Microeconomic evidence reveals a direct link between firms' current earnings and their
access to debt. This paper studies macroeconomic implications of earnings-based …

We jointly estimate the US business and financial cycle through a unified empirical
approach which also simultaneously quantifies the role of financial factors. Our approach …

This paper documents the suite of models (SoMs) used by Norges Bank to estimate the
output gap. The models are estimated using data on GDP, unemployment, inflation, wages …

We propose a new measure of the output gap based on a dynamic factor model that is
estimated on a large number of US macroeconomic indicators and which incorporates …

I investigate the properties of output gaps in New Keynesian dynamic stochastic general
equilibrium models and study the relationship between theory-based quantities and the …

I study potentials and gaps, permanent and transitory fluctuations in macroeconomic
variables using the Smets and Wouter (2007) model. Model-based gaps display low …

Monetary policy is the most important instrument of economic growth policy, but the
influence of any instrument may weaken or strengthen over time. We will designate this state …

This article studies the macroeconomic impacts of rare events and the choice of monetary
policy rule in an estimated DSGE model using Chinese data. We quantify the characteristics …

We use mixed-frequency (quarterly-monthly) data to estimate a dynamic stochastic general
equilibrium model embedded with the financial accelerator mechanism à la Bernanke et …

The aim of this paper was to assess the impact generated by the financial market shocks on
the economic cycle in European countries. In addition to the studies from the literature …