EMPIRICAL MACROECONOMICS STUDY GROUP
Schedule Spring 2007
- Jan 31: Craig Burnside, random thoughts about welfare measurement and solution methods
- Feb 7: TBA
- Feb 14: Roberto Pancrazi
- Feb 21: Anamaria Pieschacon
- Feb 28: Anya
- Mar 7: Sarah Zubairy
- Mar 21: Jason Jones
- Mar 28: Javier Garcia-Cicco
- Apr 4: Marija Vukotic
- Apr 11: Brian
- Apr 18: Tatevik Sekhposyan
- Apr 25: TBA
Schedule Fall 2006
- Sep 13: Juan Rubio-Ramirez (same place, but at 1215pm for a shorter meeting), Research in progress
- Sep 20: Anamaria Pieschacon will present Jordi Galí, J. David López-Salido, Javier Vallés "Understanding the Effects of Government Spending on Consumption"
- Sep 27: Craig Burnside
- Oct 4: Javier Garcia-Cicco will present an overview of three papers on dynamic panel estimation ... (1) Arellano, M. and S. Bond, 1991, Tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economic Studies 58, 277-297. (2)
Ahn, S.C. and P. Schmidt, 1995, Efficient estimation of models for dynamic panel data, Journal of Econometrics 68, 5-27. (3)
Ahn, S.C. and P. Schmidt, 1997, Efficient estimation of models for dynamic panel data: Alternative assumptions and simplified estimation, Journal of Econometrics 76 309-321.
- Oct 11: Barbara Rossi
- Oct 18: Roberto Pancrazi , Research ideas
- Oct 25: Sarah Zubairy , "Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models", by Andrew Levin, Alexei Onatski, Noah Williams and John Williams
- Nov 1: Marija Vukotic , Smets and Wouters (2003): "An estimated DSGE model of the euro area"
- Nov 8: Tatevik Sekhposyan , "Vector Autoregressions and Reduced Form Representations of Dynamic Stochastic General Equilibrium models" by Federico Ravenna
- Nov 15: Barbara Rossi , An optimal IRF matching estimator
Schedule Spring 2006
- Feb 1: Craig Burnside. "The Returns to Currency Speculation" with Martin Eichenbaum, Yizhaq Kleshchelski and Sergio Rebelo.
- Feb 15 : Anamaria Pieschacon will present Craig Burnside, Martin Eichenbaum and Jonas Fisher (2004) "Fiscal Shocks and Their Consequences," Journal of Economic Theory 115(1), 2004, 89-117.
- Mar 1: Jason Jones will present the Blanchard and Perotti paper cited in full below.
- Mar 8: Roberto Pancrazi will present Diego Comin and Mark Gertler's 2004 working paper "Medium Term Business Cycles".
- Mar 22: Barbara Rossi. "Model Selection in Unstable Environments," with Raffaella Giacomini.
Schedule Fall 2005
- Sep 14: Craig Burnside (with Marty Eichenbaum and Sergio Rebelo) "Government Finance in the Wake of Currency Crises".
- Sep 19: Barbara Rossi, "Expectations Hypotheses Tests and Predictive Regressions at Long Horizons" (1140a-1255p, Soc Sci 327)
- Oct 19: Roberto Pancrazi will present Shaghil Ahmed, Andrew Levin and Beth Anne Wilson (2004) "Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?" REStat, 86(3), 824-32.
- Nov 2: Jason Jones (UNC) will present Neville Francis and Valerie A. Ramey (2003) "Is the Technology-Driven Real Business Cycle Hypothesis Dead? Shocks and Aggregate Fluctuations Revisited" forthcoming Journal of Monetary Economics.
- Nov 9: Javier Garcia Cicco will present Jonas Fisher (2003) “Technology Shocks Matter,” unpublished manuscript, revised version of Chicago Fed Working Paper 2002-14.
- Nov 16: Hamilton Fout (UNC) will present Juan Rubio-Ramirez and Pau Rabanal Comparing New Keynesian Models of the Business Cycle : A Bayesian approach Journal of Monetary Economics (2005).
- Nov 30: Anna Kozlovskaya will present Jordi Gali and Pau Rabanal (2004) "Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?" in NBER Macroeconomics Annual.
- Dec 7: Neville Francis will present Neville Francis and Valerie A. Ramey "Measures of Per Capita Hours and their Implications for the Technology-Hours Debate" NBER Working Paper 11694 and Neville Francis, Michael Owyang and Jennifer Roush "A Flexible Finite-Horizon Identification of Technology Shocks"
PAPERS
Effects of Fiscal Shocks
- Lawrence J. Christiano and Martin Eichenbaum (1992) "Current Real-Business-Cycle Theories and Aggregate Labor-Market Fluctuations," American Economic Review, 82, 430-450.
- Marianne Baxter and Robert G. King (1993) "Fiscal Policy in General Equilibrium," American Economic Review, 83, 315-334.
- Casey B. Mulligan (1998) "Pecuniary Incentives to Work in the United States During World War II," The Journal of Political Economy, 106, 1033-1077.
- Ellen R. McGrattan and Lee E. Ohanian (2004) "Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II" Minneapolis Fed Staff Report 315.
- Olivier Blanchard and Roberto Perotti (2002) "An Empirical Characterization Of The Dynamic Effects Of Changes In Government Spending And Taxes On Output," Quarterly Journal of Economics, 117, 1329-1368.
Models as Propagation Mechanisms
I think this topic may interest some of you because in a weird sort of way it seems related to the papers about technology shocks that some of you seem to be into, while it may also seem somehow related to the stuff on matching models to impulse response functions found in the data.
- Timothy Cogley and James M. Nason (1995) "Output Dynamics in Real-Business-Cycle Models," American Economic Review, 85, 492-511.
- Julio J. Rotemberg and Michael Woodford (1996) "Real-Business-Cycle Models and the Forecastable Movements in Output, Hours, and Consumption," American Economic Review, 86, 71-89.
- Craig Burnside and Martin Eichenbaum (1996) "Factor-Hoarding and the Propagation of Business-Cycle Shocks," American Economic Review, 86, 1154-1174. If someone were to present my paper I would want them to actually present the working paper version, which I like a lot more ... and also because it's meatier.
International Stuff ... a lot about UIP
Classics
- Eugene F. Fama (1984) "Forward and spot exchange rates," Journal of Monetary Economics, 14, 319-338. Not available electronically.
- Karen K. Lewis (1995) "Puzzles in International Financial Markets," Handbook of International Economics, G. Grossman and K. Rogoff, eds. (North Holland: Amsterdam). Available onlines as NBER Working Paper No. 4951
Econometric techniques
Applications
Other Leftovers
- Chari , V. V. , Patrick J. Kehoe, and Ellen R. McGrattan (2005) “Business Cycle Accounting,” Federal Reserve Bank of Minneapolis Staff Report 328, April. See also the appendices. I would particularly like someone to take this on, since it presents a radically different approach to empirical work than anything we looked at in the fall.
- Chari V.V., Patrick J. Kehoe and Ellen R. McGrattan, A Critique of Structural VARs Using Business Cycle Theory Federal Reserve Bank of Minneapolis Staff Report 364.
- Christiano, Lawrence, Martin Eichenbaum and Robert Vigfusson (2004) “What Happens After A Technology Shock?”, mimeo, Northwestern University.
- Christiano, Lawrence, Martin Eichenbaum and Robert Vigfusson (2005) “Assessing Structural VARs,” paper and other materials, Northwestern University.
Last updated Jan 25 2007