Discussion Paper / Institute for Empirical Macroeconomics

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95: The replacement problem

Thomas Cooley, Jeremy Greenwood and Mehmet Yorukoglu

94: Fiscal spending shocks, endogenous government spending, and real business cycles

Steven Ambler and Alain Paquet

93: Stock returns and volatility in emerging financial markets

Giorgio De Santis and Selahattin Imrohoroglu

92: The effect of tax-favored retirement accounts on capital accumulation and welfare

Ayse Imrohoroglu, Selahattin Imrohoroglu and Douglas H. Joines

91: Solving nonlinear rational expectations models by parameterized expectations: convergence to stationary solutions

Albert Marcet and David Marshall

90: Equilibrium selections

Beth Allen, Jayasri Dutta and Heraklis M. Polemarchakis

89: The real business cycle: intermediate inputs and sectoral comovement

Andreas Hornstein and Jack Praschnik

88: The cyclical behavior of job creation and job destruction: a sectoral model

Jeremy Greenwood, Glenn MacDonald and Guang-Jia Zhang

87: On intertemporal general-equilibrium reallocation effects of Europe's move to a single market

Bernardin Akitoby and Jean Mercenier

86: New evidence on altruism: a study of TIAA-CREF retirees

F. Juster and John Laitner

85: Endogenous expenditures on public schools and persistent growth

Gerhard Glomm and B Ravikumar

84: A time series model with periodic stochastic regime switching

Eric Ghysels

83: Start-up costs and pecuniary externalities as barriers to economic development

Antonio Ciccone and Kiminori Matsuyama

82: Custom versus fashion: path-dependence and limit cycles in a random matching game

Kiminori Matsuyama

81: Modelling complementarity in monopolistic competition

Kiminori Matsuyama

80: A business cycle model with nominal wage contracts and government

Jang-Ok Cho and Louis Phaneuf

79: Cyclical factor utilization

Mark Bils and Jang-Ok Cho

78: The efficiency and welfare effects of tax reform: are fewer tax brackets better than more?

David Altig and Charles Carlstrom

77: A dynamic index model for large cross sections

Danny Quah and Thomas Sargent

76: Macroeconomic implications of investment-specific technological change

Jeremy Greenwood, Zvi Hercowitz and Per Krusell

75: Empirical cross-section dynamics in economic growth

Danny Quah

74: Communication, commitment, and growth

Albert Marcet and Ramon Marimon

73: Expectationally-driven market volatility: an experimental study

Ramon Marimon, Stephen Spear and Shyam Sunder

72: Federal fiscal constitutions part 1: risk sharing and moral hazard

Torsten Persson and Guido Tabellini

71: On the cyclical allocation of risk

Paul Gomme and Jeremy Greenwood

70: Liquidity effects, monetary policy, and the business cycle

Lawrence Christiano and Martin Eichenbaum

69: Alternative specifications for consumption and the estimation of the intertemporal elasticity of substitution

Paul Beaudry and Eric van Wincoop

68: Liquidity and real activity in three monetary models

Don Schlagenhauf and Jeffrey Wrase

67: A monetary, open-economy model with capital mobility

Don Schlagenhauf and Jeffrey Wrase

66: Solving nonlinear dynamic models on parallel computers

Wilbur Coleman

65: Dynamics of the trade balance and the terms of trade: the J-curve revisited

David Backus, Patrick Kehoe and Finn Kydland

64: Priors for macroeconomic time series and their application

John Geweke

63: The Swedish business cycle: stylized facts over 130 years

John Hassler, Petter Lundvik, Torsten Persson and Paul Söderlind

62: Politics and economic policy

Torsten Persson

61: Risk-taking, global diversification, and growth

Maurice Obstfeld

60: The equity premium and the allocation of income risk

Jean-Pierre Danthine, John B. Donaldson and Rajnish Mehra

59: Business cycles and the asset structure of foreign trade

Marianne Baxter and Mario Crucini

58: Computing Markov perfect Nash equilibria: numerical implications of a dynamic differentiated product model

Paul McGuire and Ariel Pakes

57: Liquidity and real activity in a simple open economy model

Don Schlagenhauf and Jeffrey Wrase

56: Fiscal policy, specialization, and trade in the two-sector model: the return of Ricardo?

Marianne Baxter

55: Money and growth revisited

Paul Gomme

54: Individual heterogeneity and interindustry wage differentials

Michael Keane

53: Productive externalities and business cycles

Marianne Baxter and Robert King

52: Comparing predictive accuracy I: an asymptotic test

Francis Diebold and Roberto Mariano

51: The employment and wage effects of oil price shocks: a sectoral analysis

Michael Keane and Eswar Prasad

50: Energy price shocks, capacity utilization and business cycle fluctuations

Mary G. Finn

49: Minimum weighted residual methods for solving aggregate growth models

Kenneth Judd

48: Risk-sharing, altruism, and the factor structure of consumption

Joseph Altonji, Fumio Hayashi and Laurence Kotlikoff

47: Human capital, aggregate shocks, and panel data estimation

Sumru Altug and Robert A. Miller

46: The permanent income hypothesis when the bliss point is stochastic

James Nason