Postwar U.S. Business Cycles: An Empirical Investigation

Hodrick, Robert J.; Prescott, Edward C.

doi:10.2307/2953682

Cited by 5,264 publications

(3,271 citation statements)

References 14 publications

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“…This value is the most appropriate for quarterly data (Hodrick and Prescott 1997). The HP filter decomposes a time series into a cyclical component and a trend.…”

Section: Financing Gapmentioning

confidence: 99%

A Financial Sector Balance Approach and the Cyclical Dynamics of the U.S. Economy

Casadio

Paradiso

2009

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in September 2009* The authors are grateful to Claudio Sardoni, Luigi Ventura, and Gennaro Zezza for helpful comments on a previous version of this paper. E-mail: paolo.casadio@yahoo.it; anto_paradiso@hotmail.com.The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.

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“…This value is the most appropriate for quarterly data (Hodrick and Prescott 1997). The HP filter decomposes a time series into a cyclical component and a trend.…”

Section: Financing Gapmentioning

confidence: 99%

A Financial Sector Balance Approach and the Cyclical Dynamics of the U.S. Economy

Casadio

Paradiso

2009

SSRN Journal

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“…The most common method used to extract the trend from a time series is the HodrickPrescott (HP) filter (Hodrick and Prescott, 1997) which is either applied directly to GDP series or to factors of production which are then combined into a production function (usually CobbDouglas) used to decompose output. 2 2 The HP filter extracts the trend by finding a compromise between smoothness and fit of the estimated trend to the actual series (researchers can control this trade-off by choosing a smoothing parameter).…”

Section: Decomposition Between Trend and Cyclementioning

confidence: 99%

Targeting the Structural Balance

Manasse¹,

Panizza

Reis

2007

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The views and interpretations in this document are those of the authors and should not be attributed to the Inter-American Development Bank, or to any individual acting on its behalf. This paper may be freely reproduced provided credit is given to the Research Department, InterAmerican Development Bank. Terms of use: Documents inThe Research Department (RES) produces a quarterly newsletter, IDEA (Ideas for Development in the Americas), as well as working papers and books on diverse economic issues. To obtain a complete list of RES publications, and read or download them please visit our web site at: http://www.iadb.org/res. 3Abstract * This paper discusses whether a country should conduct fiscal policy by targeting a structural (or cyclically adjusted) fiscal balance. The paper is divided into three sections. The first section discusses the concept of cyclically adjusted balance (CAB) and points out practical and conceptual problems related to the interpretation and the measurement of a CAB. The second section discusses the theoretical rationale for having a fiscal rule in general and a rule defined in terms of a cyclically adjusted balance in particular. The third section discusses conceptual and practical problems with adopting fiscal rules and rules that target the structural balance.

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“…Hence, job finding and separation rates may increase or decrease. 11 The ambiguity is due to a higher workers' outside option from a higher labor market tightness.…”

Section: ()mentioning

confidence: 99%

Productivity growth, on-the-job search, and unemployment

Miyamoto

Takahashi

2011

Journal of Monetary Economics

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This paper studies the impact of long-run productivity growth on job finding and separation rates, and thus the unemployment rate, using a search and matching model. We incorporate disembodied technological progress and on-the-job search into the endogenous job separation model of Mortensen and Pissarides (1994). The incorporation of on-the-job search allows faster growth to reduce unemployment by decreasing the separation rate and inducing job creation. We demonstrate that introducing on-the-job search substantially improves the ability of the Mortensen and Pissarides model to explain the impact of growth on unemployment. Our quantitative analysis shows that our model increases the magnitude of the negative impact of growth on unemployment compared to the standard matching model with disembodied technological progress.JEL Classification: E24; J64; O40

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Postwar U.S. Business Cycles: An Empirical Investigation

Cited by 5,264 publications

References 14 publications

A Financial Sector Balance Approach and the Cyclical Dynamics of the U.S. Economy

A Financial Sector Balance Approach and the Cyclical Dynamics of the U.S. Economy

Targeting the Structural Balance

Productivity growth, on-the-job search, and unemployment

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