Browsing Norges Banks vitenarkiv by Author "Seneca, Martin"

Now showing items 1-6 of 6

    • Fiscal Shocks and Real Rigidities 

      Furlanetto, Francesco; Seneca, Martin (Working Papers;10/2008, Working paper, 2008)
      In this paper we show that empirically plausible results on the effects of fiscal shocks in Galí, López-Salido and Vallés (2007) rely on a high degree of price stickiness and a large percentage of financially constrained ...

    • Investment Shocks and Macroeconomic Co-Movement 

      Furlanetto, Francesco; Natvik, Gisle James; Seneca, Martin (Working Papers;14/2011, Working paper, 2011)
      Recent studies find that shocks to the marginal efficiency of investment are a main driver of business cycles. Yet, they struggle to explain why consumption co-moves with real variables such as investment and output, which ...

    • Investment-Specific Technology Shocks and Consumption 

      Furlanetto, Francesco; Seneca, Martin (Working Papers;30/2010, Working paper, 2010)
      Current business cycle models systematically underestimate the correlation between consumption and investment. One reason for this failure is that a positive investment-specific technology shock generally induces a negative ...

    • New Perspectives on Depreciation Shocks as a Source of Business Cycle Fluctuations 

      Furlanetto, Francesco; Seneca, Martin (Working Papers;2/2011, Working paper, 2011)
      In this paper we study the transmission for capital depreciation shocks. The existing literature in the Real Business Cycle tradition has concluded that these shocks are irrelevant for business cycle fluctuations. We show ...

    • Notes on the Underground: Monetary Policy in Resource-Rich Economies 

      Ferrero, Andrea; Seneca, Martin (Working Papers;2/2015, Working paper, 2015)
      How should monetary policy respond to a commodity price shock in a resource-rich economy? We study optimal monetary policy in a simple model of an oil exporting economy to provide a first answer to this question. The central ...

    • Rule-Of-Thumb Consumers, Productivity and Hours 

      Furlanetto, Francesco; Seneca, Martin (Working Papers;5/2007, Working paper, 2007)
      In this paper we study the transmission mechanisms of productivity shocks in a model with rule-of-thumb consumers. In the literature, this financial friction has been studied only with reference to fiscal shocks. We show ...