## Report NEP-MAC-2005-02-13

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.Subscribe to this report: email, RSS or Twitter.

Other reports in NEP-MAC

The following items were announced in this report:

- Mariam Camarero & Josep Lluis Carrion Silvestre & Cecilio Tamarit, 2005.
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**Unemployment dynamics and NAIRU estimates for CEECs : A univariate approach**," Working Papers in Economics 131, Universitat de Barcelona. Espai de Recerca en Economia. - Item repec:bbk:bbkefp:0412 is not listed on IDEAS anymore
- Item repec:bbk:bbkefp:0413 is not listed on IDEAS anymore
- Solveig K. Erlandsen & Ragnar Nymoen, 2004.
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**Consumption and population age structure**," Working Paper 2004/22, Norges Bank. - Barsky, Robert & Kilian, Lutz, 2004.
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**Oil and the Macroeconomy Since the 1970s**," CEPR Discussion Papers 4496, C.E.P.R. Discussion Papers. - Danthine, Jean-Pierre & Kurmann, Andre, 2004.
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**Efficiency Wages Revisited: The Internal Reference Perspective**," CEPR Discussion Papers 4503, C.E.P.R. Discussion Papers. - Gaspar, Vítor & Pérez-Quirós, Gabriel & Rodriguez Mendizabal, Hugo, 2004.
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**Interest Rate Determination in the Interbank Market**," CEPR Discussion Papers 4516, C.E.P.R. Discussion Papers. - Ang, Andrew & Bekaert, Geert, 2004.
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**The Term Structure of Real Rates and Expected Inflation**," CEPR Discussion Papers 4518, C.E.P.R. Discussion Papers. - Galí, Jordi & Rabanal, Pau, 2004.
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**Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data?**," CEPR Discussion Papers 4522, C.E.P.R. Discussion Papers. - Bramoullé, Yann & Saint-Paul, Gilles, 2004.
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**Social Networks and Labour Market Transitions**," CEPR Discussion Papers 4523, C.E.P.R. Discussion Papers. - Buiter, Willem H. & Sibert, Anne, 2004.
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**Deflationary Bubbles**," CEPR Discussion Papers 4528, C.E.P.R. Discussion Papers. - Fischer, Andreas M, 2004.
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**Price Clustering in the FX Market: A Disaggregate Analysis Using Central Bank Intervention**," CEPR Discussion Papers 4529, C.E.P.R. Discussion Papers. - Lindé, Jesper & Nessen, Marianne & Söderström, Ulf, 2004.
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**Monetary Policy in an Estimated Open-Economy Model with Imperfect Pass-Through**," CEPR Discussion Papers 4531, C.E.P.R. Discussion Papers. - Canova, Fabio & Ciccarelli, Matteo & Ortega, Eva, 2004.
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**Similarities and Convergence in G7 Cycles**," CEPR Discussion Papers 4534, C.E.P.R. Discussion Papers. - Ciccarelli, Matteo & Rebucci, Alessandro, 2004.
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**Has the Transmission Mechanism of European Monetary Policy Changed in the Run-Up to EMU?**," CEPR Discussion Papers 4535, C.E.P.R. Discussion Papers. - Dedola, Luca & Neri, Stefano, 2004.
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**What Does A Technology Shock Do? A VAR Analysis with Model-based Sign Restrictions**," CEPR Discussion Papers 4537, C.E.P.R. Discussion Papers. - Booth, Alison L & Sepulveda, Facundo, 2004.
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**Endogenous Fertility Policy**," CEPR Discussion Papers 4575, C.E.P.R. Discussion Papers. - Klein, Paul & Krusell, Per & Ríos-Rull, José-Víctor, 2004.
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**Time Consistent Public Expenditures**," CEPR Discussion Papers 4582, C.E.P.R. Discussion Papers. - Honohan, Patrick & Lane, Philip R., 2004.
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**Exchange Rates and Inflation Under EMU: An Update**," CEPR Discussion Papers 4583, C.E.P.R. Discussion Papers. - Muellbauer, John & Nunziata, Luca, 2004.
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**Forecasting (and Explaining) US Business Cycles**," CEPR Discussion Papers 4584, C.E.P.R. Discussion Papers. - Adam, Klaus & Billi, Roberto M, 2004.
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**Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates**," CEPR Discussion Papers 4585, C.E.P.R. Discussion Papers. - Sarno, Lucio & Thornton, Daniel L & Valente, Giorgio, 2004.
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**Federal Funds Rate Prediction**," CEPR Discussion Papers 4587, C.E.P.R. Discussion Papers. - Carlin, Wendy & Soskice, David, 2004.
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**The 3-Equation New Keynesian Model: A Graphical Exposition**," CEPR Discussion Papers 4588, C.E.P.R. Discussion Papers. - Adam, Klaus, 2004.
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**Optimal Monetary Policy with Imperfect Common Knowledge**," CEPR Discussion Papers 4594, C.E.P.R. Discussion Papers. - Jeanne, Olivier & Svensson, Lars E O, 2004.
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**Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank**," CEPR Discussion Papers 4599, C.E.P.R. Discussion Papers. - Garibaldi, Pietro & Violante, Giovanni L, 2004.
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**The Employment Effects of Severance Payments with Wage Rigidities**," CEPR Discussion Papers 4608, C.E.P.R. Discussion Papers. - Amstad, Marlene & Fischer, Andreas M, 2004.
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**Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment**," CEPR Discussion Papers 4627, C.E.P.R. Discussion Papers. - Beaudry, Paul & Portier, Franck, 2004.
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**When Can Changes in Expectations Cause Business Cycle Fluctuations in Neo-Classical Settings?**," CEPR Discussion Papers 4628, C.E.P.R. Discussion Papers. - Domeij, David & Flodén, Martin, 2004.
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**Population Ageing and International Capital Flows**," CEPR Discussion Papers 4644, C.E.P.R. Discussion Papers. - Aron, Janine & Muellbauer, John, 2004.
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**Estimates of Personal Sector Wealth for South Africa**," CEPR Discussion Papers 4646, C.E.P.R. Discussion Papers. - Eijffinger, Sylvester C W & Governatori, Matteo, 2004.
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**Fiscal and Monetary Interaction: The Role of Asymmetries of the Stability and Growth Pact in EMU**," CEPR Discussion Papers 4647, C.E.P.R. Discussion Papers. - Frühwirth-Schnatter, Sylvia & Kaufmann, Sylvia, 2004.
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**Model-based Clustering of Multiple Time Series**," CEPR Discussion Papers 4650, C.E.P.R. Discussion Papers. - Ho, Tai-Kuang & von Hagen, Jürgen, 2004.
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**Money Market Pressure and the Determinants of Banking Crises**," CEPR Discussion Papers 4651, C.E.P.R. Discussion Papers. - Artis, Michael J & Osborn, Denise & Perez-Vazquez, Pedro, 2004.
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**The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G-7**," CEPR Discussion Papers 4652, C.E.P.R. Discussion Papers. - Schmitt-Grohé, Stephanie & Uribe, Martín, 2004.
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**Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the US Business Cycle**," CEPR Discussion Papers 4654, C.E.P.R. Discussion Papers. - Brunnermeier, Markus K & Parker, Jonathan A, 2004.
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**Optimal Expectation**," CEPR Discussion Papers 4656, C.E.P.R. Discussion Papers. - Ardagna, Silvia & Caselli, Francesco & Lane, Timothy, 2004.
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**Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries**," CEPR Discussion Papers 4661, C.E.P.R. Discussion Papers. - Marsiliani, Laura & Renström, Thomas I, 2004.
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**Political Institutions, Environmental Policy and Growth**," CEPR Discussion Papers 4670, C.E.P.R. Discussion Papers. - Lloyd-Braga, Teresa & Modesto, Leonor, 2004.
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**Indeterminacy in a Finance Constrained Unionized Economy**," CEPR Discussion Papers 4679, C.E.P.R. Discussion Papers. - Chen, Natalie & Imbs, Jean & Scott, Andrew, 2004.
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**Competition, Globalization and the Decline of Inflation**," CEPR Discussion Papers 4695, C.E.P.R. Discussion Papers. - Bayoumi, Tamim & Sgherri, Silvia, 2004.
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**Monetary Magic? How the Fed Improved the Flexibility of the Economy**," CEPR Discussion Papers 4696, C.E.P.R. Discussion Papers. - Artis, Michael J & Hoffmann, Mathias, 2004.
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**Financial Globalization, International Business Cycles and Consumption Risk Sharing**," CEPR Discussion Papers 4697, C.E.P.R. Discussion Papers. - Caselli, Francesco, 2004.
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**Accounting for Cross-Country Income Differences**," CEPR Discussion Papers 4703, C.E.P.R. Discussion Papers. - Den Haan, Wouter & Sumner, Steven & Yamashiro, Guy, 2004.
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**Bank Loan Components and the Time-Varying Effects of Monetary Policy Shocks**," CEPR Discussion Papers 4724, C.E.P.R. Discussion Papers. - Den Haan, Wouter & Sumner, Steven & Yamashiro, Guy, 2004.
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**Banks' Loan Portfolio and the Monetary Transmission Mechanism**," CEPR Discussion Papers 4725, C.E.P.R. Discussion Papers. - Repullo, Rafael, 2004.
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**Policies for Banking Crises: A Theoretical Framework**," CEPR Discussion Papers 4727, C.E.P.R. Discussion Papers. - Buiter, Willem H., 2004.
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**The Elusive Welfare Economics of Price Stability As A Monetary Policy Objective: Should New Keynesian Central Bankers Persue Price Stability**," CEPR Discussion Papers 4730, C.E.P.R. Discussion Papers. - Gersbach, Hans, 2004.
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**Financial Intermediation with Contingent Contracts and Macroeconomic Risks**," CEPR Discussion Papers 4735, C.E.P.R. Discussion Papers. - Benigno, Pierpaolo & Woodford, Michael, 2004.
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**Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State**," CEPR Discussion Papers 4740, C.E.P.R. Discussion Papers. - Vives, Xavier, 2004.
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**Complementarities and Games: New Developments**," CEPR Discussion Papers 4742, C.E.P.R. Discussion Papers. - Wasmer, Etienne & Zenou, Yves, 2004.
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**Equilibrium Search Unemployment With Explicit Spatial Frictions**," CEPR Discussion Papers 4743, C.E.P.R. Discussion Papers. - Canova, Fabio & Pappa, Evi, 2004.
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**Does it Cost to be Virtuous? The Macroeconomic Effect of Fiscal Constraints**," CEPR Discussion Papers 4747, C.E.P.R. Discussion Papers. - Smets, Frank & Wouters, Rafael, 2004.
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**Forecasting with a Bayesian DSGE Model: An Application to the Euro Area**," CEPR Discussion Papers 4749, C.E.P.R. Discussion Papers. - Smets, Frank & Wouters, Rafael, 2004.
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**Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach**," CEPR Discussion Papers 4750, C.E.P.R. Discussion Papers. - Constant, Amelie & Zimmermann, Klaus F, 2004.
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**Self-Employment Dynamics Across the Business Cycle: Migrants vs Natives**," CEPR Discussion Papers 4754, C.E.P.R. Discussion Papers. - von Hagen, Jürgen & Wolff, Guntram B., 2004.
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**What Do Deficits Tell us About Debts? Empirical Evidence on Creative Accounting with Fiscal Rules in the EU**," CEPR Discussion Papers 4759, C.E.P.R. Discussion Papers. - Ellison, Martin & Graham, Liam & Vilmunen, Jouko, 2004.
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**Strong Contagion with Weak Spillovers**," CEPR Discussion Papers 4762, C.E.P.R. Discussion Papers. - Benigno, Pierpaolo & Woodford, Michael, 2004.
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**Optimal Taxation in an RBC Model: A Linear-Quadratic Approach**," CEPR Discussion Papers 4764, C.E.P.R. Discussion Papers. - Den Haan, Wouter & Haefke, Christian & Ramey, Gary, 2004.
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**Turbulence and Unemployment in a Job Matching Model**," CEPR Discussion Papers 4765, C.E.P.R. Discussion Papers. - Ellison, Martin & Sarno, Lucio & Vilmunen, Jouko, 2004.
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**Caution or Activism? Monetary Policy Strategies in an Open Economy**," CEPR Discussion Papers 4766, C.E.P.R. Discussion Papers. - Michel, DE VROEY, 2005.
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**Involuntary Unemployment : the Elusive Quest for a Theory**," Discussion Papers (ECON - Département des Sciences Economiques) 2005004, Université catholique de Louvain, Département des Sciences Economiques. - Konstantin A., KHOLODILIN & Wension Vincent, YAO, 2004.
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**Business Cycle Turning Points : Mixed-Frequency Data with Structural Breaks**," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). - Eva, MORENO-GALBIS & Henri R., SNEESSENS, 2004.
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**Low-Skilled Unemployment, Capital-Skill Complementarity and Embodied Technical Progress**," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004025, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). - Lionel, ARTIGE, 2004.
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**Endogenous Growth and Regional Dynamics in an OLG Model with Land**," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004028, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). - Olivier, PIERARD, 2004.
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**Impact of Selective Reductions in Labor Taxation**," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004035, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). - Pradeep Dubey & John Geanakoplos, 2003.
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**Real Determinacy with Nominal Assets**," Cowles Foundation Discussion Papers 1427R, Cowles Foundation for Research in Economics, Yale University, revised Nov 2004. - Ray C. Fair, 2005.
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**Policy Effects in the Post Boom U.S. Economy**," Cowles Foundation Discussion Papers 1497, Cowles Foundation for Research in Economics, Yale University. - Jan Marc Berk & Beata K. Bierut, 2005.
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**On the Optimality of Decisions made by Hub-and-Spokes Monetary Policy Committees**," DNB Working Papers 027, Netherlands Central Bank, Research Department. - Peter Hans Matthews, 2005.
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**Labor Discipline, Reputation and Underemployment Traps**," Middlebury College Working Paper Series 0501, Middlebury College, Department of Economics. - Thierry Warin, 2005.
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**Stability and Growth Pact: An Index to Trigger an Early Warning Earlier?**," Middlebury College Working Paper Series 0502, Middlebury College, Department of Economics. - Alessandro MISSALE & Emanuele BACCHIOCCHI, 2005.
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**Managing debt stability**," Departmental Working Papers 2005-05, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano. - Michael Hurd & Susann Rohwedder, 2004.
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**The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement**," Working Papers wp069, University of Michigan, Michigan Retirement Research Center. - Seok-Kyun Hur, 2005.
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**Money Growth and Interest Rates**," NBER Working Papers 11102, National Bureau of Economic Research, Inc. - Tim Robinson & Andrew Stone, 2005.
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**Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound**," NBER Working Papers 11105, National Bureau of Economic Research, Inc. - Karen Wilson, 2005.
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**The Architecture of the System of National Accounts: A Three Country Comparison, Canada, Australia, and United Kingdom**," NBER Working Papers 11106, National Bureau of Economic Research, Inc. - John R. Baldwin & Tarek Harchaoui, 2005.
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**The Integration of the Canadian Productivity Accounts within the System of National Accounts: Current Status and Challenges Ahead**," NBER Working Papers 11107, National Bureau of Economic Research, Inc. - Manuela Francisco & Michael Bleaney, 2005.
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**Inflation Persistence and Exchange Rate Regimes: Evidence from Developing Countries**," NIPE Working Papers 1/2005, NIPE - Universidade do Minho. - Luís Francisco Aguiar-Conraria & Yi Wen, 2005.
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**Understanding the Impact of Oil Shocks**," NIPE Working Papers 2/2005, NIPE - Universidade do Minho. - Johann Scharler, 2004.
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**Understanding the Stock Market’s Response to Monetary Policy Shocks**," Working Papers 93, Oesterreichische Nationalbank (Austrian Central Bank). - K. Farrant & G. Peersman, 2005.
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**Is the exchange rate a shock absorber or a source of shocks? New empirical evidence**," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/285, Ghent University, Faculty of Economics and Business Administration. - G. Peersman, 2005.
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**The relative importance of symmetric and asymmetric shocks and the determination of the exchange rate**," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/286, Ghent University, Faculty of Economics and Business Administration. - G. Peersman & R. Straub, 2005.
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**Technology Shocks and Robust Sign Restrictions in a Euro Area SVAR**," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/288, Ghent University, Faculty of Economics and Business Administration. - Gustavo A. Marrero, 2004.
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**The public investment rule in a simple endogenous endogenous growth model with public capital: active or pasive?**," Documentos de Trabajo del ICAE 0401, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico. - Frank Portier & Luis A. Puch, 2004.
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**The Welfare Cost of Business Cycles in an Economy with Nonclearing Markets**," Documentos de Trabajo del ICAE 0403, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico. - Juan-Ángel Jiménez-Martín & Rodrigo Peruga Urrea, 2004.
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**Macroeconomic and policy uncertainty and Exchange rate risk Premium**," Documentos de Trabajo del ICAE 0412, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico. - Herrera, Santiago, 2005.
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**Policy mix, public debt management, and fiscal rules - lessons from the 2002 Brazilian crisis**," Policy Research Working Paper Series 3512, The World Bank. - Item repec:kas:wpaper:68/05 is not listed on IDEAS anymore
- Item repec:kas:wpaper:2004-52 is not listed on IDEAS anymore
- Item repec:kas:wpaper:2004-58 is not listed on IDEAS anymore
- Item repec:kas:wpaper:2005-68 is not listed on IDEAS anymore
- Item repec:ttu:wpaper:tutwpe(mme)04/112 is not listed on IDEAS anymore