scholarly journals Patent-Based News Shocks

2020 ◽  
pp. 1-45 ◽  
Author(s):  
Danilo Cascaldi-Garcia ◽  
Marija Vukotić
Keyword(s):  
Economic Effects ◽  
New Keynesian ◽  
News Shocks ◽  
Federal Funds Rate ◽  
Short Run ◽  
Permanent Effect ◽  
New Keynesian Models ◽  
Stock Market Valuations ◽  
Technological Improvements ◽  
Market Valuations

What do patents tell us about the economic effects of future technological improvements? We identify aggregate and industry level patent-based news shocks by exploiting changes in stock market valuations of firms that obtain patent grants. Our shocks resemble diffusion news, as they do not affect total factor productivity in the short run but induce a strong permanent effect after five years. We find that patent-based news shocks produce positive comovement between consumption, output, investment, and hours. They also generate positive responses in inflation and in the federal funds rate, consistent with standard New Keynesian models.

scholarly journals Economic Impacts of Banning Subtherapeutic Use of Antibiotics in Swine Production

2002 ◽  
Vol 34 (3) ◽  
pp. 489-500 ◽  
Author(s):  
B. Wade Brorsen ◽  
Terry Lehenbauer ◽  
Dasheng Ji ◽  
Joe Connor
Keyword(s):  
Public Health ◽  
Bacterial Resistance ◽  
Antimicrobial Agents ◽  
Economic Effects ◽  
Swine Production ◽  
Livestock Feed ◽  
Long Run ◽  
Short Run ◽  
Public Health Officials ◽  
Growth Promotants

Public health officials and physicians are concerned about possible development of bacterial resistance and potential effects on human health that may be related to the use of antimicrobial agents in livestock feed. The focus of this research is aimed at determining the economic effects that subtherapeutic bans of antimicrobials would have on both swine producers and consumers. The results show that a ban on growth promotants for swine would be costly, totaling $242.5 million annually, with swine producers sharing the larger portion in the short run and consumers sharing the larger portion in the long run.

scholarly journals Asset Returns, the Business Cycle and the Labor Market

2013 ◽  
Vol 14 (3) ◽  
pp. 372-397 ◽  
Author(s):  
Burkhard Heer ◽  
Alfred Maußner
Keyword(s):  
Labor Market ◽  
Business Cycle ◽  
Equity Premium ◽  
Working Hours ◽  
New Keynesian ◽  
Monetary Shocks ◽  
Productivity Shocks ◽  
New Keynesian Models ◽  
The Business Cycle ◽  
Sticky Wages

Abstract We review the labor market implications of recent real-business cycle and New Keynesian models that successfully replicate the empirical equity premium. We document the fact that all models reviewed in this article that do not feature either sticky wages or immobile labor between two production sectors as in Boldrin et al. (2001) imply a negative correlation of working hours and output that is not observed empirically. Within the class of Neo-Keynesian models, sticky prices alone are demonstrated to be less successful than rigid nominal wages with respect to the modeling of the labor market stylized facts. In addition, monetary shocks in these models are required to be much more volatile than productivity shocks to match statistics from both the asset and labor market.

Effective Monetary Policy Strategies in New Keynesian Models: A Reexamination

2015 ◽  
Vol 29 (1) ◽  
pp. 289-344 ◽  
Author(s):  
Hess Chung ◽  
Edward Herbst ◽  
Michael T. Kiley
Keyword(s):  
Monetary Policy ◽  
New Keynesian ◽  
New Keynesian Models ◽  
Policy Strategies

scholarly journals Inflation in the Great Recession and New Keynesian Models

2014 ◽  
Author(s):  
Marco Del Negro ◽  
Marc Giannoni ◽  
Frank Schorfheide
Keyword(s):  
Great Recession ◽  
New Keynesian ◽  
The Great Recession ◽  
New Keynesian Models

scholarly journals New Keynesian Models: Not Yet Useful for Policy Analysis

2008 ◽  
Author(s):  
V.V. Chari ◽  
Patrick Kehoe ◽  
Ellen McGrattan
Keyword(s):  
Policy Analysis ◽  
New Keynesian ◽  
New Keynesian Models

MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models

2021 ◽  
pp. 1-41
Author(s):  
Adrien Auclert ◽  
Bence Bardóczy ◽  
Matthew Rognlie
Keyword(s):  
Labor Supply ◽  
New Keynesian ◽  
Fiscal Multipliers ◽  
New Keynesian Models ◽  
Sticky Wages

Abstract We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.

scholarly journals Can News about the Future Drive the Business Cycle?

2009 ◽  
Vol 99 (4) ◽  
pp. 1097-1118 ◽  
Author(s):  
Nir Jaimovich ◽  
Sergio Rebelo
Keyword(s):  
Adjustment Costs ◽  
Wealth Effects ◽  
Factor Productivity ◽  
News Shocks ◽  
Productivity Shocks ◽  
Macroeconomic Models ◽  
Short Run ◽  
The Business Cycle ◽  
Litmus Test ◽  
Total Factor Productivity Shocks

Aggregate and sectoral comovement are central features of business cycles, so the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most models fail. We propose a unified model that generates aggregate and sectoral comovement in response to contemporaneous and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral total factor productivity shocks as well as investment-specific technical change. The model has three key elements: variable capital utilization, adjustment costs to investment, and preferences that allow us to parameterize the strength of short-run wealth effects on the labor supply. (JEL E13, E20, E32)

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