Research classified by Journal of Economic Literature (JEL) codes

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Top JEL
/ E: Macroeconomics and Monetary Economics
/ / E3: Prices, Business Fluctuations, and Cycles
/ / / E32: Business Fluctuations; Cycles

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This JEL code is mentioned in the following RePEc Biblio entries:

1. Estimated DSGE Models
2. Dynamic Factor Models
3. Real Business Cycle Theory
4. Labor in RBC models
5. International RBC

2018

• Simon Gilchrist & Raphael Schoenle & Jae W. Sim & Egon Zakrajšek, 2018, "Financial Heterogeneity and Monetary Union," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-043, Jun, DOI: 10.17016/FEDS.2018.043.
• Isabel Cairó & Jae W. Sim, 2018, "Income Inequality, Financial Crises, and Monetary Policy," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-048, Jul, DOI: 10.17016/FEDS.2018.048.
• James Hebden & J. David López-Salido, 2018, "From Taylor's Rule to Bernanke's Temporary Price Level Targeting," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-051, Jul, DOI: 10.17016/FEDS.2018.051.
• Cristina Fuentes-Albero, 2018, "Financial Frictions, Financial Shocks, and Aggregate Volatility," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-054, Aug, DOI: 10.17016/FEDS.2018.054.
• Christopher J. Erceg & James Hebden & Michael T. Kiley & J. David López-Salido & Robert J. Tetlow, 2018, "Some Implications of Uncertainty and Misperception for Monetary Policy," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-059, Aug, DOI: 10.17016/FEDS.2018.059.
• Michael T. Kiley, 2018, "Unemployment Risk," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-067, Sep, DOI: 10.17016/FEDS.2018.067.
• Christopher J. Gust & Edward P. Herbst & J. David López-Salido, 2018, "Forward Guidance with Bayesian Learning and Estimation," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-072, Oct, DOI: 10.17016/FEDS.2018.072.
• Timothy S. Hills & Taisuke Nakata & Takeki Sunakawa, 2018, "A Promised Value Approach to Optimal Monetary Policy," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-083, Dec, DOI: 10.17016/FEDS.2018.083.
• Antoine Lepetit, 2018, "The Optimal Inflation Rate with Discount Factor Heterogeneity," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2018-086, Dec, DOI: 10.17016/FEDS.2018.086.
• Dario Caldara & Matteo Iacoviello, 2018, "Measuring Geopolitical Risk," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.), number 1222r1, Feb, revised 23 Mar 2022, DOI: 10.17016/IFDP.2018.1222r1.
• Thiago Revil T. Ferreira, 2018, "Stock Market Cross-Sectional Skewness and Business Cycle Fluctuations," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.), number 1223, Mar, DOI: 10.17016/IFDP.2018.1223.
• Danilo Cascaldi-Garcia & Ana Beatriz Galvao, 2018, "News and Uncertainty Shocks," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.), number 1240, Nov, DOI: 10.17016/IFDP.2018.1240.
• Christopher J. Erceg & Andrea Prestipino & Andrea Raffo, 2018, "The Macroeconomic Effects of Trade Policy," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.), number 1242, Dec, DOI: 10.17016/IFDP.2018.1242.
• Luca Benzoni & Olena Chyruk & David Kelley, 2018, "Why Does the Yield-Curve Slope Predict Recessions?," Chicago Fed Letter, Federal Reserve Bank of Chicago, DOI: 10.21033/cfl-2018-404.
• Renato Faccini & Leonardo Melosi, 2018, "The Role of News about TFP in U.S. Recessions and Booms," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2018-6, Apr, DOI: 10.21033/wp-2018-06.
• Philippe Andrade & Filippo Ferroni, 2018, "Delphic and Odyssean Monetary Policy Shocks: Evidence from the Euro Area," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2018-12, Jul, DOI: doi.org/10.21033/wp-2018-12.
• Luca Benzoni & Olena Chyruk & David Kelley, 2018, "Why Does the Yield-Curve Slope Predict Recessions?," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2018-15, Sep, DOI: doi.org/10.21033/wp-2018-15.
• Emmanuel Farhi & François Gourio, 2018, "Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2018-19, Nov, DOI: 10.21033/wp-2018-19.
• Brent Bundick & Andrew Lee Smith, 2018, "Does Communicating a Numerical Inflation Target Anchor Inflation Expectations? Evidence & Bond Market Implications," Research Working Paper, Federal Reserve Bank of Kansas City, number RWP 18-1, Jan, DOI: 10.18651/RWP2018-01.
• Susanto Basu & Brent Bundick, 2018, "Uncertainty Shocks in a Model of Effective Demand: Reply," Research Working Paper, Federal Reserve Bank of Kansas City, number RWP 18-5, Jul, DOI: 10.18651/RWP2018-05.
• Didem Tuzemen & Willem Van Zandweghe, 2018, "The Cyclical Behavior of Labor Force Participation," Research Working Paper, Federal Reserve Bank of Kansas City, number RWP 18-8, Aug, DOI: 10.18651/RWP2018-08.
• Costas Azariadis, 2018, "Credit Cycles and Business Cycles," Review, Federal Reserve Bank of St. Louis, volume 100, issue 1, DOI: 10.20955/r.2018.45-71.
• Amy Y. Guisinger & Michael T. Owyang & Hannah Shell, 2018, "Comparing Measures of Potential Output," Review, Federal Reserve Bank of St. Louis, volume 100, issue 4, pages 297-316, DOI: doi.org/10.20955/r.100.297-316.
• David Kohn & Fernando Leibovici & Håkon Tretvoll, 2018, "Trade in Commodities and Business Cycle Volatility," Working Papers, Federal Reserve Bank of St. Louis, number 2018-5, Jul, DOI: 10.20955/wp.2018.005.
• Feng Dong & Yi Wen, 2018, "Long and Plosser Meet Bewley and Lucas," Working Papers, Federal Reserve Bank of St. Louis, number 2018-8, Apr, DOI: 10.20955/wp.2018.008.
• Patrick A. Pintus & Yi Wen & Xiaochuan Xing, 2018, "International Credit Markets and Global Business Cycles," Working Papers, Federal Reserve Bank of St. Louis, number 2018-9, May, DOI: 10.20955/wp.2018.009.
• Feng Dong & Pengfei Wang & Yi Wen, 2018, "A Search-Based Neoclassical Model of Capital Reallocation," Working Papers, Federal Reserve Bank of St. Louis, number 2018-17, Aug, DOI: 10.20955/wp.2018.017.
• Bill Dupor & Rong Li & M. Saif Mehkari & Yi-Chan Tsai, 2018, "The 2008 U.S. Auto Market Collapse," Working Papers, Federal Reserve Bank of St. Louis, number 2018-19, Sep, DOI: 10.20955/wp.2018.019.
• Laura E. Jackson & Kevin L. Kliesen & Michael T. Owyang, 2018, "The Nonlinear Effects of Uncertainty Shocks," Working Papers, Federal Reserve Bank of St. Louis, number 2018-035, Nov, DOI: 10.20955/wp.2018.035.
• Patrick J. Kehoe & Virgiliu Midrigan & Elena Pastorino, 2018, "Evolution of Modern Business Cycle Models: Accounting for the Great Recession," Staff Report, Federal Reserve Bank of Minneapolis, number 566, Jun, DOI: 10.21034/sr.566.
• Erzo G. J. Luttmer, 2018, "Slow Convergence in Economies with Organization Capital," Working Papers, Federal Reserve Bank of Minneapolis, number 748, Jan, DOI: 10.21034/wp.748.
• Julien Bengui & Javier Bianchi, 2018, "Macroprudential Policy with Leakages," Working Papers, Federal Reserve Bank of Minneapolis, number 754, Sep, DOI: 10.21034/wp.754.
• Ozge Akinci & Albert Queraltó, 2018, "Exchange rate dynamics and monetary spillovers with imperfect financial markets," Staff Reports, Federal Reserve Bank of New York, number 849, Jun.
• Sushant Acharya & Shu Lin Wee, 2018, "Replacement hiring and the productivity-wage gap," Staff Reports, Federal Reserve Bank of New York, number 860, Jun.
• Shigeru Fujita, 2018, "Declining Labor Turnover and Turbulence," Working Papers, Federal Reserve Bank of Philadelphia, number 18-6, Feb, DOI: https://doi.org/10.21799/frbp.wp.20.
• Fabio Canova & Christian Matthes, 2018, "A Composite Likelihood Approach for Dynamic Structural Models," Working Paper, Federal Reserve Bank of Richmond, number 18-12, Jul.
• Patrick Pintus & Jacek Suda, 2018, "Learning Financial Shocks and the Great Recession," GRAPE Working Papers, GRAPE Group for Research in Applied Economics, number 28.
• Marek Weretka, 2018, "Normative Inference in Efficient Markets," GRAPE Working Papers, GRAPE Group for Research in Applied Economics, number 29.
• Eduard N. Hakobyan & Narek N. Karapetyan, 2018, "How to Ensure Debt Sustainability and React to Economic Cycles? The Upgrade of Fiscal Rules in Armenia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 10-20, August, DOI: 10.31107/2075-1990-2018-4-10-20.
• Evgeny L. Goryunov, 2018, "Sectoral Effects of Bank of Russia Disinflation Policy," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 21-33, December, DOI: 10.31107/2075-1990-2018-6-21-33.
• Gerke, Rafael & Giesen, Sebastian & Kienzler, Daniel, 2018, "Uncertainty about QE effects when an interest rate peg is anticipated," Discussion Papers, Deutsche Bundesbank, number 12/2018.
• Geiger, Felix & Schupp, Fabian, 2018, "With a little help from my friends: Survey-based derivation of euro area short rate expectations at the effective lower bound," Discussion Papers, Deutsche Bundesbank, number 27/2018.
• Lewis, Vivien & Roth, Markus, 2018, "Interest rate rules under financial dominance," Discussion Papers, Deutsche Bundesbank, number 29/2018.
• Meinen, Philipp & Röhe, Oke, 2018, "To sign or not to sign? On the response of prices to financial and uncertainty shocks," Discussion Papers, Deutsche Bundesbank, number 33/2018.
• Pinkwart, Nicolas, 2018, "Short-term forecasting economic activity in Germany: A supply and demand side system of bridge equations," Discussion Papers, Deutsche Bundesbank, number 36/2018.
• Bucher, Monika & Dietrich, Diemo & Hauck, Achim, 2018, "Implications of bank regulation for loan supply and bank stability: A dynamic perspective," Discussion Papers, Deutsche Bundesbank, number 43/2018.
• Hollmayr, Josef & Kühl, Michael, 2018, "Monetary-fiscal interaction and quantitative easing," Discussion Papers, Deutsche Bundesbank, number 50/2018.
• Holden, Tom D. & Levine, Paul & Swarbrick, Jonathan M., 2018, "Credit crunches from occasionally binding bank borrowing constraints," Discussion Papers, Deutsche Bundesbank, number 57/2018.
• Jang, Tae-Seok & Sacht, Stephen, 2018, "Forecast heuristics, consumer expectations, and new-Keynesian macroeconomics: A horse race," Economics Working Papers, Christian-Albrechts-University of Kiel, Department of Economics, number 2018-09.
• Jang, Tae-Seok & Sacht, Stephen, 2018, "Macroeconomic dynamics under bounded rationality: On the impact of consumers' forecast heuristics," Economics Working Papers, Christian-Albrechts-University of Kiel, Department of Economics, number 2018-10.
• Kukacka, Jiri & Jang, Tae-Seok & Sacht, Stephen, 2018, "On the estimation of behavioral macroeconomic models via simulated maximum likelihood," Economics Working Papers, Christian-Albrechts-University of Kiel, Department of Economics, number 2018-11.
• Berger, Tino & Wortmann, Marcus, 2018, "Global vs. group-specific business cycles: The importance of defining the groups," University of Göttingen Working Papers in Economics, University of Goettingen, Department of Economics, number 334.
• Belke, Ansgar & Volz, Ulrich, 2018, "Capital flows to emerging market and developing economies: global liquidity and uncertainty versus country-specific pull factors," IDOS Discussion Papers, German Institute of Development and Sustainability (IDOS), number 23/2018, DOI: 10.23661/dp23.2018.
• Roth, Felix & Baake, E. & Jonung, Lars & Nowak-Lehmann D., Felicitas, 2018, "Revisiting public support for the euro, 1999-2017: Accounting for the crisis and the recovery," Discussion Papers, Europa-Kolleg Hamburg, Institute for European Integration, number 1/18.
• Ferlito, Carmelo, 2018, "The Malaysian Property Boom and Bust Cycle: History Repeating?," EconStor Conference Papers, ZBW - Leibniz Information Centre for Economics, number 190772.
• Vasilev, Aleksandar, 2018, "A Real-Business-Cycle model with pollution and environmental taxation: the case of Bulgaria," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, volume 7, issue 4, pages 441-451.
• Heinisch, Katja & Lindner, Axel, 2018, "For how long do IMF forecasts of world economic growth stay up-to-date?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest ar, pages 1-6, DOI: 10.1080/13504851.2018.1459035.
• Vasilev, Aleksandar, 2019, "The role of energy in a real-business-cycle model with an endogenous capital utilization rate and a government sector: lessons from Bulgaria (1999-2016)," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, volume 5, issue 52, pages 130-141.
• Chugh, Sanjay K. & Lechthaler, Wolfgang & Merkl, Christian, 2018, "Optimal Fiscal Policy with Labor Selection," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, volume 94, pages 142-189.
• Konon, Alexander & Fritsch, Michael & Kritikos, Alexander S., 2018, "Business cycles and start-ups across industries: An empirical analysis of German regions," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, volume 33, issue 6, pages 742-761.
• Bratsiotis, George, 2018, "Credit Risk, Excess Reserves and Monetary Policy: The Deposits Channel," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 172770, revised 2018.
• Vasilev, Aleksandar, 2018, "The role of energy in a real-business-cycle model with an endogenous capital utilization rate and a government sector: the case of Bulgaria (1999-2016)," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 173966.
• Vasilev, Aleksandar, 2018, "A business-cycle model with a modified cash-in-advance feature, government sector and one-period nominal wage contracts: the case of Bulgaria," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 174488.
• Vasilev, Aleksandar, 2018, "A business-cycle-model with monopolistically-competitive intermediary firms and sticky nominal wages: the case of Bulgaria after the introduction of the currency board (1999-2016)," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 175183.
• Beqiraj, Elton & Di Bartolomeo, Giovanni & Di Pietro, Marco & Serpieri, Carolina, 2018, "Comparing Central Europe and the Baltic macro-economies: A Bayesian approach," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 175242.
• Vasilev, Aleksandar, 2018, "A Real-Business-Cycle model with pollution and environmental taxation: the case of Bulgaria," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 175648.
• Levy, Daniel & Snir, Avichai, 2018, "Here Lives a Wealthy Man: Price Rigidity and Predictability in Luxury Housing Markets," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 175843.
• Vasilev, Aleksandar, 2018, "Indeterminacy with preferences featuring multiplicative habits in consumption: lessons from Bulgaria (1999-2016)," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 182499.
• Vasilev, Aleksandar, 2018, "Are habits important for the propagation of business cycle fluctuations in Bulgaria?," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 182501.
• Vasilev, Aleksandar, 2018, "An RBC model with Epstein-Zin (non-expected-utility) recursive preferences: lessons from Bulgaria (1999-2016)," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 182577.
• Vasilev, Aleksandar, 2018, "A Real-Business-Cycle model with endogenous discounting and a government sector," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 183219.
• Vasilev, Aleksandar, 2018, "Are "fair" wages quantitatively important for business cycle fluctuations in Bulgaria?," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 184665.
• Vasilev, Aleksandar, 2018, "Indeterminacy and multiplicity of equilibria in a two-sector economy with a public-sector production," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 184666.
• Vasilev, Aleksandar, 2018, "A progressive consumption tax: an important instrument for stabilizing business cycles, or just an exotic idea?," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 187772.
• Bhaghoe, Sailesh, 2018, "A Monthly Economic Activity Index System for Suriname," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 226693.
• Ferlito, Carmelo, 2018, "Affordable Housing and Cyclical Fluctuations: The Malaysian Property Market," EconStor Research Reports, ZBW - Leibniz Information Centre for Economics, number 181457.
• Di Bella, Gabriel & Grigoli, Francesco & Ramírez, Francisco, 2018, "Is Unemployment on Steroids in Advanced Economies?," GLO Discussion Paper Series, Global Labor Organization (GLO), number 243.
• Martín Román, Ángel L. & Cuéllar-Martín, Jaime & Moral de Blas, Alfonso, 2018, "Labor supply and the business cycle: The “Bandwagon Worker Effect”," GLO Discussion Paper Series, Global Labor Organization (GLO), number 274.
• Baumann, Ursel & Gómez Salvador, Ramón & Seitz, Franz, 2018, "Global recessions and booms: What do probit models tell us?," Weidener Diskussionspapiere, University of Applied Sciences Amberg-Weiden (OTH), number 61.
• Bouchaud, Jean-Philippe & Gualdi, Stanislao & Tarzia, Marco & Zamponi, Francesco, 2018, "Optimal inflation target: Insights from an agent-based model," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, volume 12, pages 1-27, DOI: 10.5018/economics-ejournal.ja.2018-.
• Hawkins, Raymond J. & Nguyen, Chau N., 2018, "Macroeconomic dynamics and the IS puzzle," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, volume 12, pages 1-13, DOI: 10.5018/economics-ejournal.ja.2018-.
• Ademmer, Martin & Jannsen, Nils, 2018, "Post-crisis business investment in the euro area and the role of monetary policy," Open Access Publications from Kiel Institute for the World Economy, Kiel Institute for the World Economy, number 180839, DOI: 10.1080/00036846.2018.1436147.
• Görg, Holger & Hornok, Cecília & Montagna, Catia & Onwordi, George E., 2018, "Employment to output elasticities & reforms towards flexicurity: Evidence from OECD countries," Kiel Working Papers, Kiel Institute for the World Economy, number 2117.
• Wolters, Maik Hendrik, 2018, "How the baby boomers' retirement wave distorts model-based output gap estimates," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 121.
• Strobel, Felix, 2018, "The government spending multiplier, fiscal stress and the zero lower bound," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 126.
• Roth, Christopher & Wohlfart, Johannes, 2018, "How do expectations about the macroeconomy affect personal expectations and behavior?," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 128.
• Kirchhoff, Jasmina, 2018, "Turbulentes Jahr 2017, gedämpfte Aussichten für 2018: Deutschlands Pharmaindustrie 2017/2018," IW-Reports, Institut der deutschen Wirtschaft (IW) / German Economic Institute, number 42/2018.
• Grömling, Michael, 2018, "Methods and applications of the IW business survey," IW-Reports, Institut der deutschen Wirtschaft (IW) / German Economic Institute, number 5/2018.
• Demary, Markus & Grömling, Michael & Kolev, Galina V., 2018, "Ist die deutsche Wirtschaft am Limit? Ansätze zur Bestimmung der gesamtwirtschaftlichen Kapazitätsbeanspruchung
  [Has the German economy reached its limit? Approaches for determining aggregate capacity utilisation]," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, volume 45, issue 1, pages 67-87, DOI: 10.2373/1864-810X.18-01-04.
• Kick, Thomas & Kreiser, Swetlana & Merkl, Christian, 2018, "Loan supply and bank capital: A micro-macro linkage," FAU Discussion Papers in Economics, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics, number 04/2018.
• D'Acunto, Francesco & Hoang, Daniel & Weber, Michael, 2018, "Unconventional fiscal policy," Working Paper Series in Economics, Karlsruhe Institute of Technology (KIT), Department of Economics and Management, number 114, DOI: 10.5445/IR/1000079885.
• Daniel, Volker & ter Steege, Lucas, 2018, "Inflation Expectations and the Recovery from the Great Depression in Germany," Working Papers, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin, number 6, DOI: 10.18452/19198.
• Charfeddine, Lanouar & Klein, Tony & Walther, Thomas, 2018, "Oil Price Changes and U.S. Real GDP Growth: Is this Time Different?," QBS Working Paper Series, Queen's University Belfast, Queen's Business School, number 2018/03, DOI: 10.2139/ssrn.3222572.
• Christofzik, Désirée I. & Elstner, Steffen, 2018, "International spillover effects of U.S. tax reforms: Evidence from Germany," Working Papers, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, number 08/2018.
• Reuter, Wolf Heinrich & Tkačevs, Oļegs & Vilerts, Kārlis, 2018, "On the design of stabilising fiscal rules," Working Papers, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, number 11/2018.
• Weiske, Sebastian, 2018, "Indicator-based estimates of the output gap in the euro area," Working Papers, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, number 12/2018.
• Weber, Enzo & Gehrke, Britta, 2018, "Identifying Asymmetric Effects of Labor Market Reforms," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181513.
• Klein, Mathias & Winkler, Roland, 2018, "The Government Spending Multiplier at the Zero Lower Bound: International Evidence from Historical Data," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181524.
• Böhl, Gregor & Strobel, Felix, 2018, "Forward Guidance at the Zero Lower Bound: Curse and Blessing of Time-Inconsistency," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181526.
• Schupp, Fabian & Geiger, Felix, 2018, "With a little help from my friends: Survey-based derivation of euro area short rate expectations at the effective lower bound," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181529.
• Strobel, Felix, 2018, "The government spending multiplier, fiscal stress, and the zero lower bound," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181531.
• Dlugoszek, Grzegorz, 2018, "Macroeconomic Effects of Financial Uncertainty," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181596.
• Kaufmann, Sylvia & Beyeler, Simon, 2018, "Factor augmented VAR revisited - A sparse dynamic factor model approach," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181602.
• Fidrmuc, Jarko & Campos, Nauro F. & Korhonen, Iikka, 2018, "Business Cycle Synchronisation in a Currency Union: Taking Stock of the Evidence," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181608.
• Posch, Olaf, 2018, "Resurrecting the New-Keynesian Model: (Un)conventional Policy and the Taylor rule," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181616.
• Döpke, Jörg & Waldhof, Gabi & Fritsche, Ulrich, 2018, "Theories, techniques and the formation of German business cycle forecasts: Evidence from a survey of professional forecasters," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181617.
• Schreiber, Sven, 2018, "Weather-induced Short-term Fluctuations of Economic Output," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181622.
• Lindenthal, Volker, 2018, "The Volatility and Cyclicality of Job Flows in German Exporters and Non-Exporters," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181637.
• Clemens, Marius & Claveres, Guillaume, 2018, "Unemployment insurance union," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy, Verein für Socialpolitik / German Economic Association, number 181651.
• Martin Gornig & Claus Michelsen, 2018, "Bauwirtschaft: Ende des Neubaubooms," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 1/2, pages 34-45.
• Ferdinand Fichtner & Guido Baldi & Geraldine Dany-Knedlik & Hella Engerer & Stefan Gebauer & Malte Rieth, 2018, "Weltwirtschaft und Euroraum: Expansion setzt sich fort, verliert aber etwas Schwung: Grundlinien der Wirtschaftsentwicklung im Frühjahr 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 11, pages 200-208.
• Ferdinand Fichtner & Karl Brenke & Christian Breuer & Marius Clemens & Simon Junker & Claus Michelsen & Thore Schlaak, 2018, "Politik schiebt florierende deutsche Konjunktur zusätzlich an: Grundlinien der Wirtschaftsentwicklung im Frühjahr 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 11, pages 210-233.
• Marius Clemens & Mathias Klein, 2018, "Ein Stabilisierungsfonds kann den Euroraum krisenfester machen," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 23, pages 485-492.
• Ferdinand Fichtner & Guido Baldi & Geraldine Dany-Knedlik & Hella Engerer & Stefan Gebauer & Malte Rieth, 2018, "Weltwirtschaft und Euroraum: erhöhte Unsicherheit dämpft Wachstum: Grundlinien der Wirtschaftsentwicklung im Sommer 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 24, pages 500-506.
• Ferdinand Fichtner & Christian Breuer & Simon Junker & Claus Michelsen & Thore Schlaak, 2018, "Deutsche Wirtschaft: Abschwächung in Sicht: Grundlinien der Wirtschaftsentwicklung im Sommer 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 24, pages 508-521.
• Konstantin A. Kholodilin & Claus Michelsen, 2018, "Anzeichen für neue Immobilienpreisblase in einigen OECD-Ländern – Gefahr in Deutschland geringer," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 30/31, pages 657-667.
• Claus Michelsen & Guido Baldi & Geraldine Dany-Knedlik & Hella Engerer & Stefan Gebauer & Malte Rieth, 2018, "Weltwirtschaft und Euroraum: Handelsstreitigkeiten belasten die Konjunktur bisher nur leicht: Grundlinien der Wirtschaftsentwicklung im Herbst 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 36, pages 754-761.
• Claus Michelsen & Christian Breuer & Martin Bruns & Marius Clemens & Max Hanisch & Simon Junker & Thore Schlaak, 2018, "Deutsche Wirtschaft robust in unsicheren Zeiten: Grundlinien der Wirtschaftsentwicklung im Herbst 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 36, pages 762-781.
• Marius Clemens & Janine Hart, 2018, "EU-Zuwanderung hat das Wirtschaftswachstum in Deutschland erhöht," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 44, pages 955-963.
• Claus Michelsen & Dawud Ansari & Guido Baldi & Geraldine Dany-Knedlik & Hella Engerer & Stefan Gebauer & Malte Rieth & Aleksandar Zaklan, 2018, "Weltwirtschaft und Euroraum: Hohe Unsicherheiten belasten Handel und Investitionen: Grundlinien der Wirtschaftsentwicklung im Winter 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 50, pages 1068-1078.
• Claus Michelsen & Christian Breuer & Martin Bruns & Max Hanisch & Simon Junker & Thore Schlaak, 2018, "Wachstumstempo der deutschen Wirtschaft normalisiert sich nach Jahren der Hochkonjunktur: Grundlinien der Wirtschaftsentwicklung im Winter 2018," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 85, issue 50, pages 1080-1095.
• Alexander Konon & Michael Fritsch & Alexander S. Kritikos, 2018, "Business Cycles and Start-Ups across Industries: An Empirical Analysis of German Regions," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1732.
• Thore Schlaak & Malte Rieth & Maximilian Podstawski, 2018, "Monetary Policy, External Instruments and Heteroskedasticity," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1749.
• Mathias Klein & Ludger Linnemann, 2018, "Macroeconomic Effects of Government Spending: The Great Recession Was (Really) Different," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1754.
• Haomin Wang, 2018, "Intra-Household Risk Sharing and Job Search over the Business Cycle," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1760.
• Inés Berniell, 2018, "Pay Cycles: Individual and Aggregate Effects of Paycheck Frequency," CEDLAS, Working Papers, CEDLAS, Universidad Nacional de La Plata, number 0221, Feb.
• Takayuki Tsuruga & Shota Wake, 2018, "Money-Financed Fiscal Stimulus: The Effects of Implementation Lag," ISER Discussion Paper, Institute of Social and Economic Research, The University of Osaka, number 1038, Aug.
• Blaise Gnimassoun, 2018, "L'Integration De L'Uemoa Est-Elle Pro-Croissance ?," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2018-11.
• Zouhair Aït Benhamou, 2018, "A Steeper slope: the Laffer Tax Curve in Developing and Emerging Economies," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2018-44.
• Shesadri Banerjee & Parantap Basu & Chetan Ghate & Pawan Gopalakrishnan & Sargam Gupta, 2018, "A Monetary Business Cycle Model for India," CEMAP Working Papers, Durham University Business School, number 2018_01, Mar.
• Dudley Cooke & Tatiana Damjanovic, 2018, "The Macroeconomic Implications of Firm Selection," Department of Economics Working Papers, Durham University, Department of Economics, number 2018_01, Jan.
• Bastien Chabé-Ferret & Paula Eugenia Gobbi, 2018, "Economics Uncertainty and Fertility Cycles: The Case of the Post-WWII Baby Boom," Working Papers ECARES, ULB -- Universite Libre de Bruxelles, number 2018-19, Jul.
• Dossche, Maarten & Forsells, Magnus & Rossi, Luca & Stoevsky, Grigor, 2018, "Private consumption and its drivers in the current economic expansion," Economic Bulletin Articles, European Central Bank, volume 5.
• Andersson, Malin & Szörfi, Béla & Tóth, Máté & Zorell, Nico, 2018, "Potential output in the post-crisis period," Economic Bulletin Articles, European Central Bank, volume 7.
• Battistini, Niccolò & Le Roux, Julien & Roma, Moreno & Vourdas, John, 2018, "The state of the housing market in the euro area," Economic Bulletin Articles, European Central Bank, volume 7.
• Dossche, Maarten & Saiz, Lorena, 2018, "Consumption of durable goods in the ongoing economic expansion," Economic Bulletin Boxes, European Central Bank, volume 1.
• Szörfi, Béla & Tóth, Máté, 2018, "Measures of slack in the euro area," Economic Bulletin Boxes, European Central Bank, volume 3.
• Camba-Méndez, Gonzalo & Forsells, Magnus, 2018, "The recent slowdown in euro area output growth reflects both cyclical and temporary factors," Economic Bulletin Boxes, European Central Bank, volume 4.
• Martínez-Martin, Jaime & Saiz, Lorena & Stoevsky, Grigor, 2018, "Growth synchronisation in euro area countries," Economic Bulletin Boxes, European Central Bank, volume 5.
• Dossche, Maarten & Martínez-Martin, Jaime, 2018, "Understanding the slowdown in growth in 2018," Economic Bulletin Boxes, European Central Bank, volume 8.
• Rünstler, Gerhard & Balfoussia, Hiona & Burlon, Lorenzo & Buss, Ginters & Comunale, Mariarosaria & De Backer, Bruno & Dewachter, Hans & Guarda, Paolo & Haavio, Markus & Hindrayanto, Irma & Iskrev, Nik, 2018, "Real and financial cycles in EU countries - Stylised facts and modelling implications," Occasional Paper Series, European Central Bank, number 205, Jan.
• Bańbura, Marta & Albani, Maria & Ambrocio, Gene & Bursian, Dirk & Buss, Ginters & de Winter, Jasper & Gavura, Miroslav & Giordano, Claire & Júlio, Paulo & Le Roux, Julien & Lozej, Matija & Malthe-Thag, 2018, "Business investment in EU countries," Occasional Paper Series, European Central Bank, number 215, Oct.
• Beetsma, Roel & Cima, Simone & Cimadomo, Jacopo, 2018, "Fiscal transfers without moral hazard?," Research Bulletin, European Central Bank, volume 48.
• Gόrnicka, Lucyna & Kamps, Christophe & Koester, Gerrit & Leiner-Killinger, Nadine, 2018, "What did forecasters learn during the European sovereign debt crisis about the impact of fiscal policies on economic growth?," Research Bulletin, European Central Bank, volume 49.
• Jarociński, Marek & Karadi, Peter, 2018, "The macroeconomic impact of news about policy and news about the economy in ECB announcements," Research Bulletin, European Central Bank, volume 50.
• Jacquinot, Pascal & Lozej, Matija & Pisani, Massimiliano, 2018, "Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: a structural model-based approach," Working Paper Series, European Central Bank, number 2127, Feb.
• Jarociński, Marek & Karadi, Peter, 2018, "Deconstructing monetary policy surprises: the role of information shocks," Working Paper Series, European Central Bank, number 2133, Feb.
• Beetsma, Roel & Cima, Simone & Cimadomo, Jacopo, 2018, "A minimal moral hazard central stabilisation capacity for the EMU based on world trade," Working Paper Series, European Central Bank, number 2137, Mar.
• Schüler, Yves S., 2018, "Detrending and financial cycle facts across G7 countries: mind a spurious medium term!," Working Paper Series, European Central Bank, number 2138, Mar.
• Lozej, Matija & Onorante, Luca & Rannenberg, Ansgar, 2018, "Countercyclical capital regulation in a small open economy DSGE model," Working Paper Series, European Central Bank, number 2144, Apr.
• Mumtaz, Haroon & Musso, Alberto, 2018, "The evolving impact of global, region-specific and country-specific uncertainty," Working Paper Series, European Central Bank, number 2147, Apr.
• Jaccard, Ivan, 2018, "Asset pricing and the propagation of financial shocks," Working Paper Series, European Central Bank, number 2150, May.
• Carroll, Christopher D. & Crawley, Edmund & Slacalek, Jiri & Tokuoka, Kiichi & White, Matthew N., 2018, "Sticky expectations and consumption dynamics," Working Paper Series, European Central Bank, number 2152, May.
• Gόrnicka, Lucyna & Kamps, Christophe & Koester, Gerrit & Leiner-Killinger, Nadine, 2018, "Learning about fiscal multipliers during the European sovereign debt crisis: evidence from a quasi-natural experiment," Working Paper Series, European Central Bank, number 2154, May.
• Van der Ghote, Alejandro, 2018, "Coordinating monetary and financial regulatory policies," Working Paper Series, European Central Bank, number 2155, Jun.
• Guerrieri, Cinzia & Mendicino, Caterina, 2018, "Wealth effects in the euro area," Working Paper Series, European Central Bank, number 2157, Jun.
• Iskrev, Nikolay, 2018, "Are asset price data informative about news shocks? A DSGE perspective," Working Paper Series, European Central Bank, number 2161, Jun.
• Bonciani, Dario & Ricci, Martino, 2018, "The global effects of global risk and uncertainty," Working Paper Series, European Central Bank, number 2179, Sep.
• Bredemeier, Christian & Kaufmann, Christoph & Schabert, Andreas, 2018, "Interest rate spreads and forward guidance," Working Paper Series, European Central Bank, number 2186, Oct.
• Lang, Jan Hannes & Welz, Peter, 2018, "Semi-structural credit gap estimation," Working Paper Series, European Central Bank, number 2194, Nov.
• Hommes, Cars, 2018, "Behavioral & experimental macroeconomics and policy analysis: a complex systems approach," Working Paper Series, European Central Bank, number 2201, Nov.
• de Bondt, Gabe & Vermeulen, Philip, 2018, "Business cycle duration dependence and foreign recessions," Working Paper Series, European Central Bank, number 2205, Nov.
• Gete, Pedro, 2018, "Lending standards and macroeconomic dynamics," Working Paper Series, European Central Bank, number 2207, Nov.
• Bartelsman, Eric & Lopez-Garcia, Paloma & Presidente, Giorgio, 2018, "Cyclical and structural variation in resource allocation: evidence for Europe," Working Paper Series, European Central Bank, number 2210, Nov.
• Hartmann, Philipp & Smets, Frank, 2018, "The first twenty years of the European Central Bank: monetary policy," Working Paper Series, European Central Bank, number 2219, Dec.
• Roger Alejandro Banegas Rivero & Marco Alberto N ez Ram rez & Sacnict Valdez del R o, 2018, "Non-Conventional Monetary Policy: The Case of Bolivia," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, volume 8, issue 3, pages 59-67.
• Mei-Teing Chong & Chin-Hong Puah & Shazali Abu Mansor, 2018, "Oil Price Dynamics Forecasting: An Indicator-Pivoted Paradigm," International Journal of Energy Economics and Policy, International Journal of Energy Economics and Policy, volume 8, issue 3, pages 307-311.
• Castelar, Ivan & Arruda, Elano Ferreira & Oliveira de Olivindo, Maria Thalita Arruda, 2018, "Ciclos económicos, expectativas e inflación en el Brasil: análisis a partir de la curva de Phillips neokeynesiana," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
• Castelar, Ivan & Arruda, Elano Ferreira & Oliveira de Olivindo, Maria Thalita Arruda, 2018, "Business cycles, expectations and inflation in Brazil: a New-Keynesian Phillips curve analysis," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
• Cortez, Willy Walter & Islas C., Alejandro, 2018, "¿Puede el sector informal afectar a la relación entre desempleo y producción? Un análisis del caso de México," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
• Cortez, Willy Walter & Islas C., Alejandro, 2018, "Can the informal sector affect the relationship between unemployment and output? An analysis of the Mexican case," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
• Eugenia Andreasen & Patricio Valenzuela, 2018, "Investment Opportunities and Corporate Credit Risk," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile, number 336.
• Stefano Banfi & Sekyu Choi, 2018, "Sorting On-line and On-time," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile, number 337.
• Steven Dieterle & Otavio Bartalott & Quentin Brummet, 2018, "Revisiting the Effects of Unemployment Insurance Extensions on Unemployment: A Measurement Error-Corrected Regression Discontinuity Approach," Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh, number 285, Feb.
• Lombardi, Domenico & Siklos, Pierre L. & Xie, Xiangyou, 2018, "Monetary policy transmission in systemically important economies and China’s impact," Journal of Asian Economics, Elsevier, volume 59, issue C, pages 61-79, DOI: 10.1016/j.asieco.2018.09.003.
• König-Kersting, Christian & Trautmann, Stefan T., 2018, "Countercyclical risk aversion: Beyond financial professionals," Journal of Behavioral and Experimental Finance, Elsevier, volume 18, issue C, pages 94-101, DOI: 10.1016/j.jbef.2018.03.001.
• Fontaine, Idriss & Razafindravaosolonirina, Justinien & Didier, Laurent, 2018, "Chinese policy uncertainty shocks and the world macroeconomy: Evidence from STVAR," China Economic Review, Elsevier, volume 51, issue C, pages 1-19, DOI: 10.1016/j.chieco.2018.04.008.
• Orlando, Giuseppe & Zimatore, Giovanna, 2018, "Recurrence quantification analysis of business cycles," Chaos, Solitons & Fractals, Elsevier, volume 110, issue C, pages 82-94, DOI: 10.1016/j.chaos.2018.02.032.
• Finkelstein Shapiro, Alan, 2018, "Labor force participation, interest rate shocks, and unemployment dynamics in emerging economies," Journal of Development Economics, Elsevier, volume 133, issue C, pages 346-374, DOI: 10.1016/j.jdeveco.2018.03.003.
• Cantelmo, Alessandro & Melina, Giovanni, 2018, "Monetary policy and the relative price of durable goods," Journal of Economic Dynamics and Control, Elsevier, volume 86, issue C, pages 1-48, DOI: 10.1016/j.jedc.2017.10.006.
• Hommes, Cars & Lustenhouwer, Joep & Mavromatis, Kostas, 2018, "Fiscal consolidations and heterogeneous expectations," Journal of Economic Dynamics and Control, Elsevier, volume 87, issue C, pages 173-205, DOI: 10.1016/j.jedc.2017.12.002.
• Growiec, Jakub & McAdam, Peter & Mućk, Jakub, 2018, "Endogenous labor share cycles: Theory and evidence," Journal of Economic Dynamics and Control, Elsevier, volume 87, issue C, pages 74-93, DOI: 10.1016/j.jedc.2017.11.007.
• Ben Zeev, Nadav, 2018, "What can we learn about news shocks from the late 1990s and early 2000s boom-bust period?," Journal of Economic Dynamics and Control, Elsevier, volume 87, issue C, pages 94-105, DOI: 10.1016/j.jedc.2017.12.003.
• Chakrabarti, Anindya S., 2018, "Dispersion in macroeconomic volatility between the core and periphery of the international trade network," Journal of Economic Dynamics and Control, Elsevier, volume 88, issue C, pages 31-50, DOI: 10.1016/j.jedc.2018.01.019.
• Boppart, Timo & Krusell, Per & Mitman, Kurt, 2018, "Exploiting MIT shocks in heterogeneous-agent economies: the impulse response as a numerical derivative," Journal of Economic Dynamics and Control, Elsevier, volume 89, issue C, pages 68-92, DOI: 10.1016/j.jedc.2018.01.002.
• Flaschel, Peter & Charpe, Matthieu & Galanis, Giorgos & Proaño, Christian R. & Veneziani, Roberto, 2018, "Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics," Journal of Economic Dynamics and Control, Elsevier, volume 91, issue C, pages 237-256, DOI: 10.1016/j.jedc.2017.10.002.
• Gurgone, Andrea & Iori, Giulia & Jafarey, Saqib, 2018, "The effects of interbank networks on efficiency and stability in a macroeconomic agent-based model," Journal of Economic Dynamics and Control, Elsevier, volume 91, issue C, pages 257-288, DOI: 10.1016/j.jedc.2018.03.006.
• He, Xue-Zhong & Li, Kai & Li, Youwei, 2018, "Asset allocation with time series momentum and reversal," Journal of Economic Dynamics and Control, Elsevier, volume 91, issue C, pages 441-457, DOI: 10.1016/j.jedc.2018.02.004.
• Agliari, Anna & Naimzada, Ahmad & Pecora, Nicolò, 2018, "Boom-bust dynamics in a stock market participation model with heterogeneous traders," Journal of Economic Dynamics and Control, Elsevier, volume 91, issue C, pages 458-468, DOI: 10.1016/j.jedc.2018.04.007.
• Hommes, Cars, 2018, "Carl’s nonlinear cobweb," Journal of Economic Dynamics and Control, Elsevier, volume 91, issue C, pages 7-20, DOI: 10.1016/j.jedc.2017.12.007.
• Murakami, Hiroki & Asada, Toichiro, 2018, "Inflation-deflation expectations and economic stability in a Kaleckian system," Journal of Economic Dynamics and Control, Elsevier, volume 92, issue C, pages 183-201, DOI: 10.1016/j.jedc.2017.11.004.