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User profiles for author:"Martin Eichenbaum"

Martin Eichenbaum

Northwestern University
Verified email at northwestern.edu
Cited by 18558

Nominal rigidities and the dynamic effects of a shock to monetary policy

[PDF] from sgpe.ac.uk
LJ Christiano, M Eichenbaum… - 2001 - nber.org
We present a model embodying moderate amounts of nominal rigidities which accounts for
the observed inertia in inflation and persistence in output. The key features of our model are
those that prevent a sharp rise in marginal costs after an expansionary shock to monetary ...
Cited by 3186 - Related articles - BL Direct - All 69 versions

Monetary policy shocks: What have we learned and to what end?

[PDF] from uni-lj.si
LJ Christiano, M Eichenbaum… - Handbook of macroeconomics, 1999 - Elsevier
Abstract This chapter reviews recent research that grapples with the question: What
happens after an exogenous shock to monetary policy? We argue that this question is
interesting because it lies at the center of a particular approach to assessing the empirical ...
Cited by 1936 - Related articles - BL Direct - All 37 versions

Is theory really ahead of measurement? Current real business cycle theories and aggregate labor market fluctuations

[PDF] from minneapolisfed.org
L Christiano… - 1988 - nber.org
Page 1. NBER WORKING PAPER SERIES IS THEORY REALLY AHEADOF MEASUREMENT?
CURRENT REAL BUSINESS CYCLE THEORIES AND AGGREGATE LABOR MARKET
FLUCTUATIONS Lawrence 3. Christiano Martin Eichenbaum Working Paper No. 2700 ...
Cited by 1052 - Related articles - All 32 versions

The effects of monetary policy shocks: some evidence from the flow of funds

[PDF] from northwestern.edu
LJ Christiano, M Eichenbaum… - 1994 - nber.org
This paper uses the Flow of Funds accounts to assess the impact of a monetary policy shock
on the borrowing and lending activities of different sectors of the economy. Our measures of
contractionary monetary policy shocks have the following properties:(i) they are ...
Cited by 864 - Related articles - BL Direct - All 20 versions

Some empirical evidence on the effects of monetary policy shocks on exchange rates

[PDF] from oxfordjournals.org
M Eichenbaum… - 1993 - nber.org
This paper presents new empirical evidence on the effects of monetary policy shocks on US
exchange rates, both nominal and real. Three measures of monetary policy shocks are
considered: orthogonalized shocks to the Federal Funds rate, the ratio of Non Borrowed to ...
Cited by 734 - Related articles - BL Direct - All 17 versions

A time series analysis of representative agent models of consumption and leisure choice under uncertainty

[PDF] from oxfordjournals.org
MS Eichenbaum, LP Hansen… - The Quarterly Journal …, 1988 - qje.oxfordjournals.org
Page 1. A TIME SERIES ANALYSIS OF REPRESENTATIVE AGENT MODELS OF
CONSUMPTION AND LEISURE CHOICE UNDER UNCERTAINTY* MARTIN S.
EICHENBAUM LARS PETER HANSEN KENNETH J. SINGLETON ...
Cited by 542 - Related articles - All 15 versions

Sticky price and limited participation models of money: A comparison

[PDF] from ucdavis.edu
LJ Christiano, M Eichenbaum… - European Economic Review, 1997 - Elsevier
We provide new evidence that models of the monetary transmission mechanism should be
consistent with at least the following facts. After a contractionary monetary policy shock, the
aggregate price level responds very little, aggregate output falls, interest rates initially rise, ...
Cited by 534 - Related articles - BL Direct - All 25 versions

Liquidity effects and the monetary transmission mechanism

[PDF] from frb.fed.us
LJ Christiano… - 1992 - nber.org
Several recent papers provide strong empirical support for the view that an expansionary
monetary policy disturbance generates a persistent decrease in interest rates and a
persistent increase in output and employment. Existing quantitative general equilibrium ...
Cited by 496 - Related articles - All 26 versions

Firm-specific capital, nominal rigidities and the business cycle

[PDF] from bundesbank.de
D Altig, L Christiano, M Eichenbaum… - 2005 - nber.org
Macroeconomic and microeconomic data paint conflicting pictures of price behavior.
Macroeconomic data suggest that inflation is inertial. Microeconomic data indicate that firms
change prices frequently. We formulate and estimate a model which resolves this ...
Cited by 464 - Related articles - All 70 versions

Labor hoarding and the business cycle

[PDF] from duke.edu
C Burnside, M Eichenbaum… - 1993 - nber.org
Existing Real Business Cycle (RBC) models assume that the key impulses to business
cycles are stochastic technology shocks. RBC analysts typically measure these technology
shocks by the Solow residual. This paper assesses the sensitivity of inference based on ...
Cited by 449 - Related articles - BL Direct - All 22 versions

[PDF] Capital utilization and returns to scale

[PDF] from nber.org
C Burnside, M Eichenbaum… - 1995 - nber.org
This paper studies the implications of procyclical capital utilization rates for inference
regarding cyclical movements in labor productivity and the degree of returns to scale. To
study cyclical movements in capital utilization we use two measures of capital services: ...
Cited by 401 - Related articles - View as HTML - BL Direct - All 15 versions

Factor hoarding and the propagation of business cycles shocks

[PDF] from duke.edu
C Burnside… - 1994 - nber.org
This paper analyzes the role of variable capital utilization rates in propagating shocks over
the business cycle. To this end we formulate and estimate an equilibrium business cycle
model in which cyclical capital utilization rates are viewed as a form of factor hoarding. We ...
Cited by 396 - Related articles - BL Direct - All 17 versions

Prospective deficits and the Asian currency crisis

[PDF] from duke.edu
C Burnside, M Eichenbaum… - 1998 - nber.org
This paper argues that the recent Southeast Asian currency crisis was caused by large
prospective deficits associated with implicit bailout guarantees to failing banking systems.
We articulate this view using a simple dynamic general equilibrium model whose key ...
Cited by 355 - Related articles - BL Direct - All 54 versions

Unit roots in real GNP: Do we know, and do we care?

[PDF] from frb.org
LJ Christiano… - 1989 - nber.org
Macroeconomists have traditionally viewed movements in aggregate output as representing
temporary fluctuations about a deterministic trend. According to this view, Innovations to real
gross national product (GM?) should have no impact on long—run forecasts of aggregate ...
Cited by 338 - Related articles - All 17 versions

Hedging and financial fragility in fixed exchange rate regimes

[PDF] from duke.edu
C Burnside, M Eichenbaum… - European Economic Review, 2001 - Elsevier
Currency crises that coincide with banking crises tend to share at least three elements. First,
banks have a currency mismatch between their assets and liabilities. Second, banks do not
completely hedge the associated exchange rate risk. Third, there are implicit government ...
Cited by 324 - Related articles - BL Direct - All 36 versions

Liquidity effects, monetary policy, and the business cycle

[PDF] from frb.org
LJ Christiano… - Journal of Money, Credit and Banking, 1995 - JSTOR
This paper presents a flexible-price, quantitative general equilibrium model with the property
that a positive money supply shock drives the nominal interest rate down, and aggregate
employment, output, and the real wage up. These implications are broadly consistent with ...
Cited by 308 - Related articles - BL Direct - All 19 versions

Understanding the effects of a shock to government purchases

[PDF] from psu.edu
W Edelberg, M Eichenbaum… - 1998 - nber.org
This paper investigates the consequences of an exogenous increase in US government
purchases. We find that in response to such a shock, employment, output, and
nonresidential investment rise, while real wages, residential investment, and consumption ...
Cited by 284 - Related articles - BL Direct - All 32 versions

Estimating models with intertemporal substitution using aggregate time series data

MS Eichenbaum… - 1991 - nber.org
... Among other things, these findings suggest that the empirical shortcomings of the intertemporal
asset pricing model cannot be attributed to the neglect of durable goods. Martin Eichenbaum
Lars Peter Hansen Graduate School of Department of Economics ...
Cited by 268 - Related articles - All 11 versions

When is the government spending multiplier large?

[PDF] from northwestern.edu
L Christiano, M Eichenbaum… - 2009 - nber.org
We argue that the government-spending multiplier can be much larger than one when the
zero lower bound on the nominal interest rate binds. The larger is the fraction of government
spending that occurs while the nominal interest rate is zero, the larger is the value of the ...
Cited by 290 - Related articles - All 43 versions

Large devaluations and the real exchange rate

[PDF] from psu.edu
A Burstein, M Eichenbaum… - 2004 - nber.org
In this paper we argue that the primary force behind the large drop in real exchange rates
that occurs after large devaluations is the slow adjustment in the price of nontradable goods
and services. Our empirical analysis uses data from five large devaluation episodes: ...
Cited by 252 - Related articles - BL Direct - All 58 versions

Fiscal shocks and their consequences

[PDF] from duke.edu
C Burnside, M Eichenbaum… - 2003 - nber.org
This paper investigates the response of hours worked and real wages to fiscal policy shocks
in the US during the post World War II era. We identify these shocks with exogenous
changes in military purchases and argue that they lead to a persistent increase in ...
Cited by 241 - Related articles - BL Direct - All 22 versions

The output, employment, and interest rate effects of government consumption

[PDF] from frb.fed.us
SR Aiyagari, LJ Christiano… - 1990 - nber.org
ABSTRACT This paper investigates the impact on aggregate variables of changes in
government consumption in the context of a stochastic, neoclassical growth model. We
show, theoretically, that the impact on output and employment of a persistent change in ...
Cited by 223 - Related articles - All 22 versions

Identification and the liquidity effect of a monetary policy shock

LJ Christiano… - 1991 - nber.org
Conventional wisdom holds that unanticipated expansionary monetary policy shocks cause
transient but persistent decreases in real and nominal interest rates. However a number of
econometric studies argue that the evidence favors the opposite view, namely that these ...
Cited by 211 - Related articles - All 8 versions

The returns to currency speculation

[PDF] from duke.edu
C Burnside, M Eichenbaum, I Kleshchelski… - 2006 - nber.org
Currencies that are at a forward premium tend to depreciate. This' forward-premium
puzzle'represents an egregious deviation from uncovered interest parity. We document the
properties of returns to currency speculation strategies that exploit this anomaly. We show ...
Cited by 175 - Related articles - BL Direct - All 84 versions

Evaluating the Calvo model of sticky prices

[PDF] from psu.edu
M Eichenbaum… - 2004 - nber.org
Can variants of the classic Calvo (1983) model of sticky prices account for the statistical
behavior of post-war US inflation? We develop and test versions of the model for which the
answer to this question is yes. We then investigate whether these models imply plausible ...
Cited by 174 - Related articles - BL Direct - All 16 versions

Some empirical evidence on the production level and production cost smoothing models of inventory investment

MS Eichenbaum - 1990 - nber.org
... Martin Eichenbaum Graduate School of Business University of Chicago 1101 East 58th
Street Chicago, Illinois 60637 (312) 702—0459 Page 3. 1. Introduction The production
smoothing model of inventories has long been the basic paradigm ...
Cited by 162 - Related articles - All 12 versions

Identification and the effects of monetary policy shocks

LJ Christiano, M Eichenbaum… - Financial factors in …, 1996 - books.google.com
In recent years there has been a resurgence of interest in constructing models of the
monetary transmission mechanism. To evaluate these models and build better ones, we
must know the historical facts about how monetary policy actions affect the economy. This ...
Cited by 166 - Related articles - All 6 versions

Why are Rates of Inflation so low after large devaluations?

[PDF] from northwestern.edu
A Burstein, M Eichenbaum… - 2002 - nber.org
This paper studies the behavior of inflation after nine large post-1990 contractionary
devaluations. A salient feature of the data is that inflation is low relative to the rate of
devaluation. We argue that distribution costs and substitution away from imports to lower ...
Cited by 163 - Related articles - BL Direct - All 15 versions

The permanent income hypothesis revisited

[PDF] from minneapolisfed.org
L Christiano, MS Eichenbaum… - 1987 - nber.org
... Lawrence J. Christiano Martin Eichenbaum David Marshall Working Paper No. 2209 ... of
observed per capita US consumption. Lawrence J. Christiano Martin Eichenbaum David
Marshall Research Department Graduate School of Graduate School of ...
Cited by 154 - Related articles - All 23 versions

Expectation traps and discretion

[PDF] from psu.edu
VV Chari, LJ Christiano… - 1996 - nber.org
We argue that discretionary monetary policy exposes the economy to welfare-decreasing
instability. It does so by creating the potential for private expectations about the response of
monetary policy to exogenous shocks to be self-fulfilling. Among the many equilibria that ...
Cited by 156 - Related articles - BL Direct - All 24 versions

[PDF] Do equilibrium real business cycle theories explain postwar US business cycles?

[PDF] from nber.org
M Eichenbaum… - 1986 - nber.org
There are two interpretations of this modeling strategy. The first interpretation is that
monetary institutions and monetary policy are assumed to be inherently neutral in the sense
that real allocations are invariant to innovations in financial arrangements and monetary ...
Cited by 150 - Related articles - View as HTML - All 10 versions

[PDF] Assessing structural vars

[PDF] from nber.org
LJ Christiano, M Eichenbaum… - 2007 - nber.org
Sims's seminal paper Macroeconomics and Reality (1980) argued that procedures based on
vector autoregression (VAR) would be useful to macroeconomists interested in constructing
and evaluating economic models. Given a minimal set of identifying assumptions, ...
Cited by 135 - Related articles - View as HTML - BL Direct - All 39 versions

Uncertain lifetimes and the welfare enhancing properties of annuity markets and social security

[PDF] from wisc.edu
Z Eckstein, M Eichenbaum… - Journal of Public Economics, 1985 - Elsevier
Abstract This paper explores the implications of social security programs and annuity
markets through which agents, who are characterized by different distributions of length of
lifetime, share death-related risks. When annuity markets operate, a non-discriminatory ...
Cited by 135 - Related articles - All 6 versions

Temporal aggregation and structural inference in macroeconomics

[PDF] from frb.org
LJ Christiano… - 1986 - nber.org
Page 1. NBER TECHNICAL PAPER SERIES TEMPORAL AGGREGATION AND
STRUCTURAL INFERENCE IN MACROECONOMICS Lawrence J. ChristianO Martin
EichenbaUlll Technical Working Paper No. SO NATIONAL ...
Cited by 125 - Related articles - All 21 versions

Modeling money

[PDF] from northwestern.edu
LJ Christiano, M Eichenbaum… - 1998 - nber.org
We develop and implement a limited information diagnostic strategy for assessing the
plausibility of monetary business cycle models. Our strategy focuses on a model's ability to
reproduce empirical estimates of an actual economy's response to monetary policy shocks ...
Cited by 125 - Related articles - BL Direct - All 13 versions

Inside money, outside money and short term interest rates

VV Chari, LJ Christiano… - 1995 - nber.org
This paper presents a quantitative general equilibrium model with multiple monetary
aggregates. The framework incorporates a banking sector and distinguishes between M1,
the monetary base, currency and various measures of reserves: total, excess and non ...
Cited by 127 - Related articles - BL Direct - All 12 versions

Sectoral solow residuals

AC Burnside, MS Eichenbaum… - European Economic Review, 1996 - Elsevier
Cited by 118 - Related articles - BL Direct - All 13 versions

Do peso problems explain the returns to the carry trade?

[PDF] from duke.edu
C Burnside, M Eichenbaum… - Review of Financial …, 2011 - Soc Financial Studies
Abstract We study the properties of the carry trade, a currency speculation strategy in which
an investor borrows low-interest-rate currencies and lends high-interest-rate currencies. This
strategy generates payoffs that are on average large and uncorrelated with traditional risk ...
Cited by 112 - Related articles - BL Direct - All 44 versions

Rational expectations and the smoothing properties of inventories of finished goods

MS Eichenbaum - Journal of Monetary Economics, 1984 - Elsevier
Cited by 104 - Related articles - All 6 versions

Assessing the effects of fiscal shocks

[PDF] from psu.edu
C Burnside, M Eichenbaum… - 2000 - nber.org
This paper investigates the response of real wages and hours worked to an exogenous
shock in fiscal policy. We identify this shock with the dynamic response of government
purchases and tax rates to an exogenous increase in military purchases. The fiscal shocks ...
Cited by 106 - Related articles - BL Direct - All 30 versions

The response of hours to a technology shock: Evidence based on direct measures of technology

[PDF] from federalreserve.gov
LJ Christiano, M Eichenbaum… - Journal of the …, 2004 - Wiley Online Library
Abstract We investigate what happens to hours worked after a positive shock to technology,
using the aggregate technology series computed in Basu, Fernald, and Kimball (1999). We
conclude that hours worked rise after such a shock.(JEL: E24, E32, O3)
Cited by 104 - Related articles - BL Direct - All 20 versions

[CITATION] Technology shocks and aggregate fluctuations

D Altig, LJ Christiano, M Eichenbaum… - Manuscript, 2002
Cited by 99 - Related articles

Reference prices and nominal rigidities

[PDF] from google.com
M Eichenbaum, N Jaimovich… - 2008 - nber.org
We assess the importance of nominal rigidities using a new weekly scanner data set. We
find that nominal rigidities are important but do not take the form of sticky prices. Instead,
they take the form of inertia in reference prices and costs, defined as the most common ...
Cited by 101 - Related articles - BL Direct - All 57 versions

Real business-cycle theory: wisdom or whimsy?

M Eichenbaum - Journal of Economic Dynamics and Control, 1991 - Elsevier
Abstract This paper assesses the empirical plausibility of the view that aggregate
productivity stocks account for most of the variability in post-World War II US output. We
argue that the type of evidence forwarded by proponents of this proposition is too fragile to ...
Cited by 98 - Related articles - All 11 versions

Small sample properties of generalized method of moments based Wald tests

[PDF] from duke.edu
C Burnside… - 1994 - nber.org
This paper assesses the small sample properties of Generalized Method of Moments (GMM)
based Wald statistics. The analysis is conducted assuming that the data generating process
corresponds to (i) a simple vector white noise process and (ii) an equilibrium business ...
Cited by 96 - Related articles - BL Direct - All 13 versions

Estimating the frequency of price re-optimization in Calvo-style models

M Eichenbaum… - Journal of Monetary Economics, 2007 - Elsevier
This paper assesses the empirical performance Calvo style models of price re-optimization.
We first show that versions of these models in which firms update non-re-optimized prices to
lagged inflation account well for the statistical behavior of post-war US inflation rates. We ...
Cited by 99 - Related articles - All 5 versions

Some thoughts on practical stabilization policy

[PDF] from psu.edu
M Eichenbaum - The American Economic Review, 1997 - JSTOR
The question this panel was asked to address is whether there is a core of practical
macroeconomics that we should all believe. Given the space constraint, I will not try to
discuss a top ten list of eternal macro truths. Nor will I discuss the importance of modeling ...
Cited by 91 - Related articles - BL Direct - All 15 versions

Government guarantees and self-fulfilling speculative attacks

[PDF] from duke.edu
C Burnside, M Eichenbaum… - Journal of Economic Theory, 2004 - Elsevier
We develop a model in which government guarantees to banks' foreign creditors are a root
cause of self-fulfilling twin banking-currency crises. Absent guarantees, such crises are not
possible. In the presence of guarantees banks borrow foreign currency, lend domestic ...
Cited by 71 - Related articles - All 18 versions

On the fundamentals of self-fulfilling speculative attacks

[PDF] from isabellemejean.com
C Burnside, M Eichenbaum… - 2000 - nber.org
This paper proposes a theory of twin banking-currency crises in which both fundamentals
and self-fulfilling beliefs play crucial roles. Fundamentals determine whether crises will
occur. Self-fulfilling beliefs determine when they occur. The fundamental that causes twin ...
Cited by 59 - Related articles - BL Direct - All 38 versions

Fiscal Policy in the Aftermath of 9/11

[PDF] from chicagofed.org
M Eichenbaum… - 2004 - nber.org
This paper investigates the nature of US fiscal policy in the aftermath of 9/11. We argue that
the recent dramatic fall in the government surplus and the large fall in tax rates cannot be
accounted for by either the state of the US economy as of 9/11 or as the typical response ...
Cited by 56 - Related articles - BL Direct - All 27 versions

Modeling exchange rate passthrough after large devaluations

[PDF] from rochester.edu
A Burstein, M Eichenbaum… - Journal of Monetary Economics, 2007 - Elsevier
Large devaluations are generally associated with large declines in real exchange rates. We
develop a model which embodies two complementary forces that account for the large
declines in the real exchange rate that occur in the aftermath of large devaluations. The ...
Cited by 55 - Related articles - BL Direct - All 18 versions

Firm-specific capital, nominal rigidities and the business cycle

[PDF] from federalreserve.gov
D Altig, LJ Christiano, M Eichenbaum… - Review of Economic …, 2011 - Elsevier
This paper formulates and estimates a three-shock US business cycle model. The estimated
model accounts for a substantial fraction of the cyclical variation in output and is consistent
with the observed inertia in inflation. This is true even though firms in the model re- ...
Cited by 55 - Related articles - All 8 versions

Understanding the forward premium puzzle: A microstructure approach

[PDF] from duke.edu
C Burnside, MS Eichenbaum… - 2007 - nber.org
Page 1. NBER WORKING PAPER SERIES UNDERSTANDING THE FORWARD PREMIUM
PUZZLE: A MICROSTRUCTURE APPROACH Craig Burnside Martin S. Eichenbaum Sergio
Rebelo Working Paper 13278 http://www.nber.org/papers/w13278 ...
Cited by 46 - Related articles - BL Direct - All 19 versions

The distribution of wealth and welfare in the presence of incomplete annuity markets

[PDF] from oxfordjournals.org
Z Eckstein, MS Eichenbaum… - The Quarterly Journal of …, 1985 - qje.oxfordjournals.org
Page 1. THE DISTRIBUTION OF WEALTH AND WELFARE IN THE PRESENCE OF
INCOMPLETE ANNUITY MARKETS* Zvi ECKSTEIN MARTIN S. EICHENBAUM DAN
PELED This paper examines the implications of the absence ...
Cited by 47 - Related articles - All 6 versions

Testing the Calvo model of sticky prices

[PDF] from northwestern.edu
M Eichenbaum… - … -FEDERAL RESERVE BANK OF …, 2003 - papers.ssrn.com
Abstract: This paper discusses the empirical performance of a widely used model of nominal
rigidities: the Calvo model of sticky goods prices. We argue that there is overwhelming
evidence against this model. But this evidence is generated under three key maintained ...
Cited by 39 - Related articles - BL Direct - All 28 versions

The importance of nontradable goods' prices in cyclical real exchange rate fluctuations

A Burstein, M Eichenbaum… - Japan and the World Economy, 2006 - Elsevier
A classic question in international macroeconomics is whether fluctuations in the real exchange
rate (RER cpi ) constructed using the consumer price index (CPI) are primarily associated with
movements in the relative price of tradable goods across countries or with fluctuations in ...
Cited by 36 - Related articles - All 4 versions

[PDF] On the fiscal implications of twin crises

[PDF] from nber.org
AC Burnside, MS Eichenbaum… - 2003 - nber.org
... 7 On the Fiscal Implications of Twin Crises A. Craig Burnside, Martin Eichenbaum, and Sergio
Rebelo ... Martin Eichenbaum is professor of economics at North- western University and a
research associate of the National Bureau of Economic Research. ...
Cited by 34 - Related articles - View as HTML - BL Direct - All 19 versions

[BOOK] Prospective deficits and the Asian currency crisis

[PDF] from worldbank.org
C Burnside, MS Eichenbaum, S Rebelo… - 1999 - www-wds.worldbank.org
Page 1. Prospective Deficits and the Asian Currency Crisis Craig Burnside, Martin
Eichenbaum|and Sergio Rebelo} August 3, 1999 Abstract This paper argues that the
recent Asian currency crisis was caused by large prospective ...
Cited by 34 - Related articles - View as HTML - All 12 versions

Capital accumulation and annuities in an adverse selection economy

MS Eichenbaum… - 1987 - nber.org
Page 1. NBER WORKING PAPER SERIES CAPITAL ACCUMULATION AND
ANNUITIES IN AN ADVERSE SELECTION ECONOMY Martin S. Eichenbaum Dan
Peled Working Paper No. 2046 NATIONAL BUREAU OF ECONOMIC ...
Cited by 31 - Related articles - All 11 versions

A rational expectations equilibrium model of inventories of finished goods and employment

M Eichenbaum - Journal of Monetary Economics, 1983 - Elsevier
Abstract A critical roadblock to modeling inventories of finished goods has been the claim
that the production and inventory decisions of a perfectly competitive firm are determined
independently of each other. A basic goal of this study is to specify fundamental ...
Cited by 29 - Related articles - All 5 versions

Government finance in the wake of currency crises

[PDF] from repec.org
C Burnside, M Eichenbaum… - Journal of Monetary Economics, 2006 - Elsevier
We address three questions:(i) Can classical models be reconciled with the fact that many
crises are marked by high rates of depreciation and small increases in seignorage
revenue?(ii) What are the implications of different financing methods for post-crisis rates of ...
Cited by 28 - Related articles - All 8 versions

Government finance in the wake of currency crises

[PDF] from duke.edu
C Burnside, M Eichenbaum… - 2003 - nber.org
This paper addresses two questions:(i) how do governments actually pay for the fiscal costs
associated with currency crises; and (ii) what are the implications of different financing
methods for post-crisis rates of inflation and depreciation? We study these questions using ...
Cited by 25 - Related articles - BL Direct - All 22 versions

Some comments on the role of econometrics in economic theory

M Eichenbaum - The Economic Journal, 1995 - JSTOR
The constitution of the Econometric Society defines its main objective to be'... the
advancement of economic theory in its relation to statistics and mathematics'(Econometrica,
I933, p. i). In this paper I offer some comments on the role of econometrics in that ...
Cited by 25 - Related articles - BL Direct - All 4 versions

[CITATION] The role of monetary policy in the propagation of technology shocks

D Altig, LJ Christiano, M Eichenbaum… - manuscript, Northwestern University, 2003
Cited by 25 - Related articles

Fiscal shocks in an efficiency wage model

[PDF] from chicagofed.org
C Burnside, M Eichenbaum… - 2000 - nber.org
This paper analyzes the ability of a general equilibrium efficiency wage model to account for
the estimated response of hours worked and of real wages to a fiscal policy shock. Our key
finding is that the model cannot do so unless we make the counterfactual assumption that ...
Cited by 21 - Related articles - BL Direct - All 25 versions

Understanding booms and busts in housing markets

[PDF] from banque-france.fr
C Burnside, M Eichenbaum… - 2011 - nber.org
Some booms in housing prices are followed by busts. Others are not. In either case it is
difficult to find observable fundamentals that are correlated with price movements. We
develop a model consistent with these observations. Agents have heterogeneous ...
Cited by 22 - Related articles - All 56 versions

[PDF] Currency crisis models

[PDF] from northwestern.edu
C Burnside, M Eichenbaum… - The New Palgrave: A …, 2007 - kellogg.northwestern.edu
There have been many currency crises during the post-war era (see Kaminsky and Reinhart,
1999). A currency crisis is an episode in which the exchange rate depreciates substantially
during a short period of time. There is an extensive literature on the causes and ...
Cited by 19 - Related articles - View as HTML - All 3 versions

The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations

[PDF] from mecon.gov.ar
A Burstein, M Eichenbaum… - 2005 - nber.org
... THE IMPORTANCE OF NONTRADABLE GOODS' PRICES IN CYCLICAL REAL EXCHANGE
RATE FLUCTUATIONS Ariel Burstein Martin Eichenbaum Sergio Rebelo ... 2005 by Ariel Burstein,
Martin Eichenbaum, and Sergio Rebelo. All rights reserved. ...
Cited by 19 - Related articles - BL Direct - All 18 versions

[CITATION] Vector autoregressions for causal inference? Comment

M Eichenbaum - Carnegie-Rochester Conference Series on …, 1985 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Vector
autoregressions for causal inference? comment. Martin Eichenbaum (). Carnegie-Rochester
Conference Series on Public Policy, 1985, vol. 22, issue 1, pages 305-318. ...
Cited by 18 - Related articles - Cached - All 5 versions

[CITATION] An Estimated Dynamic, General Equilibrium Model for Monetary Policy Analysis

D Altig, LJ Christiano, M Eichenbaum… - Manuscript., Northwestern University …, 2002
Cited by 17 - Related articles

[PDF] Evaluating Calvo-Style Sticky Price Models

[PDF] from northwestern.edu
M Eichenbaum, J Fisher - … Reserve Bank of …, 2005 - faculty.wcas.northwestern.edu
Abstract This paper assesses the empirical performance of Calvo-style sticky goods price
models. We argue that Calvo-style models in which firms update non-reoptimized prices to
lagged inflation are consistent with the aggregate data in a statistical sense. We then ...
Cited by 17 - Related articles - View as HTML - All 2 versions

[CITATION] jMonetary Policy Shocks: What Have We Learned and to What End? kin Handbook of Macro! economics, edited by John Taylor and Michael Woodford

LJ Christiano, M Eichenbaum… - 1999 - Elsevier
Cited by 14 - Related articles

Carry trade: The gains of diversification

[PDF] from duke.edu
C Burnside, M Eichenbaum… - Journal of the European …, 2008 - Wiley Online Library
Abstract Market participants routinely take advantage of the failure of uncovered interest rate
parity to speculate in currency markets. Perhaps the most widely used currency speculation
strategy is the carry trade. In this article we take the perspective of an individual currency ...
Cited by 14 - Related articles - BL Direct - All 8 versions

[CITATION] Rational expectations, inventories and price fluctuations

SR Aiyagari, Z Eckstein… - 1980
Cited by 13 - Related articles

Oil supply disruptions and the optimal tariff in a dynamic stochastic equilibrium model

Z Eckstein… - Energy, foresight, and strategy, 1985 - books.google.com
Page 57. 3 Oil Supply Disruptions and the Optimal Tariff in a Dynamic Stochastic
Equilibrium Model Zvi Eckstein and Martin S. Eichenbaum The importance of petroleum
as a source of energy to the United States and other industrialized ...
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[CITATION] Aggregation, durable goods, and nonseparable preferences in an equilibrium asset pricing model

MS Eichenbaum, LP Hansen… - Program in Quantitative Analysis Working …, 1987
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[CITATION] _, _ (1996)," Sectoral Solow Residuals,"

C Burnside, M Eichenbaum… - European Economic Review
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[CITATION] The Dynamic Equilibrium Pricing of Durable Consumption Goods

M Eichenbaum, LP Hansen… - GSIA, Carnegie-Mellon University, 1984
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[CITATION] Costly capital reallocation and the effects of government spending: A comment

M Eichenbaum - Carnegie-Rochester Conference Series on Public …, 1998 - ideas.repec.org
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view it first. In case of further problems read the IDEAS help page. Note that these files are
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[CITATION] Uncertainty, aggregation, and the dynamic demand for consumption goods

M Eichenbaum… - manuscript, Carnegie-Mellon University, 1984
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[BOOK] Inventories and Quantity Constrained Equilibria in Regulated Markets: The US Petroleum Industry, 1947-1972

Z Eckstein, MS Eichenbaum… - 1983 - books.google.com
Page 86. 4 Inventories and Quantity-Constrained Equilibria in Regulated Markets: The US
Petroleum Industry, 1947-1972 Zvi Eckstein and Martin S. Eichenbaum The US petroleum
industry has been heavily regulated during much of its history. Prior to 1973. ...
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[PDF] J TEMPORAL AGGREGATION AMD THE STOCK ADJUSTMENT MODEL OF INVENTORIES

[PDF] from minneapolisfed.org
LJ Christiano… - Policy, 1987 - minneapolisfed.org
Our strategy for investigating the role played by time aggregation on the empirical estimate
of speed of adjustment is as follows. First, we construct a continuous time equilibrium
rational expectations model of inventories and sales. The model rationalizes a continuous ...
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[CITATION] Some empirical evidence on the liquidity effect

LJ Christiano, M Eichenbaum, L Christiano… - Political Economy, Growth, …, 1992
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[CITATION] Inventories and price fluctuations under perfect competition and monopoly

SR Aiyagari, Z Eckstein… - The Rational Expectations Equilibrium …, 1988
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[PDF] Why is inflation so low after large devaluations?

[PDF] from mtaktk.hu
A Burstein, M Eichenbaum… - IEHAS Discussion Papers, 2003 - mtaktk.hu
Abstract This paper studies the behavior of inflationnafter nine large post-1990
contractionary devaluations. A salient feature of the data is that inflation is low relative to the
rate of devaluation. We argue that distribution costs and substitution away from imports to ...
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[CITATION] Sergio Rebelo, 2009.” When is the government spending multiplier large?”

L Christiano… - NBER Working Paper
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[PDF] Why Are Rates of Inflation so Low after Large Contractionary Devaluations?

[PDF] from perjacobsson.org
A Burstein, M Eichenbaum… - IMF Staff Papers, 2001 - perjacobsson.org
Abstract This paper studies the behavior of inflation after nine large post01990
contractionary devaluations. A salient feature of the data is that inflation is low relative to the
rate of devaluation. We argue that distribution costs and substitution away from imports to ...
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What caused the recent Asian currency crisis

C Burnside, M Eichenbaum… - The Asian financial crisis: …, 1999 - books.google.com
Chapter 3 What Caused the Recent Asian Currency Crises? Craig Burnside, Martin
Eichenbaum, and Sergio Rebelo The World Bank; Northwestern University, NBER and Federal
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[CITATION] Factor Hoarding and the Business Cycel

C Burnside… - American Economic Review, 1996
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ALTERNATIVE PROCEDURES FOR ESTIMATING VECTOR AUTOREGRESSIONS IDENTIFIED WITH LONG‐RUN RESTRICTIONS

[HTML] from federalreserve.gov
LJ Christiano, M Eichenbaum… - Journal of the …, 2006 - Wiley Online Library
Abstract We show that the standard procedure for estimating long-run identified vector
autoregressions uses a particular estimator of the zero-frequency spectral density matrix of
the data. We develop alternatives to the standard procedure and evaluate the properties ...
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[CITATION] A shred of evidence on public acceptance of privately issued currency

M Eichenbaum… - Quarterly Review, 1985 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
A shred of evidence on public acceptance of privately issued currency. Martin
Eichenbaum () and Neil Wallace. Quarterly Review, 1985, issue Win. ...
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[CITATION] Robert Vigfusson. 2003b.“The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology.”

LJ Christiano… - Journal of the European Economic Association
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Carry trade and momentum in currency markets

[PDF] from northwestern.edu
C Burnside, MS Eichenbaum… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES CARRY TRADE AND MOMENTUM IN
CURRENCY MARKETS Craig Burnside Martin S. Eichenbaum Sergio Rebelo Working
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[CITATION] pFiscal Policy in the Aftermath of 9

M Eichenbaum… - 2004 - 11q, mimeo, Northwestern University
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[CITATION] Technical appendix for Liquidity effects, monetary policy, and the business cycle

LJ Christiano… - 1992 - … Paper 478, Federal Reserve Bank of …
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[CITATION] The output and employment effects of government purchases

SR Aiyagari, L Christiano… - Manuscript, Federal Reserve Bank of …, 1989
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[CITATION] Is theory really ahead of measurement

LJ Christiano… - Current real business cycle theory and aggregate …, 1988
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[CITATION] VEstimating the Frequency of Price Reoptimization in Calvo Style Pricing Models with Dynamic Indexation

J Fisher… - V Journal of Monetary Economics, 2007
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[PDF] Booms and busts: Understanding housing market dynamics

[PDF] from eief.it
C Burnside, M Eichenbaum… - 2010 - eief.it
Page 1. Booms and Busts: Understanding Housing Market Dynamics Craig Burnside, Martin
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and busts There are many episodes in which real estate prices rise dramatically. ...
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[CITATION] Human capital, endogenous growth and aggregate fluctuations

LJ Christiano… - Manuscript. Federal Reserve Bank of Minneapolis. …, 1988
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