James C. Morley

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Using a Bayesian model comparison strategy, we search for a volatility reduction within the post-war sample for the growth rates of U.S. aggregate and disaggregate real GDP. We find that the growth rate of aggregate real GDP has been less volatile since the early 1980s, and that this volatility reduction is concentrated in the cyclical component of real(More)
The authors acknowledge with thanks the support of the National Science Foundation under grants SES-9818789 and SBR-9711301 and the Van Voorhis and Ensley endowments at the University of Washington. Thanks also to Charles Engel, Chang-Jin Kim, Chris Murray, Jeremy Piger, Simon Potter, Adrian Raftery, Richard Startz and Mark Wohar for helpful comments, but(More)
  • ROBERT S. CHIRINKO, STEVEN M. FAZZARI, +6 authors James Morley
  • 2004
The elasticity of substitution between capital and labor features prominently in several areas of economic research. However, a consensus estimate remains elusive. We develop an estimation strategy that filters panel data in an original way and avoids several pitfalls difficult-to-specify dynamics, transitory time-series variation, and positively sloped(More)
BACKGROUND Limited data on the risk of peripherally inserted central venous catheter-associated bloodstream infections (PICC BSIs) in hospitalized patients are available. In 2007, dedicated intravenous therapy nurses were no longer available to place difficult peripheral intravenous catheters or provide PICC care Barnes-Jewish Hospital. OBJECTIVES To(More)
OBJECTIVE Determine whether daily bathing with chlorhexidine-based soap decreased methicillin-resistant Staphylococcus aureus (MRSA) transmission and intensive care unit (ICU)-acquired S. aureus infection among ICU patients. DESIGN Prospective pre-post-intervention study with control unit. SETTING A 1,250-bed tertiary care teaching hospital. PATIENTS(More)
The “business cycle” is a fundamental, yet elusive concept in macroeconomics. In this paper, we consider the problem of measuring the business cycle. First, we argue for the ‘output-gap’ view that the business cycle corresponds to transitory deviations in economic activity away from a permanent or “trend” level. Then, we investigate the extent to which a(More)
This paper investigates whether evidence for a positive relationship between stock market volatility and the equity premium is more decisive when the volatility feedback effects of large and persistent changes in market volatility are taken into account. The analysis has two components. First, a log– linear present value framework is employed to derive a(More)
This paper investigates the nature of U.S. business cycle asymmetry using a dynamic factor model of output, investment, and consumption. We identify a common stochastic trend and common transitory component by embedding the permanent income hypothesis within a simple growth model. Markovswitching in each component captures two types of asymmetry: Shifts in(More)