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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)
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)
  • Marco Aiolfi, Luis A. V. Catão, +8 authors Nathan Balke
  • 2010
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)
  • Marco Aiolfi, Luis Catão, +7 authors Jane Haizel
  • 2006
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)
JEL classification: E24 E32 E52 J64 Keywords: Monetary policy Labor market search Unemployment Parameter uncertainty Natural rate uncertainty a b s t r a c t We study the design of monetary policy in an estimated model with sticky prices, search and matching frictions, and staggered nominal wage bargaining. We find that the estimated natural rate of(More)
We estimate a monetary business cycle model on postwar U.S. data. We first show that an i.i.d. shock to the labor market is better interpreted as measurement error, while a persistent labor market shock is the main driver of hours. We then study the behavior of the potential level of output and the output gap, and show that the estimated gap is very(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)
BACKGROUND Repolarization and its stability are exquisitely sensitive to IKr features. Information on the relative importance of specific IKr abnormalities is missing and would assist in the evaluation of arrhythmogenic risk. METHODS AND RESULTS In single guinea-pig myocytes, endogenous IKr was replaced by modeled IKr (mIKr) by dynamic clamp (DC) at a(More)