Discussion Paper / Institute for Empirical Macroeconomics

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45: Seasonality and equilibrium business cycle theories

R. Braun and Charles Evans

44: When unit roots matter: excess volatility and excess smoothness of long term interest rates

Peter C. Schotman

43: On Bayesian routes to unit roots

Peter C. Schotman and Herman van Dijk

42: Price deflation and real tariff rates: the United States, 1903 to 1940

Mario Crucini

41: The relation between skill levels and the cyclical variability of employment, hours and wages

Michael Keane and Eswar Prasad

40: Seigniorage and the welfare cost of inflation: evidence from an intertemporal model of money and consumption

Zvi Eckstein and Leonardo Leiderman

39: Employment and business cycle asymmetries: a data based study

Gerard Pfann

38: Tax distortions in a neoclassical monetary economy

Thomas Cooley and Gary Hansen

37: The macroeconomic effects of distortionary taxation

Ellen McGrattan

36: Recursive methods for computing equilibria of business cycle models

Gary Hansen and Edward Prescott

35: Rational expectations modeling with seasonally adjusted data

Christopher Sims

34: On maximum-likelihood estimation of the differencing parameter of fractionally integrated noise with unknown mean

Yin-Wong Cheung and Francis Diebold

33: Have postwar economic fluctuations been stabilized?

Francis Diebold and Glenn Rudebusch

32: Real exchange rates under the gold standard

Francis Diebold, Steven Husted and Mark Rush

31: International evidence on business cycle duration dependence

Francis Diebold, Glenn Rudebusch and Daniel Sichel

30: Ex-day behavior of Japanese stock prices: new insights from new methodology

Fumio Hayashi and Ravi Jagannathan

29: Implications of security market data for models of dynamic economies

Lars Hansen and Ravi Jagannathan

28: Sectoral shift theories of unemployment: evidence from panel data

Michael Keane

27: Nominal contracting theories of unemployment: evidence from panel data

Michael Keane

26: The allocation of goods and time over the business cycle

Jeremy Greenwood and Zvi Hercowitz

25: The output, employment, and interest rate effects of government consumption

S. Aiyagari, Lawrence Christiano and Martin Eichenbaum

24: Current real business cycle theories and aggregate labor market fluctuations

Lawrence Christiano and Martin Eichenbaum

23: The role of money in a business cycle model

Finn Kydland

22: Modeling trends

Christopher Sims

21: Comparisons of alternative identification schemes for the U.S. real GNP- unemployment level correlation: sensitivity analysis

Masanao Aoki

20: Structural changes in the real GNP interdependence of the U.S., West Germany, and Japan during the period 1970-1986

Masanao Aoki

19: Instrumental variable estimators for state space models

Masanao Aoki

18: Unit roots in real GNP: do we know, and do we care?

Lawrence Christiano and Martin Eichenbaum

17: Hours and employment variation in business cycle theory

Finn Kydland and Edward Prescott

16: A computationally practical simulation estimator for panel data, with applications to labor supply and real wage movement over the business cycle

Michael Keane

15: Solving nonlinear stochastic optimization and equilibrium problems backwards

Christopher Sims

14: A nine variable probabilistic macroeconomic forecasting model

Christopher Sims

13: The relationship of firm growth and Q with multiple capital goods: theory and evidence from panel data on Japanese firms

Fumio Hayashi and Tohru Inoue

12: Stochastic inflation and the equity premium

Pamela Labadie

11: Models and their uses

Christopher Sims

10: The magnitude of the speculative motive for holding inventories in a real business cycle model

Lawrence Christiano and Terry Fitzgerald

9: Solving a particular growth model by linear quadratic approximation and by value function iteration

Lawrence Christiano

8: A systems approach to recursive economic forecasting and seasonal adjustment

Peter Armitage, Cho Ng and Peter C. Young

7: Recursive estimation and modelling of nonstationary and nonlinear time series

David E. Runkle and Peter C. Young

6: Behavior of male workers at the end of the life-cycle: an empirical analysis of states and controls

John Rust

5: The effects of stochastic inflation on asset prices

Pamela Labadie

4: Understanding unit rooters: a helicopter tour

Christopher Sims and Harald Uhlig

3: Bayesian skepticism on unit root econometrics

Christopher Sims

2: Reasonable extreme bounds analysis

Clive Granger and Harald Uhlig

1: Aggregation of time series variables-a survey

Clive Granger