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Bayesian Vector Autoregressions: Applications  

Silvia Miranda-Agrippino and Giovanni Ricco

Bayesian vector autoregressions (BVARs) are standard multivariate autoregressive models routinely used in empirical macroeconomics and finance for structural analysis, forecasting, and ... More

Capital Controls: A Survey of the New Literature  

Alessandro Rebucci and Chang Ma

Online publication date:
Apr 2020
This paper reviews selected post–Global Financial Crisis theoretical and empirical contributions on capital controls and identifies three theoretical motives for the use of capital ... More

The Cointegrated VAR Methodology  

Katarina Juselius

The cointegrated VAR approach combines differences of variables with cointegration among them and by doing so allows the user to study both long-run and short-run effects in the same model. ... More

Crises in the Housing Market: Causes, Consequences, and Policy Lessons  

Carlos Garriga and Aaron Hedlund

The global financial crisis of 2007–2009 helped usher in a stronger consensus about the central role that housing plays in shaping economic activity, particularly during large boom and bust ... More

The Effects of Monetary Policy Announcements  

Chao Gu, Han Han, and Randall Wright

The effects of news (i.e., information innovations) are studied in dynamic general equilibrium models where liquidity matters. As a leading example, news can be announcements about monetary ... More

The Evolution of Forecast Density Combinations in Economics  

Knut Are Aastveit, James Mitchell, Francesco Ravazzolo, and Herman K. van Dijk

Increasingly, professional forecasters and academic researchers in economics present model-based and subjective or judgment-based forecasts that are accompanied by some measure of ... More

Financial Frictions in Macroeconomic Models  

Alfred Duncan and Charles Nolan

In recent decades, macroeconomic researchers have looked to incorporate financial intermediaries explicitly into business-cycle models. These modeling developments have helped us to ... More

Geography of Growth and Development  

Esteban Rossi-Hansberg

The geography of economic activity refers to the distribution of population, production, and consumption of goods and services in geographic space. The geography of growth and development ... More

Global Spillovers in a Low Interest Rate Environment  

Sushant Acharya and Paolo Pesenti

Online publication date:
May 2019
Global policy spillovers can be defined as the effect of policy changes in one country on economic outcomes in other countries. The literature has mainly focused on monetary policy ... More

Health and Economic Growth  

David E. Bloom, Michael Kuhn, and Klaus Prettner

The strong observable correlation between health and economic growth is crucial for economic development and sustained well-being, but the underlying causality and mechanisms are difficult ... More

Home Bias in International Macroeconomics  

Viktoria Hnatkovska

Online publication date:
Apr 2019
Home bias in international macroeconomics refers to the fact that investors around the world tend to allocate majority of their portfolios into domestic assets, despite the potential ... More

Human Capital Inequality: Empirical Evidence  

Brant Abbott and Giovanni Gallipoli

This article focuses on the distribution of human capital and its implications for the accrual of economic resources to individuals and households. Human capital inequality can be thought ... More

The Indeterminacy School in Macroeconomics  

Roger E. A. Farmer

The indeterminacy school in macroeconomics exploits the fact that macroeconomic models often display multiple equilibria to understand real-world phenomena. There are two distinct phases in ... More

International Reserves, Exchange Rates, and Monetary Policy: From the Trilemma to the Quadrilemma  

Joshua Aizenman

The links of international reserves, exchange rates, and monetary policy can be understood through the lens of a modern incarnation of the “impossible trinity” (aka the “trilemma”), based ... More

Macroeconomic Aspects of Housing  

Charles Ka Yui Leung and Cho Yiu Joe Ng

This article summarizes research on the macroeconomic aspects of the housing market. In terms of the macroeconomic stylized facts, this article demonstrates that with respect to business ... More

New Monetarist Economics  

Chao Gu, Han Han, and Randall Wright

Online publication date:
May 2019
This article provides an introduction to New Monetarist Economics. This branch of macro and monetary theory emphasizes imperfect commitment, information problems, and sometimes spatial ... More

Nonlinear Models in Macroeconometrics  

Timo Teräsvirta

Many nonlinear time series models have been around for a long time and have originated outside of time series econometrics. The stochastic models popular univariate, dynamic ... More

Political Economy of Reform  

Stuti Khemani

“Reform” in the economics literature refers to changes in government policies or institutional rules because status-quo policies and institutions are not working well to achieve the goals ... More

Purchasing Power Parity and Real Exchange Rates  

Menzie D. Chinn

Online publication date:
Jul 2019
The idea that prices and exchange rates adjust so as to equalize the common-currency price of identical bundles of goods—purchasing power parity (PPP)—is a topic of central importance in ... More

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