Report NEP-MAC-2017-03-12

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:

• Chen, Hongyi & Funke, Michael & Lozev, Ivan & Tsang, Andrew, 2017. "To guide or not to guide? Quantitative monetary policy tools and macroeconomic dynamics in China," BOFIT Discussion Papers 3/2017, Bank of Finland, Institute for Economies in Transition.
• Ben Cheikh, Nidhaleddine & Rault, Christophe, 2017. "Investigating First-Stage Exchange Rate Pass-Through: Sectoral and Macro Evidence from Euro Area Countries," IZA Discussion Papers 10555, Institute of Labor Economics (IZA).
• Kim, Soyoung & Mehrotra, Aaron, 2017. "Effects of monetary and macro-prudential policies – evidence from inflation targeting economies in the Asia-Pacific region and potential implications for China," BOFIT Discussion Papers 4/2017, Bank of Finland, Institute for Economies in Transition.
• Glas, Alexander & Hartmann, Matthias, 2016. "Inflation uncertainty, disagreement and monetary policy: Evidence from the ECB Survey of Professional Forecasters," VfS Annual Conference 2016 (Augsburg): Demographic Change 145888, Verein für Socialpolitik / German Economic Association.
• Ravn, Morten & Mertens, Karel & Fieldhouse, Andrew, 2017. "The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy," CEPR Discussion Papers 11830, C.E.P.R. Discussion Papers.
• Cloyne, James & Huber, Kilian & Ilzetzki, Ethan & Kleven, Henrik, 2017. "The effect of house prices on household borrowing: a new approach," Bank of England working papers 650, Bank of England.
• Nektarios A. Michail & Demetris Koursaros & Christos S. Savva, 2016. "The Lack of Persistence of Interest Rate Changes on Banks’ Lending and Risk Taking Behaviour," Working Papers 2016-01, Central Bank of Cyprus.
• Efraim Benmelech & Carola Frydman & Dimitris Papanikolaou, 2017. "Financial Frictions and Employment during the Great Depression," NBER Working Papers 23216, National Bureau of Economic Research, Inc.
• Michele Fratianni, 2017. "It is time to separate money banks from credit banks in Italy," Mo.Fi.R. Working Papers 138, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
• Orphanides, Athanasios, 2017. "Central Bank Policies and the Debt Trap," CEPR Discussion Papers 11834, C.E.P.R. Discussion Papers.
• Jorg Bibow, 2017. "How Germany's Anti-Keynesianism Has Brought Europe to Its Knees," Economics Working Paper Archive wp_886, Levy Economics Institute.
• Thiem, Christopher, 2017. "Oil price uncertainty and the business cycle: Accounting for the influences of global supply and demand within a VAR GARCH-in-mean framework," Ruhr Economic Papers 674, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
• Jair N. Ojeda-Joya & Oscar E. Guzman, 2017. "The Size of Fiscal Multipliers and the Stance of Monetary Policy in Developing Economies," IHEID Working Papers 08-2017, Economics Section, The Graduate Institute of International Studies.
• Ellen R. McGrattan, 2017. "Intangible Capital and Measured Productivity," Staff Report 545, Federal Reserve Bank of Minneapolis.
• Salzmann, Leonard, 2016. "The G7 business cycle in a globalized world," VfS Annual Conference 2016 (Augsburg): Demographic Change 145633, Verein für Socialpolitik / German Economic Association.
• Kaufmann, Sylvia & Gaggl, Paul, 2016. "The Cyclical Component of Labor Market Polarization and Jobless Recoveries in the US," VfS Annual Conference 2016 (Augsburg): Demographic Change 145869, Verein für Socialpolitik / German Economic Association.
• Wilhelm, Matthias & Buchheim, Lukas & Watzinger, Martin, 2016. "Investment in Photovoltaics and Job Creation: Evidence from a Billion Dollar Program," VfS Annual Conference 2016 (Augsburg): Demographic Change 145551, Verein für Socialpolitik / German Economic Association.
• Olga Gouveia & Enestor Dos Santos & Santiago Fernandez de Lis & Alejandro Neut & Javier Sebastian, 2017. "Central Bank Digital Currencies: assessing implementation possibilities and impacts," Working Papers 17/04, BBVA Bank, Economic Research Department.
• Yakov Ben-Haim & Maria Demertzis & Jan Willem Van den End, 2017. "Fundamental uncertainty and unconventional monetary policy: an info-gap approach," DNB Working Papers 544, Netherlands Central Bank, Research Department.
• Kose, M. Ayhan & Ohnsorge, Franziska & Lakatos, Csilla & Stocker, Marc, 2017. "The Global Role of the U.S. Economy: Linkages, Policies and Spillovers," CEPR Discussion Papers 11836, C.E.P.R. Discussion Papers.
• Jérémie Cohen-Setton & Joshua K. Hausman & Johannes F. Wieland, 2017. "Supply-Side Policies in the Depression: Evidence from France," Working Paper Series WP17-4, Peterson Institute for International Economics.
• Tóth, Peter, 2017. "Nowcasting Slovak GDP by a Small Dynamic Factor Model," MPRA Paper 77245, University Library of Munich, Germany.
• Kalemli-Özcan, Sebnem & di Giovanni, Julian & Ulu, Mehmet Fatih & Baskaya, Yusuf Soner, 2017. "International Spillovers and Local Credit Cycles," CEPR Discussion Papers 11839, C.E.P.R. Discussion Papers.
• Yusuf Soner Baskaya & Julian di Giovanni & Sebnem Kalemli-Özcan & Mehmet Fatih Ulu, 2017. "International spillovers and local credit cycles," Economics Working Papers 1559, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2020.
• Shota Kai & Yoichi Matsubayashi, 2017. "Dynamic Impact of Credit Risk on the Real Economy in European Countries," Discussion Papers 1706, Graduate School of Economics, Kobe University.
• Bonga-Bonga, Lumengo & Simo-Kengne, Beatrice Desiree, 2017. "Inflation and output growth dynamics in South Africa: Evidence from the Markov switching vector auto-regression model," MPRA Paper 77286, University Library of Munich, Germany.
• Fabrizio Balassone & Sara Cecchetti & Martina Cecioni & Marika Cioffi & Wanda Cornacchia & Flavia Corneli & Gabriele Semeraro, 2016. "Economic governance in the euro area: balancing risk reduction and risk sharing," Questioni di Economia e Finanza (Occasional Papers) 344, Bank of Italy, Economic Research and International Relations Area.
• Winkler, Roland & Bredemeier, Christian, 2016. "The employment dynamics of different population groups over the business cycle," VfS Annual Conference 2016 (Augsburg): Demographic Change 145687, Verein für Socialpolitik / German Economic Association.
• Luis J. Álvarez & Isabel Sánchez, 2017. "A suite of inflation forecasting models," Occasional Papers 1703, Banco de España.
• Ehrmann, Michael & Talmi, Jonathan, 2017. "Starting from a blank page? Semantic similarity in central bank communication and market volatility," Working Paper Series 2023, European Central Bank.
• Awijen, Haithem & Hammami, Sami, 2017. "Financial frictions and regime switching: The role of collateral asset in emerging stock market," Economics Discussion Papers 2017-6, Kiel Institute for the World Economy (IfW Kiel).
• Adeel Malik, 2016. "The Political Economy of Macroeconomic Policy in Arab Resource-Rich Economies," Working Papers 1034, Economic Research Forum, revised Aug 2016.
• Koeniger, Winfried & Fella, Giulio & Frache, Serafin, 2016. "Buffer-stock savings and households' wealth response to income shocks," VfS Annual Conference 2016 (Augsburg): Demographic Change 145507, Verein für Socialpolitik / German Economic Association.
• Conrad, Christian & Loch, Karin, 2016. "Macroeconomic expectations and the time-varying stock-bond correlation: international evidence," VfS Annual Conference 2016 (Augsburg): Demographic Change 145530, Verein für Socialpolitik / German Economic Association.
• De Grauwe, Paul & Ji, Yuemei, 2017. "Endogenous Asymmetric Shocks in the Eurozone. The Role of Animal Spirits," CEPR Discussion Papers 11887, C.E.P.R. Discussion Papers.
• Jobst, Clemens & Bignon, Vincent, 2017. "Economic crises and the eligiblity for the lender of last resort: evidence from 19th century France," Working Paper Series 2027, European Central Bank.
• James B. Bullard, 2017. "The Role of the Fed’s Balance Sheet for the U.S. Monetary Policy Outlook in 2017 : a presentation at Spring 2017 GWU Alumni Lecture in Economics, George Washington University, Washington, D.C. Februar," Speech 281, Federal Reserve Bank of St. Louis.
• Ho, Sin-Yu, 2017. "The Macroeconomic Determinants of Stock Market Development: Evidence from Malaysia," MPRA Paper 77232, University Library of Munich, Germany.
• Pascal Seppecher & Isabelle Salle & Marc Lavoie, 2017. "What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model," CEPN Working Papers 2017-03, Centre d'Economie de l'Université de Paris Nord.
• Eichler, Stefan & Lähner, Tom & Noth, Felix, 2016. "Regional Banking Instability and FOMC Voting," VfS Annual Conference 2016 (Augsburg): Demographic Change 145803, Verein für Socialpolitik / German Economic Association.
• Tsoy, Lyubov & Heshmati, Almas, 2017. "Impact of Financial Crises on Dynamics of Capital Structure: Evidence from Korean Listed Companies," IZA Discussion Papers 10554, Institute of Labor Economics (IZA).
• Thorsten Beck & Steven Poelhekke, 2017. "Follow the money: Does the financial sector intermediate natural resource windfalls?," DNB Working Papers 545, Netherlands Central Bank, Research Department.
• Beck, Thorsten & Poelhekke, Steven, 2017. "Follow the money: Does the financial sector intermediate natural resource windfalls?," CEPR Discussion Papers 11872, C.E.P.R. Discussion Papers.
• Legroux, Vincent & Rahmouni-Rousseau, Imène & Szczerbowicz, Urszula & Valla, Natacha, 2017. "Stabilising virtues of central banks: (re)matching bank liquidity," EIB Working Papers 2017/01, European Investment Bank (EIB).
• Nitsch, Volker, 2016. "Cutting the Credit Line: Evidence from Germany," VfS Annual Conference 2016 (Augsburg): Demographic Change 145753, Verein für Socialpolitik / German Economic Association.
• Hernández Vega Marco A., 2017. "Portfolio Investment Response to U.S. Monetary Policy Announcements: An Event Study Analysis Using High Frequency Data from Mexico," Working Papers 2017-02, Banco de México.
• Seele, Stefanie & Burda, Michael, 2016. "No Role for the Hartz Reforms? Demand and Supply Factors in the German Labor Market, 1993-2014," VfS Annual Conference 2016 (Augsburg): Demographic Change 145650, Verein für Socialpolitik / German Economic Association.
• Kose, M. Ayhan & Ohnsorge, Franziska & Ye, Lei (Sandy) & Islamaj, Ergys, 2017. "Weakness in Investment Growth: Causes, Implications and Policy Responses," CEPR Discussion Papers 11886, C.E.P.R. Discussion Papers.
• Farhi, Emmanuel & Baqaee, David Rezza, 2017. "The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem," CEPR Discussion Papers 11845, C.E.P.R. Discussion Papers.
• M. Ayhan Kose & Franziska Ohnsorge & Lei Sandy Ye & Ergys Islamaj, 2017. "Weakness in investment growth: Causes, implications and policy responses," CAMA Working Papers 2017-19, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
• Georg Graetz & Guy Michaels, 2017. "In brief... Is technology to blame for jobless recoveries?," CentrePiece - The magazine for economic performance 496, Centre for Economic Performance, LSE.
• Yusuf Soner Baskaya & Julian di Giovanni & Sebnem Kalemli-Özcan & José-Luis Peydró & Mehmet Fatih Ulu, 2017. "Capital flows and the international credit channel," Economics Working Papers 1557, Department of Economics and Business, Universitat Pompeu Fabra.
• Onyimadu, Chukwuemeka, 2016. "Macroeconomic Volatility and Economic Growth: Evidence from Selected African Countries," MPRA Paper 77200, University Library of Munich, Germany.
• Piketty, Thomas & Goupille-Lebret, Jonathan & Garbinti, Bertrand, 2017. "Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)," CEPR Discussion Papers 11848, C.E.P.R. Discussion Papers.
• Farhi, Emmanuel & Gourinchas, Pierre-Olivier & Caballero, Ricardo, 2017. "Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields," CEPR Discussion Papers 11833, C.E.P.R. Discussion Papers.
• Uxó González, Jorge & Álvarez, Ignacio & Febrero, Eladio, 2017. "Fiscal space on the eurozone periphery: The case of Spain," IPE Working Papers 84/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
• Silvia Miranda-Agrippino & Giovanni Ricco, 2015. "The Transmission of Monetary Policy Shocks," Discussion Papers 1711, Centre for Macroeconomics (CFM), revised Feb 2017.
• Javier L. Arnaut, 2017. "Was Colonialism Fiscally Sustainable? An Empirical Examination of the Colonial Finances of Spanish America," Documentos de Trabajo (DT-AEHE) 1703, Asociación Española de Historia Económica.
• Groneck, Max & Schön, Matthias & Wallenius, Johanna, 2016. "You Better Get Married! Marital Status and Intra-Generational Redistribution of Social Security," VfS Annual Conference 2016 (Augsburg): Demographic Change 145801, Verein für Socialpolitik / German Economic Association.
• Miranda-Agrippino, Silvia & Ricco, Giovanni, 2017. "The Transmission of Monetary Policy Shocks," The Warwick Economics Research Paper Series (TWERPS) 1136, University of Warwick, Department of Economics.
• Becker, Sebastian, 2016. "Selection into Short-Time Work and Labor Market Outcomes after the Great Recession - Empirical Evidence using German Micro-Level Data," VfS Annual Conference 2016 (Augsburg): Demographic Change 145889, Verein für Socialpolitik / German Economic Association.
• Claessens, Stijn & Coleman, Nicholas & Donnelly, Michael, 2017. ""Low-For-Long†Interest Rates and Banks’ Interest Margins and Profitability: Cross-Country Evidence," CEPR Discussion Papers 11842, C.E.P.R. Discussion Papers.
• Cubadda, Gianluca & Hecq, Alain & Telg, Sean, 2017. "Detecting Co-Movements in Noncausal Time Series," MPRA Paper 77254, University Library of Munich, Germany, revised 02 Mar 2017.
• Demetris Koursaros & Nektarios A. Michail & Christos S. Savva, 2016. "Bank Lending to the Private Sector and GDP Growth: Thresholds and Returns," Working Papers 2016-02, Central Bank of Cyprus.
• Anastasios Demertzidis & Vahidin Jeleskovic, 2016. "Empirical Estimation of Intraday Yield Curves on the Italian Interbank Credit Market e-MID," MAGKS Papers on Economics 201649, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
• Scharnagl, Michael & Mandler, Martin & Volz, Ute, 2016. "Heterogeneity in euro area monetary policy transmission: results from a large multi-country BVAR model," VfS Annual Conference 2016 (Augsburg): Demographic Change 145847, Verein für Socialpolitik / German Economic Association.
• Patrick J. Kehoe, 2017. "Fiscal Unions Redux," Discussion Papers 1712, Centre for Macroeconomics (CFM).
• Rebelo, Sérgio & Eichenbaum, Martin & Johannsen, Benjamin, 2017. "Monetary Policy and the Predictability of Nominal Exchange Rates," CEPR Discussion Papers 11844, C.E.P.R. Discussion Papers.
• Jerome H. Powell, 2017. "The Economic Outlook and Monetary Policy : a speech at the Forecasters Club of New York Luncheon, New York, New York, February 22, 2017," Speech 937, Board of Governors of the Federal Reserve System (U.S.).
• Hasanujzaman, Muhammad, 2016. "The impact of export growth to stock market in a managed floating exchange rate regime: A VAR Analysis," MPRA Paper 77123, University Library of Munich, Germany, revised Oct 2016.
• Tomoyuki Nakajima & Shuhei Takahashi, 2017. "The Optimum Quantity of Debt for Japan," KIER Working Papers 964, Kyoto University, Institute of Economic Research.
• Claudio Borio & Leonardo Gambacorta, 2017. "Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?," BIS Working Papers 612, Bank for International Settlements.
• Albert Solé-Ollé & Elisabet Viladecans-Marsal, 2017. "Housing booms and busts and local fiscal policy," Working Papers 2017/05, Institut d'Economia de Barcelona (IEB).
• Mavee, Nasha & Bonga-Bonga, Lumengo, 2017. "The unbiased forward rate hypothesis before and after the inflation targeting regime in South Africa: A cointegration Analysis," MPRA Paper 77195, University Library of Munich, Germany.
• Littke, Helge C. N. & Eichler, Stefan & Tonzer, Lena, 2016. "Central Bank Transparency and Cross-Border Banking," VfS Annual Conference 2016 (Augsburg): Demographic Change 145598, Verein für Socialpolitik / German Economic Association.
• Ngotran, Duong, 2016. "The E-Monetary Theory," MPRA Paper 77206, University Library of Munich, Germany, revised 25 Feb 2017.
• Buiter, Willem, 2017. "Exchange rate implications of Border Tax Adjustment Neutrality," CEPR Discussion Papers 11885, C.E.P.R. Discussion Papers.
• Souhaïb Chamseddine Zardi, 2017. "Forecasting Inflation in a Macroeconomic Framework: An Application to Tunisia," IHEID Working Papers 07-2017, Economics Section, The Graduate Institute of International Studies.
• Stefano Bosi & Cuong Le Van & Ngoc-Sang Pham, 2015. "Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints," Documents de travail du Centre d'Economie de la Sorbonne 15067r, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, revised Feb 2017.
• Scheuermeyer, Philipp & Bofinger, Peter, 2016. "Income Distribution and Household Saving: A Non-Monotonic Relationship," VfS Annual Conference 2016 (Augsburg): Demographic Change 145901, Verein für Socialpolitik / German Economic Association.
• Farmer, Roger, 2017. "The End of Alchemy: A Review Essay," CEPR Discussion Papers 11846, C.E.P.R. Discussion Papers.
• Haan, Peter & Haywood, Luke & Schneider, Ulrich, 2016. "Labor Supply of Mothers: The Role of Time Discounting," VfS Annual Conference 2016 (Augsburg): Demographic Change 145751, Verein für Socialpolitik / German Economic Association.
• Paravisini, Daniel & Rappoport, Veronica & Ravina, Enrichetta, 2017. "Risk aversion and wealth: evidence from person-to-person lending portfolios," LSE Research Online Documents on Economics 62137, London School of Economics and Political Science, LSE Library.
• Prante, Franz J., 2017. "Macroeconomic effects of personal and functional income inequality: Theory and empirical evidence for the US and Germany," IPE Working Papers 83/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
• Musoke, Zakia, 2017. "An empirical investigation on dollarization and currency devaluation: A case study of Tanzania," Economics Discussion Papers 2017-8, Kiel Institute for the World Economy (IfW Kiel).
• van den Berg, Gerard J. & Gerdtham, Ulf-G. & von Hinke, Stephanie & Lindeboom, Maarten & Lissdaniels, Johannes & Sundquist, Jan & Sundquist, Kristina, 2017. "Mortality and the Business Cycle: Evidence from Individual and Aggregated Data," Working Papers 2017:5, Lund University, Department of Economics.
• Keiichiro Kobayashi & Daichi Shirai, 2017. "Debt-Ridden Borrowers and Economic Slowdown," CIGS Working Paper Series 17-002E, The Canon Institute for Global Studies.
• U. Devrim Demirel, 2016. "The Short-Term Effects of Tax Changes—Evidence for State Dependence: Working Paper 2016-03," Working Papers 51824, Congressional Budget Office.
• Hany Abdel-Latif & Tapas Mishra, 2016. "Asymmetric Growth Impact of Social Policy: A Post-Shock Policy Scenario for Egypt," Working Papers 1035, Economic Research Forum, revised Aug 2016.
• Parker, Miles, 2017. "Global inflation: the role of food, housing and energy prices," Working Paper Series 2024, European Central Bank.
• Vetlov, Igor & Ferdinandusse, Marien & de Jong, Jasper & Funda, Josip, 2017. "The effect of public investment in Europe: a model-based assessment," Working Paper Series 2021, European Central Bank.
• Konstantinos Angelopoulos & Spyridon Lazarakis & James Malley, 2017. "Asymmetries in earnings, employment and wage risk in Great Britain," Working Papers 2017_02, Business School - Economics, University of Glasgow.
• Beyer, Robert, 2016. "The Labor Market Performance of Immigrants in Germany," VfS Annual Conference 2016 (Augsburg): Demographic Change 145799, Verein für Socialpolitik / German Economic Association.
• Svensson, Lars E. O., 2017. "How robust is the result that the cost of "leaning against the wind" exceeds the benefit?," Working Paper Series 2031, European Central Bank.
• Cabello, Miguel & Lupú, José & Minaya, Elías, 2017. "Macroprudential Policies in Peru: The effects of Dynamics Provisioning and Conditional Reserve Requirements," Working Papers 2017-002, Banco Central de Reserva del Perú.
• Yuzo Honda & Hitoshi Inoue, 2017. "The Effectiveness of the Negative Interest Rate Policy in Japan: An Early Assessment," Discussion Papers in Economics and Business 17-02, Osaka University, Graduate School of Economics.
• Micheli, Martin, 2016. "Minimum wage: Redistributive or discriminatory policy?," VfS Annual Conference 2016 (Augsburg): Demographic Change 145830, Verein für Socialpolitik / German Economic Association.
• Yakov Ben-Haim & Maria Demertzis & Jan Willem van den End, 2017. "Fundamental uncertainty and unconventional monetary policy- an info-gap approach," Bruegel Working Papers 19317, Bruegel.
• Effrosyni Adamopoulou & Emmanuele Bobbio & Marta De Philippis & Federico Giorgi, 2016. "Wage rigidities and business cycle fluctuations: A linked employer-employee analysis," Questioni di Economia e Finanza (Occasional Papers) 338, Bank of Italy, Economic Research and International Relations Area.