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The Effects of Bank Capital on Lending: What Do We Know, and What Does it Mean?
The effect of bank capital on lending is a critical determinant of the linkage between financial conditions and real activity, and has received especial attention in the recent financial crisis. WeExpand
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How Useful Are Estimated DSGE Model Forecasts for Central Bankers?
Dynamic stochastic general equilibrium (DSGE) models are a prominent tool for forecasting at central banks, and the competitive forecasting performance of these models relative to alternatives,Expand
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A Utility-Based Welfare Criterion in a Model with Endogenous Capital Accumulation
This paper extends the utility-based welfare criterion developed by Rotemberg and Woodford (1997) and Woodford (2003) to a model with endogenous capital accumulation. The welfare criterion obtainedExpand
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Time-to-Build, Time-to-Plan, Habit-Persistence, and the Liquidity Effect
The general inability of sticky-price monetary business cycle models to generate liquidity effects has been noted in the recent literature by authors such as Christiano (1991), Christiano andExpand
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Learning and Shifts in Long-Run Productivity Growth
Shifts in the long-run rate of productivity growth are difficult, in real time, to distinguish from transitory fluctuations. We analyze the evolution of forecasts of long-run productivity growthExpand
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The Unreliability of Credit-to-GDP Ratio Gaps in Real-Time: Implications for Countercyclical Capital Buffers
Macroeconomists have long recognized that activity-gap measures are unreliable in real time and that this can present serious difficulties for stabilization policy. This paper investigates whetherExpand
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The Responses of Wages and Prices to Technology Shocks
This paper reexamines wage and price dynamics in response to permanent shocks to productivity. We estimate a micro-founded dynamic general equilibrium (DGE) model of the U.S. economy with stickyExpand
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Natural Rate Measures in an Estimated DSGE Model of the U.S. Economy
This paper presents a monetary DSGE model of the U.S. economy. The model captures the most important production, expenditure, and nominal-contracting decisions underlying economic data whileExpand
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A comparison of forecast performance between federal reserve staff forecasts, simple reduced‐form models, and a DSGE model
This paper considers the 'real-time' forecast performance of the Federal Reserve staff, time-series models, and an estimated dynamic stochastic general equilibrium (DSGE) model-the Federal ReserveExpand
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The Equivalence of Wage and Price Staggering in Monetary Business Cycle Models
Chari, Kehoe, and McGratten's (1998) finding that a standard monetary business cycle model with staggered price setting is unable to generate sufficiently persistent real effects of monetary shocksExpand
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