(Panel) Smooth Transition Regressions substantially gained in popularity due to their flexibility in modeling regression coefficients...

This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with...

We identify the effects of the supply of mortgage credit on house prices, using the politicallydirected credit-targeting regime of...

This paper studies the effects of protectionism as a business cycle instrument. In normal times, protectionism reduces international...

Motivated by the increased importance of trade between industrialized and less-developed countries, we build a DSGE model featuring...

We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector autoregressive (PVAR)...

I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not...

Using real-time data, we analyze how the systematic expectation errors of professional forecasters in 19 advanced economies depend on...

To determine the possible welfare gains from macroeconomic stabilization policy, we adapt the ap- proach of Lucas (2003) with a...

This paper studies the role of labor market institutions in business cycle fluctuations. We develop a DSGE model with search and...

We investigate whether recoveries following normal recessions differ from recoveries following recessions that are associated with...

This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips...

This paper analyzes the effects of short-time work (i.e., government subsidized working time reductions) on unemployment and output...

DSGE models with generalized shock processes have been a major area of research in recent years. In this paper, I show that the...

I evaluate the degree to which different wage-setting mechanisms in labor market search models can fit the aggregate facts on labor’s...

This paper documents a puzzling fact, namely that there is a significant negative relation between employment protection legislation...