Blar i Norges Banks vitenarkiv på emneord "nominal rigidities"

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    • Firm-Specific Capital, Nominal Rigidities, and the Taylor Principle 

      Sveen, Tommy; Weinke, Lutz (Working Papers;6/2006, Working paper, 2006)
      In the presence of firm-specific capital the Taylor principle can generate multiple equilibria. Sveen and Weinke (2005b) obtain that result in the context of a Calvo-style sticky price model. One potential criticism is ...

    • 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 ...

    • 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 ...

    • The Taylor Principle in a Medium-Scale Macroeconomic Model 

      Sveen, Tommy; Weinke, Lutz (Working Papers;9/2010, Working paper, 2010)
      The Taylor Principle is often used to explain macroeconomic stability (see, e.g., Clarida et al. 2000). The reason is that this simple principle guarantees determinacy, i.e., local uniqueness of rational expectations ...