[PDF] Top 20 Technology Shocks, Statistical Models, and The Great Moderation

... We are interested in exploring the performance of our simple RBC model under three specifications for the technology processes. We will consider a general specification allowing for persistence but without ... See full document

... that Great Inflation and Inflation stabilization are linked due to the changes in the monetary policy regimes of several G-7 ...the Great Moderation can be explained by a sharp fall in the ... See full document

... of shocks originating at the sectoral level, Fig- ure 5 shows simulated aggregate hours and output growth implied by the industry speci…c technology and non-technology ...speci…c shocks, ... See full document

... Overall technology and nontech- nology shocks seem to be equally important for explaining aggregate ...clear. Technology shocks appear to account for most of the cyclical volatility in the ... See full document

... ‘Great Moderation’, reminiscent of America’s Great Depression and Great Inflation episodes, conveys this sense of a new ...oil shocks (Nakov and Pescatori, 2010), changes in responses ... See full document

... in models such as that of Dutt, where resources are not fully utilised and there are demand interlinkages between the two sectors, implications of sector-specific technology shocks for growth and ... See full document

... additional models are also ...the technology shock on hours from these shorter-lag VARs are still positive, but the 10th percentile estimates are no longer positive, somewhat weakening the evidence in favor ... See full document

... (GARCH) models, based on the seminal works of [1] and [2], accommodate this phenomenon by explicitly modeling the tendency for more large (small) changes in the underlying time series to follow large (small) ... See full document

... It has become standard knowledge in the literature that the parameters of the policy are important to the determination of equilibrium in dynamic, forward-looking rational expecta- tions models. Bernanke and ... See full document

... unit root in the (logarithms of) GDPs in a panel of OECD countries. At least since the seminal work of Nelson and Plosser [1982], the possible nonstationarity of GDPs has been a cornerstone of empirical macroeconomics. ... See full document

... This paper follows the Kocherlakota (2000) argument that credit constraints can create cycles, and extends this to the logically equivalent argument that looser credit policies can create stability. It thus also connects ... See full document

... improved technology and communications permitting better planning of inventories and management, financial innovation, the rise of China as a holder of American debt and supplier of low priced goods, perhaps ... See full document

... by technology shocks in generating fluctuations, thereby questioning the adequacy of Solow residual as a good proxy for technology ...for technology shocks whilst, those with, tend to ... See full document

... In this work we propose a neural network ba- sed method to speed up the moderation process. First, we use trained classifier to automatically de- tect inappropriate comments. Second, a subset of words is selected ... See full document

... with great precaution, such that policy shocks such as unanticipated monetary expansion, too low interest rates are ...and great stabilization of output in the most recent ... See full document

... ‘Great Moderation’ (see Bernanke, 2004), should be credited to the success of domestic macroeconomic policies or simply to the rising global supply of cheap manufactured goods from those rapidly developing ... See full document

... upon a negative international transmission for productivity shocks, our results highlight that the indeterminacy model can perform better than the IRBC literature in matching the data. The indeterminacy model can ... See full document

... Given such a variety of approaches, this paper investigates which type of nancial frictions is favored by the data. It empirically compares for the period 1983Q1-2008Q3 using EA and US data: (i) the Smets and Wouters ... See full document

... happened on July 13, 2005 was triggered by a surface- wave magnitude 4.9 earthquake with its epicenter recorded somewhere in Sierra Bullones on March 31, 2005. The landslide’s average slope was only about 13%, described ... See full document

... Circulation Models (GCM) are ...synoptic models indicated that the responses portrayed by prescribed slab sea-ice concentrations are considerably different, and thus strongly support the use of ... See full document