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The opinion expressed in the working papers are those the authors alone, and not those of the Institute which takes non institutional policy position, nor of CEPR, NBER or Università Bocconi. Abstract We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures(More)
We develop and estimate a medium scale macroeconomic model that allows for unemployment and staggered nominal wage contracting. In contrast to most existing quantitative models, employment adjustment is on the extensive margain and the employment of existing workers is efficient. Wage rigidity, however, affects the hiring of new workers. The former is(More)
There has been a lengthy debate on whether the abundance of adult reef fishes depends on prerecruitment or postrecruitment processes; however, we still do not have the ability to predict the magnitude of local fish recruitment. Here we show that the success of the leopard grouper (Mycteroperca rosacea) recruitment in the Gulf of California, Mexico, is(More)
This paper uses a structural, large dimensional factor model to evaluate the role of 'news' shocks (shocks with a delayed effect on productivity) in generating the business cycle. We find that (i) existing small-scale VECM models are affected by 'non-fundamentalness' and therefore fail to recover the correct shock and impulse response functions; (ii) news(More)
BACKGROUND A gradual worsening of autonomic control of cardiovascular function accompanies the progression of heart failure. Exercise training modulates autonomic balance, and may affect the prognosis of the disease. AIMS The sympathovagal balance was studied after 3 months of low-intensity rehabilitation compared with conventional therapy in 45 patients(More)
AIMS Pulmonary arterial hypertension (PAH) reflects abnormal pulmonary vascular resistance and causes right ventricular (RV) hypertrophy. Enhancement of the late sodium current (INaL) may result from hypertrophic remodelling. The study tests whether: (i) constitutive INaL enhancement may occur as part of PAH-induced myocardial remodelling; (ii) ranolazine(More)
We develop a common factor approach to reconstruct new business cycle indices for Argentina, Brazil, Chile, and Mexico (" LAC-4 ") from a new dataset spanning 135 years. We establish the robustness of our indices through extensive testing and use them to explore business cycle properties in LAC-4 across outward-and inward-looking policy regimes. We find(More)
This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper constructs(More)