Jordi Galí, 2005. "Trends in hours, balanced growth and the role of technology in the business cycle," Economics Working Papers 829, Department of Economics and Business, Universitat Pompeu Fabra.
• Levon Barseghyan & Riccardo DiCecio, 2007. "Optimal monetary policy, endogenous sticky prices and multiplicity of equilibria," Working Papers 2005-036, Federal Reserve Bank of St. Louis.
• Assaf Razin & Prakash Loungani, 2005. "Globalization and Inflation-Output Tradeoffs," NBER Working Papers 11641, National Bureau of Economic Research, Inc.
• Szapáry, György & Darvas, Zsolt, 2005. "Business Cycle Sychronization in the Enlarged EU," CEPR Discussion Papers 5179, C.E.P.R. Discussion Papers.
• Jordi Galí & Mark Gertler & J. David López-Salido, 2005. "Markups, gaps and the welfare costs of business fluctuations," Economics Working Papers 836, Department of Economics and Business, Universitat Pompeu Fabra.
• Mª Ángeles Caraballo Pou & Carlos Dabús, 2005. "Nominal rigidities, relative prices and skewness," Economic Working Papers at Centro de Estudios Andaluces E2005/17, Centro de Estudios Andaluces.
• Yi Wen, 2005. "By force of demand: explaining international comovements and the saving-investment correlation puzzle," Working Papers 2005-043, Federal Reserve Bank of St. Louis.
• Bhattacharya, Joydeep & Haslag, Joseph & Martin, Antoine, 2009. "Optimal Monetary Policy and Economic Growth," Staff General Research Papers Archive 12413, Iowa State University, Department of Economics.
• Christian Merkl & Dennis J. Snower, 2005. "Monetary Persistence, Imperfect Competition, and Staggering Complementarities," Kiel Working Papers 1257, Kiel Institute for the World Economy.
• Emmanuel Dhyne & Luis J. Álvarez & Hervé Le Bihan & Giovanni Veronese & Daniel Dias & Johannes Hoffmann & Nicole Jonker & Patrick Lünnemann & Fabio Rumler & Jouko Vilmunen, 2005. "Price setting in the euro area: Some stylized facts from Individual Consumer Price Data," Working Paper Research 74, National Bank of Belgium.
• Item repec:hhb:aaracc:05-005 is not listed on IDEAS anymore

• Eijffinger, Sylvester & Franco, Daniele & Buti, Marco, 2005. "The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate," CEPR Discussion Papers 5216, C.E.P.R. Discussion Papers.
• Laurence S. Seidman & Kenneth A. Lewis, 2004. "Transfers Plus Open-Market Purchases: a Remedy for Recession," Working Papers 04-02, University of Delaware, Department of Economics.
• Massimo Guidolin & Sadayuki Ono, 2005. "Are the dynamic linkages between the macroeconomy and asset prices time-varying?," Working Papers 2005-056, Federal Reserve Bank of St. Louis.
• Aidt, T.S. & Tzannatos, Z., 2005. "The Cost and Benefits of Collective Bargaining," Cambridge Working Papers in Economics 0541, Faculty of Economics, University of Cambridge.
• Lloyd-Braga, Teresa & Nourry, Carine & Venditti, Alain, 2005. "Indeterminacy in Dynamic Models: When Diamond Meets Ramsey," CEPR Discussion Papers 5255, C.E.P.R. Discussion Papers.
• Item repec:dgr:kubcen:2005101 is not listed on IDEAS anymore

• Woon Gyu Choi & Yi Wen, 2005. "Measuring interest rates as determined by thrift and productivity," Working Papers 2005-037, Federal Reserve Bank of St. Louis.
• Ziesemer, Thomas, 2005. "How to cure the trade balance? Reducing budget deficits versus devaluations in the presence of J- and W-curves for Brazil," Research Memorandum 018, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
• Chang, Yongsung & Schorfheide, Frank & Doh, Taeyoung, 2005. "Non-stationary Hours in a DSGE Model," CEPR Discussion Papers 5232, C.E.P.R. Discussion Papers.
• Lars E. O. Svensson & Robert J. Tetlow, 2005. "Optimal policy projections," Finance and Economics Discussion Series 2005-34, Board of Governors of the Federal Reserve System (U.S.).
• K. Vela Velupillai, 2005. "The impossibility of an effective theory of policy in a complex economy," Department of Economics Working Papers 0514, Department of Economics, University of Trento, Italia.
• Item repec:dgr:kubcen:200595 is not listed on IDEAS anymore

• Joseph E. Gagnon, 2005. "Currency Crashes and Bond Yields in Industrial Countries," International Finance Discussion Papers 837, Board of Governors of the Federal Reserve System (U.S.).
• Constantin Gurdgiev, 2005. "Habits in Consumption, Transactions Learning And Economic Growth," Trinity Economics Papers 200055, Trinity College Dublin, Department of Economics.
• Jim Dolmas, 2005. "Trimmed mean PCE inflation," Working Papers 0506, Federal Reserve Bank of Dallas.
• Item repec:tcd:wpaper:tep5 is not listed on IDEAS anymore

• Yi Wen, 2005. "The multiplier: a general equilibrium analysis of multi-stage-fabrication economy with inventories," Working Papers 2005-046, Federal Reserve Bank of St. Louis.
• Pedro Silos, 2005. "Housing, portfolio choice, and the macroeconomy," FRB Atlanta Working Paper 2005-21, Federal Reserve Bank of Atlanta.
• Viv B Hall & C. John McDermott, 2005. "Regional business cycles in New Zealand:Do they exist? What might drive them?," Urban/Regional 0509013, University Library of Munich, Germany.
• Karsten Jeske & Dirk Krueger, 2005. "Housing and the macroeconomy: the role of implicit guarantees for government-sponsored enterprises," FRB Atlanta Working Paper 2005-15, Federal Reserve Bank of Atlanta.
• Stephen F. Quinn & William Roberds, 2005. "The big problem of large bills: the Bank of Amsterdam and the origins of central banking," FRB Atlanta Working Paper 2005-16, Federal Reserve Bank of Atlanta.
• Wouter J. Den Haan & Christian Haefke & Garey Ramey, 2004. "Turbulence and unemployment in a job matching model," Economics Working Papers 792, Department of Economics and Business, Universitat Pompeu Fabra.
• Uhlig, Harald & De Fiore, Fiorella, 2005. "Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?," CEPR Discussion Papers 5213, C.E.P.R. Discussion Papers.
• Sarno, Lucio & Thornton, Daniel L & Valente, Giorgio, 2005. "The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields," CEPR Discussion Papers 5259, C.E.P.R. Discussion Papers.
• Peleg, B. & Peters, H.J.M., 2005. "Nash consistent representation of effectivity functions through lottery models," Research Memorandum 031, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
• Luis Aguiar-Conraria & Yi Wen, 2006. "Understanding the large negative impact of oil shocks," Working Papers 2005-042, Federal Reserve Bank of St. Louis.
• Kimlong Chheng, 2005. "How Do Economic Freedom and Investment Affect Economic Growth?," Macroeconomics 0509021, University Library of Munich, Germany.
• Toshihiko Mukoyama & Ayşegül Şahin, 2005. "The cost of business cycles for unskilled workers," Staff Reports 214, Federal Reserve Bank of New York.
• Peter Temin & Joachim Voth, 2004. "Credit rationing and crowding out during the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862," Economics Working Papers 859, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2005.
• Michael T. Owyang & Jeremy M. Piger & Howard J. Wall, 2005. "The 2001 recession and the states of the Eighth Federal Reserve District," Working Papers 2005-053, Federal Reserve Bank of St. Louis.
• Item repec:wpa:wuwpot:0509016 is not listed on IDEAS anymore

• Ricardo J. Caballero & Arvind Krishnamurthy, 2005. "Bubbles and Capital Flow Volatility: Causes and Risk Management," NBER Working Papers 11618, National Bureau of Economic Research, Inc.
• Ali Dib & Mohamed Gammoudi & Kevin Moran, 2005. "Forecasting Canadian Time Series with the New-Keynesian Model," Cahiers de recherche 0527, CIRPEE.
• Jean Imbs & Romain Rancière, 2005. "The overhang hangover," Economics Working Papers 878, Department of Economics and Business, Universitat Pompeu Fabra.
• Xavier Cuadras Morató, 2005. "Circulation of private notes during a currency shortage," Economics Working Papers 811, Department of Economics and Business, Universitat Pompeu Fabra.
• Martin Mühleisen & Christopher M Towe, 2004. "U.S. Fiscal Policies and Priorities for Long-Run Sustainability," IMF Occasional Papers 227, International Monetary Fund.
• Alejandro Gaytan & Romain Rancière, 2004. "Wealth, financial intermediation and growth," Economics Working Papers 851, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2004.
• Item repec:wpa:wuwpot:0509014 is not listed on IDEAS anymore

• William Barnett & Apostolos Serletis & Demitre Serletis, 2005. "Nonlinear and Complex Dynamics in Real Systems," GE, Growth, Math methods 0509002, University Library of Munich, Germany.
• Item repec:wpa:wuwpot:0509015 is not listed on IDEAS anymore

• Peter Temin & Joachim Voth, 2005. "Private borrowing during the financial revolution: Hoare’s Bank and its customers, 1702-1724," Economics Working Papers 860, Department of Economics and Business, Universitat Pompeu Fabra.
• Fecht, Falko & Grüner, Hans Peter, 2005. "Financial Integration and Systemic Risk," CEPR Discussion Papers 5253, C.E.P.R. Discussion Papers.
• William Barnett & Apostolos Serletis & Demitre Serletis, 2005. "Nonlinear and Complex Dynamics in Real Systems," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200517, University of Kansas, Department of Economics, revised Sep 2005.
• Item repec:wpa:wuwpot:0509017 is not listed on IDEAS anymore

• Alberto Martin & Jaume Ventura, 2003. "Economic growth with bubbles," Economics Working Papers 848, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2011.
• Mark Aguiar & Erik Hurst, 2005. "Lifecycle Prices and Production," NBER Working Papers 11601, National Bureau of Economic Research, Inc.
• Kugler, Adriana D. & Pica, Giovanni, 2005. "Effects of Employment Protection on Worker and Job Flows: Evidence from the 1990 Italian Reform," CEPR Discussion Papers 5256, C.E.P.R. Discussion Papers.
• Mark Aguiar & Fernando Broner, 2001. "Determining underlying macroeconomic fundamentals during emerging market crises: Are conditions as bad as they seem?," Economics Working Papers 863, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 2004.
• E.Panopoulou, 2005. "A Resolution of the Fisher Effect Puzzle: A Comparison of Estimators," Economics Department Working Paper Series n1500205, Department of Economics, National University of Ireland - Maynooth.
• Elisa Alòs & Christian-Olivier Ewald, 2005. "A note on the Malliavin differentiability of the Heston volatility," Economics Working Papers 880, Department of Economics and Business, Universitat Pompeu Fabra.
• Nico Voigtländer & Joachim Voth, 2005. "Why England? Demand, growth and inequality during the Industrial Revolution," Economics Working Papers 857, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2006.
• Massimo Guidolin & Allan Timmerman, 2007. "Forecasts of U.S. short-term interest rates: a flexible forecast combination approach," Working Papers 2005-059, Federal Reserve Bank of St. Louis.
• Alberto Alesina & Guido Tabellini, 2005. "Why is Fiscal Policy Often Procyclical?," NBER Working Papers 11600, National Bureau of Economic Research, Inc.
• Storesletten, Kjetil & Violante, Giovanni & Heathcote, Jonathan, 2005. "Insurance and Opportunities: The Welfare Implications of Rising Wage Dispersion," CEPR Discussion Papers 5200, C.E.P.R. Discussion Papers.
• Salvatore Nistico, 2005. "Dall'euforia alla crisi: etica e fiducia nei mercati finanziari," Macroeconomics 0509018, University Library of Munich, Germany.
• Thomas Cooley & Ramon Marimon & Vicenzo Quadrini, 1999. "Aggregate consequences of limited contract enforceability," Economics Working Papers 843, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2003.
• George W. Evans & Seppo Honkapohja & Noah Williams, 2005. "Generalized Stochastic Gradient Learning," University of Oregon Economics Department Working Papers 2005-17, University of Oregon Economics Department, revised 18 May 2008.
• Josep M. Colomer, 2005. "Policy making in divided government. A pivotal actors model with party discipline," Economics Working Papers 817, Department of Economics and Business, Universitat Pompeu Fabra.
• Item repec:dgr:umamet:2005024 is not listed on IDEAS anymore

• Caselli, Francesco & Feyrer, James, 2005. "The Marginal Product of Capital," CEPR Discussion Papers 5203, C.E.P.R. Discussion Papers.
• Charles W. Calomiris & Joseph R. Mason, 2005. "Resolving the puzzle of the underissuance of national bank notes," Working Papers 05-19, Federal Reserve Bank of Philadelphia.
• Bodart, V. & Candelon, B., 2005. "Evidences of interdependence and contagion using a frequency domain framework," Research Memorandum 023, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
• Fernando Broner, 2003. "Discrete devaluations and multiple equilibria in a first generation model of currency crises," Economics Working Papers 839, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2007.
• Kugler, Peter & Weder di Mauro, Beatrice, 2005. "Why Are Returns on Swiss Franc Assets So Low? Rare Events May Solve the Puzzle," CEPR Discussion Papers 5181, C.E.P.R. Discussion Papers.
• Ziesemer, Thomas, 2005. "Unstable Debt/GDP Dynamics as an Early Warning Indicator," Research Memorandum 016, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
• Gerhard Glomm & Jürgen Jung & Changmin Lee & Chung Tran, 2005. "Public Pensions and Capital Accumulation: The Case of Brazil," CESifo Working Paper Series 1539, CESifo.
• Fernando Broner & Guido Lorenzoni & Sergio L. Schmukler, 2003. "Why do emerging economies borrow short term?," Economics Working Papers 838, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2011.
• Peter Temin & Joachim Voth, 2004. "Riding the South Sea bubble," Economics Working Papers 861, Department of Economics and Business, Universitat Pompeu Fabra.
• Denis Kadochnikov, 2005. "Economic Impact of Capital Flight from Russia and its Institutional Context: Why Capital Controls cannot be a Part of a Pro- Growth Policy," International Finance 0509007, University Library of Munich, Germany, revised 21 Sep 2005.
• D. Duffy & M.J. Roche, 2005. "Heterogeneous Homebuyers, Mortgage Choice and the use of Mortgage Brokers," Economics Department Working Paper Series n1520205, Department of Economics, National University of Ireland - Maynooth.
• Philippe Bacchetta & Eric van Wincoop, 2005. "Can Information Heterogeneity Explain the Exchange Rate Determination?," FAME Research Paper Series rp155, International Center for Financial Asset Management and Engineering.
• Josep M. Colomer, 2005. "The left-right dimension in Latin America," Economics Working Papers 813, Department of Economics and Business, Universitat Pompeu Fabra.
• Philippe Bacchetta & Eric van Wincoop, 2005. "Rational Inattention: A Solution to the Forward Discount Puzzle," FAME Research Paper Series rp156, International Center for Financial Asset Management and Engineering.
• Philippe Bacchetta & Eric van Wincoop, 2005. "Rational Inattention: A Solution to the Forward Discount Puzzle," NBER Working Papers 11633, National Bureau of Economic Research, Inc.