Report NEP-MAC-2007-03-31

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.

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Other reports in NEP-MAC

The following items were announced in this report:

• Guenter W. Beck & Volker Wieland, 2007. "Money in Monetary Policy Design under Uncertainty: A Formal Characterization of ECB-Style Cross-Checking," CFS Working Paper Series 2007/18, Center for Financial Studies.
• Guenter W. Beck & Volker Wieland, 2007. "Money in Monetary Policy Design under Uncertainty: The Two-Pillar Phillips Curve versus ECB-Style Cross-Checking," CFS Working Paper Series 2007/17, Center for Financial Studies.
• Amir Kia, 2006. "Deficits, Debt Financing, Monetary Policy and Inflation in Developing Countries: Internal or External Factors? Evidence from Iran," Carleton Economic Papers 06-03, Carleton University, Department of Economics, revised Nov 2006.
• Woodford, Michael, 2007. "How Important is Money in the Conduct of Monetary Policy?," CEPR Discussion Papers 6211, C.E.P.R. Discussion Papers.
• Paul Castillo & Alberto Humala & Vicente Tuesta, 2007. "Monetary Policy, Regime Shifts, and Inflation Uncertainty in Peru (1949-2006)," Working Papers 2007-005, Banco Central de Reserva del Perú.
• Smets, Frank & Wouters, Raf, 2007. "Shocks and frictions in US business cycles: a Bayesian DSGE approach," Working Paper Series 0722, European Central Bank.
• Adalid, Ramón & Detken, Carsten, 2007. "Liquidity shocks and asset price boom/bust cycles," Working Paper Series 0732, European Central Bank.
• Marc-André Gosselin, 2007. "Central Bank Performance under Inflation Targeting," Staff Working Papers 07-18, Bank of Canada.
• Roc Armenter & Martin Bodenstein, 2006. "Of nutters and doves," International Finance Discussion Papers 885, Board of Governors of the Federal Reserve System (U.S.).
• Altavilla, Carlo & Ciccarelli, Matteo, 2007. "Inflation Forecasts, monetary policy and unemployment dynamics: evidence from the US and the euro area," Working Paper Series 0725, European Central Bank.
• Angel Asensio, 2005. "The macroeconomic governance of the European Monetary Union: A Keynesian perspective," Post-Print halshs-00139025, HAL.
• Carlos Montoro, 2007. "Why Central Banks Smooth Interest Rates? A Political Economy Explanation," Working Papers 2007-003, Banco Central de Reserva del Perú.
• Claude Lavoie & Hope Pioro, 2007. "The Zero Bound on Nominal Interest Rates: Implications for the Optimal Monetary Policy in Canada," Discussion Papers 07-1, Bank of Canada.
• Carlos Montoro, 2007. "Monetary Policy Committees and Interest Rate Smoothing," CEP Discussion Papers dp0780, Centre for Economic Performance, LSE.
• Item repec:hal:papers:halshs-00139029_v1 is not listed on IDEAS anymore

• Honkapohja, Seppo & Evans, George W. & Mitra, Kaushik, 2007. "Anticipated Fiscal Policy and Adaptive Learning," CEPR Discussion Papers 6216, C.E.P.R. Discussion Papers.
• Sharon Kozicki & P. A. Tinsley, 2007. "Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation," Staff Working Papers 07-19, Bank of Canada.
• Michael D. Bordo & Christopher Erceg & Andrew Levin, 2007. "Three Great American Disinflations," NBER Working Papers 12982, National Bureau of Economic Research, Inc.
• Huw Dixon & Engin Kara, 2007. "Persistence and Nominal Inertia in a Generalized Taylor Economy: How Longer Contracts Dominate Shorter Contracts," Discussion Papers 07-01, Department of Economics, University of Birmingham.
• Bandholz, Harm & Clostermann, Joerg & Seitz, Franz, 2007. "Explaining the US Bond Yield Conundrum," MPRA Paper 2386, University Library of Munich, Germany.
• Andersson, Magnus, 2007. "Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions," Working Paper Series 0726, European Central Bank.
• Sharon McCaw, 2007. "Stylised facts about New Zealand business cycles," Reserve Bank of New Zealand Discussion Paper Series DP2007/04, Reserve Bank of New Zealand.
• Matteo Iacoviello & Stefano Neri, 2007. "Housing Market Spillovers: Evidence from an Estimated DSGE Model," Boston College Working Papers in Economics 659, Boston College Department of Economics, revised 23 Oct 2009.
• Mojon, Benoît & Altissimo, Filippo & Zaffaroni, Paolo, 2007. "Fast micro and slow macro: can aggregation explain the persistence of inflation?," Working Paper Series 0729, European Central Bank.
• Angel Asensio, 2006. "New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative," Post-Print halshs-00139113, HAL.
• Gaspar, Vitor & Levin, Andrew & Smets, Frank & Martins, Fernando Manuel, 2007. "Evidence from Surveys of Price-Setting Managers: Policy Lessons and Directions for Ongoing Research," CEPR Discussion Papers 6227, C.E.P.R. Discussion Papers.
• W.H. Buiter, 2007. "Is Numérairology the Future of Monetary Economics? Unbundling numéraire and medium of exchange through a virtual currency and a shadow exchange rate," CEP Discussion Papers dp0776, Centre for Economic Performance, LSE.
• Paul Castillo & Carlos Montoro & Vicente Tuesta, 2007. "Inflation Premium and Oil Price Volatility," CEP Discussion Papers dp0782, Centre for Economic Performance, LSE.
• Mierzejewski, Fernando, 2007. "An actuarial approach to short-run monetary equilibrium," MPRA Paper 2424, University Library of Munich, Germany.
• Meredith J. Beechey, 2006. "A closer look at the sensitivity puzzle: the sensitivity of expected future short rates and term premia to macroeconomic news," Finance and Economics Discussion Series 2007-06, Board of Governors of the Federal Reserve System (U.S.).
• Sánchez, Marcelo, 2007. "What drives business cycles and international trade in emerging market economies?," Working Paper Series 0730, European Central Bank.
• Matteo Iacoviello & Fabio Schiantarelli & Scott Schuh, 2007. "Input and Output Inventories in General Equilibrium," Boston College Working Papers in Economics 658, Boston College Department of Economics, revised 23 Oct 2009.
• Fernando Alvarez & Andrew Atkeson & Patrick J. Kehoe, 2007. "If exchange rates are random walks then almost everything we say about monetary policy is wrong," Working Papers 650, Federal Reserve Bank of Minneapolis.
• J. Stephen Ferris & Stanley L. Winer, 2006. "Politics, political competition and the political budget cycle in Canada, 1870 - 2000: a search across alternative fiscal instruments," Carleton Economic Papers 06-05, Carleton University, Department of Economics.
• Jondeau, Eric & Imbs, Jean & Pelgrin, Florian, 2007. "Aggregating Phillips Curves," CEPR Discussion Papers 6184, C.E.P.R. Discussion Papers.
• Ullrich, Katrin, 2006. "An impact of country-specific economic developments on ECB decisions," ZEW Discussion Papers 06-049, ZEW - Leibniz Centre for European Economic Research.
• James B. Bullard & George W. Evans & Seppo Honkapohja, 2007. "Monetary policy, judgment and near-rational exuberance," Working Papers 2007-008, Federal Reserve Bank of St. Louis.
• Item repec:ipc:cpaper:0002 is not listed on IDEAS anymore

• Mandler, Martin, 2007. "The Taylor rule and interest rate uncertainty in the U.S. 1955-2006," MPRA Paper 2340, University Library of Munich, Germany.
• Fisher, Walter H. & Heijdra, Ben J., 2007. "Keeping up with the Ageing Joneses," Economics Series 204, Institute for Advanced Studies.
• Filippo Altissimo & Benoit Mojon & Paolo Zaffaroni, 2007. "Fast micro and slow macro: can aggregation explain the persistence of inflation?," Working Paper Series WP-07-02, Federal Reserve Bank of Chicago.
• Favero, Carlo A. & Sala, Luca & Niu, Linlin, 2007. "Term Structure Forecasting: No-Arbitrage Restrictions vs Large Information Set," CEPR Discussion Papers 6206, C.E.P.R. Discussion Papers.
• Vasco Curdia, 2007. "Monetary policy under sudden stops," Staff Reports 278, Federal Reserve Bank of New York.
• Javier Andres & J. David López-Salido & Edward Nelson, 2007. "Money and the natural rate of interest: structural estimates for the United States and the Euro area," Working Papers 2007-005, Federal Reserve Bank of St. Louis.
• Item repec:epo:papers:2007-3 is not listed on IDEAS anymore

• Vermeulen, Philip & Dias, Daniel & Dossche, Maarten & Gautier, Erwan & Hernando, Ignacio & Sabbatini, Roberto & Stahl, Harald, 2007. "Price setting in the euro area: some stylised facts from individual producer price data," Working Paper Series 0727, European Central Bank.
• Melitz, Jacques & Darby, Julia, 2007. "Labour Market Adjustment, Social Spending and the Automatic Stabilizers in the OECD," CEPR Discussion Papers 6230, C.E.P.R. Discussion Papers.
• Item repec:epo:papers:2007-5 is not listed on IDEAS anymore

• Jacek Krawczyk & Rishab Sethi, 2007. "Satisficing Solutions for New Zealand Monetary Policy," Reserve Bank of New Zealand Discussion Paper Series DP2007/03, Reserve Bank of New Zealand.
• Mestre, Ricardo, 2007. "Are survey-based inflation expections in the euro area informative?," Working Paper Series 0721, European Central Bank.
• Eijffinger, Sylvester & Goderis, Benedikt, 2007. "The Effect of Monetary Policy on Exchange Rates During Currency Crises: The Role of Debt, Institutions and Financial Openness," CEPR Discussion Papers 6217, C.E.P.R. Discussion Papers.
• KOBAYASHI Keiichiro & NAKAJIMA Tomoyuki & INABA Masaru, 2007. "Collateral Constraint and News-driven Cycles," Discussion papers 07013, Research Institute of Economy, Trade and Industry (RIETI).
• Kurri, Samu, 2007. "Price changes in Finland: some evidence from micro CPI data," Working Paper Series 0728, European Central Bank.
• Hughes Hallett, Andrew & Lewis, John & Kattai, Rasmus, 2007. "Early Warning or Just Wise After the Event? The Problem of Using Cyclically Adjusted Budget Deficits for Fiscal Surveillance," CEPR Discussion Papers 6213, C.E.P.R. Discussion Papers.
• Leonard I. Nakamura & Tom Stark, 2007. "Mismeasured personal saving and the permanent income hypothesis," Working Papers 07-8, Federal Reserve Bank of Philadelphia.
• Salazar, César, 2007. "Explaining inflation and output volatility in Chile : an empirical analysis of forty years," DES - Working Papers. Statistics and Econometrics. WS ws071505, Universidad Carlos III de Madrid. Departamento de Estadística.
• Anna, BATYRA & Henri R., SNEESSENS, 2007. "Selective Reductions in Labour Taxation : Labour Market Adjustments and Macroeconomic Performance," Discussion Papers (ECON - Département des Sciences Economiques) 2007001, Université catholique de Louvain, Département des Sciences Economiques.
• Paul Castillo & Diego Winkelried, 2007. "Dollarization Persistence and Individual Heterogeneity," Working Papers 2007-004, Banco Central de Reserva del Perú.
• Singh, Rajesh & Subramanian, Chetan, 2007. "Appendix to 'The Optimal Choice of Monetary Policy Instruments in a Small Open Economy'," Staff General Research Papers Archive 12768, Iowa State University, Department of Economics.
• Sargent, Thomas & Ljungqvist, Lars, 2007. "Do Taxes Explain European Employment? Indivisible Labour, Human Capital, Lotteries and Savings," CEPR Discussion Papers 6196, C.E.P.R. Discussion Papers.
• Jasmina Arifovic & James B. Bullard & Olena Kostyshyna, 2007. "Social learning and monetary policy rules," Working Papers 2007-007, Federal Reserve Bank of St. Louis.
• Martin Keene & Peter Thomson, 2007. "An Analysis of Tax Revenue Forecast Errors," Treasury Working Paper Series 07/02, New Zealand Treasury.
• Weber, Enzo, 2007. "What happened to the transatlantic capital market relations?," SFB 649 Discussion Papers 2007-014, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
• Carlo Rosa & Giovanni Verga, 2006. "The Impact of Central Bank Announcements on Asset Prices in Real Time: Testing the Efficiency of the Euribor Futures Market," CEP Discussion Papers dp0764, Centre for Economic Performance, LSE.
• Milton H. Marquis & Bharat Trehan, 2007. "Productivity shocks in a model with vintage capital and heterogeneous labor," Working Paper Series 2007-06, Federal Reserve Bank of San Francisco.
• Sutherland, Alan & Devereux, Michael B, 2007. "Country Portfolio Dynamics," CEPR Discussion Papers 6208, C.E.P.R. Discussion Papers.
• Orazio Attanasio & Nicola Pavoni, 2007. "Risk Sharing in Private Information Models with Asset Accumulation: Explaining the Excess Smoothness of Consumption," NBER Working Papers 12994, National Bureau of Economic Research, Inc.
• Nir Jaimovich & Henry E. Siu, 2007. "The young, the old, and the restless: demographics and business cycle volatility," Staff Report 387, Federal Reserve Bank of Minneapolis.
• Joshua Hausman & Jon Wongswan, 2006. "Global asset prices and FOMC announcements," International Finance Discussion Papers 886, Board of Governors of the Federal Reserve System (U.S.).
• Riccardo DiCecio & Edward Nelson, 2007. "An estimated DSGE model for the United Kingdom," Working Papers 2007-006, Federal Reserve Bank of St. Louis.
• Item repec:ipc:ifocus:0010 is not listed on IDEAS anymore

• Enchuan Shao & Pedro Silos, 2007. "Uninsurable individual risk and the cyclical behavior of unemployment and vacancies," FRB Atlanta Working Paper 2007-05, Federal Reserve Bank of Atlanta.
• Turrini, Alessandro & Buti, Marco & ,, 2007. "Is Lisbon far from Maastricht? Trade-offs and Complementarities between Fiscal Discipline and Structural Reforms," CEPR Discussion Papers 6204, C.E.P.R. Discussion Papers.
• Boris Cournède, 2007. "The Political Economy of Delaying Fiscal Consolidation," OECD Economics Department Working Papers 548, OECD Publishing.
• Barry E. Jones & Travis D. Nesmith, 2006. "Linear cointegration of nonlinear time series with an application to interest rate dynamics," Finance and Economics Discussion Series 2007-03, Board of Governors of the Federal Reserve System (U.S.).
• Lisenkova, Katya & McGregor, Peter & Pappas, Nikos & Swales, Kim & Turner, Karen & Wright, Robert E., 2007. "Macroeconomic Impacts of Demographic Change in Scotland: A Computable General Equilibrium Analysis," IZA Discussion Papers 2623, Institute of Labor Economics (IZA).
• James B. Bullard & George W. Evans & Seppo Honkapohja, 2007. "A model of near-rational exuberance," Working Papers 2007-009, Federal Reserve Bank of St. Louis.
• Joao F. Gomes & Leonid Kogan & Motohiro Yogo, 2007. "Durability of Output and Expected Stock Returns," NBER Working Papers 12986, National Bureau of Economic Research, Inc.
• Kok, Christoffer & Lichtenberger, Jung-Duk, 2007. "Mortgage interest rate dispersion in the euro area," Working Paper Series 0733, European Central Bank.
• David, Antonio C., 2007. "Are price-based capital account regulations effective in developing countries ?," Policy Research Working Paper Series 4175, The World Bank.
• Honohan, Patrick, 2007. "Dollarization and Exchange Rate Fluctuations," CEPR Discussion Papers 6205, C.E.P.R. Discussion Papers.
• Koskela, Erkki & Stenbacka, Rune, 2007. "Equilibrium Unemployment with Outsourcing under Labour Market Imperfections," IZA Discussion Papers 2628, Institute of Labor Economics (IZA).
• Meredith J. Beechey & Jonathan H. Wright, 2007. "Rounding and the impact of news: a simple test of market rationality," Finance and Economics Discussion Series 2007-05, Board of Governors of the Federal Reserve System (U.S.).
• Guibourg, Gabriela & Segendorf, Björn, 2007. "The Use of Cash and the Size of the Shadow Economy in Sweden," Working Paper Series 204, Sveriges Riksbank (Central Bank of Sweden).
• K. Vela Velupillai, 2007. "Variations on the Theme of Conning in Mathematical Economics," Department of Economics Working Papers 0703, Department of Economics, University of Trento, Italia.
• Gladys Choy Chong, 2007. "Perú: Grado de inversión, un reto de corto plazo," Working Papers 2007-001, Banco Central de Reserva del Perú.
• Raymundo Chirinos, 2007. "Comercio y crecimiento: Una revisión de la hipótesis "Aprendizaje por las Exportaciones"," Working Papers 2007-002, Banco Central de Reserva del Perú.
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• Imbs, Jean & Acharya, Viral & Sturgess, Jason, 2007. "Finance and Efficiency: Do Bank Branching Regulations Matter?," CEPR Discussion Papers 6202, C.E.P.R. Discussion Papers.
• Item repec:epo:papers:2007-4 is not listed on IDEAS anymore

• Item repec:cir:circah:2007dt-01 is not listed on IDEAS anymore

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• Raouf, BOUCEKKINE & Marc, GERMAIN, 2007. "Impacts of emission reduction policies in a multi-regional multi-sectoral small open economy with endogenous growth," Discussion Papers (ECON - Département des Sciences Economiques) 2007010, Université catholique de Louvain, Département des Sciences Economiques.
• Fabrice Murtin, 2006. "American Economic Development Since the Civil War or the Virtue of Education," CEP Discussion Papers dp0765, Centre for Economic Performance, LSE.
• André Farber & Roland Gillet & Ariane Szafarz, 2007. "A general formula for the WACC: a reply," Working Papers CEB 07-004.RS, ULB -- Universite Libre de Bruxelles.
• Sanchez Alan, 2006. "Financial Dollarization, the portfolio approach and expectations: evidence for Latin America (1995-2005)," Working Papers 2006-010, Banco Central de Reserva del Perú.
• Item repec:hal:papers:halshs-00138438_v1 is not listed on IDEAS anymore

• Item repec:epo:papers:2007-2 is not listed on IDEAS anymore