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Consumption and real exchange rates in dynamic economies with non-traded goods
We examine the possibility that nontraded goods may account for several striking features of international macroeconomic data: large, persistent deviations from purchasing power parity, smallExpand
Identifying the New Keynesian Phillips Curve
Phillips curves are central to discussions of inflation dynamics and monetary policy. The hybrid new Keynesian Phillips curve (NKPC) describes how past inflation, expected future inflation, and aExpand
International Risk Sharing and Economic Growth
International risk-sharing which diversifies away income risk will reduced saving, with constant relative risk aversion. It growth arises from the external effects of human capital accumulation thenExpand
The New Keynesian Phillips Curve: Lessons from Single-Equation Econometric Estimation
We review single-equation methods for estimating the hybrid New Keynesian Phillips curve (NKPC) and then apply those methods to U.S. quarterly data for 1955?2007. Estimating the hybrid NKPC by theExpand
Realistic cross-country consumption correlations in a two-country, equilibrium, business cycle model
A well-known feature of one-good, multi-agent, Arrow-Debreu economies with identical additively-separable, homothetic preferences is that the consumptions of all agents are perfectly correlated. SuchExpand
Testing for Forecast Consensus
A panel of forecasts may be defined to be in consensus when individual forecasters place identical weights on a common latent variable. We suggest this definition and formulate a dynamicExpand
Calibration as Testing: Inference in Simulated Macroeconomic Models
A stochastic macroeconomic model with no free parameters can be tested by comparing its features, such as moments, with those of data. Repeated simulation allows exact tests and gives theExpand
Calibration in Macroeconomics
This chapter reviews calibration techniques in macroeconomics. The discussion designs with an outline of the use of calibration in applied work. Next, a simple asset-pricing model is the setting forExpand
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