Title:What Drives Spreads in the Euro Area Government Bond Market?
Author(s):MANGANELLI, Simone; WOLSWIJK, Guido; RAVN, Morten O.; THESMAR, DavidDate:2009Type of Publication:ArticleAbstract:Spreads between euro area government bond yields are related to short-term interest rates, which are in turn related to market liquidity, to cyclical conditions, and to investors' incentives to take risk. In theory, lower ...
Title:Deep Habits and the Dynamic Effects of Monetary Policy Shocks
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, Martin; UUSKULA, LennoDate:2008Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper introduces deep habits into a sticky-price sticky-wage economy and asks whether the countercyclical markup movements induced by deep habits is helpful for accounting for the dynamic effects of monetary policy ...
Title:Incomplete Cost Pass-Through Under Deep Habits
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2008Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:A number of empirical studies document that marginal cost shocks are not fully
passed through to prices at the firm level and that prices are substantially less volatile
than costs. We show that in the relative-deep-habits ...
Title:The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence
Author(s):MERTENS, Karel; RAVN, Morten O.Date:2008Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We provide empirical evidence on the effects of tax liability changes in the United States. We make a distinction between “surprise” and “anticipated” tax shocks. Surprise tax cuts give rise to a large boom in the economy. ...
Title:Macroeconomics of Subsistence Points
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2008Type of Publication:ArticleAbstract:This paper explores the macroeconomic consequences of preferences displaying a subsistence point. It departs from the existing related literature by assuming that subsistence points are specific to each variety of goods ...
Title:Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States
Author(s):RAVN, Morten O.; SIMONELLI, SaverioDate:2007Type of Publication:ArticleAbstract:We use a 12-dimensional VAR to examine the aggregate effects of two structural technology shocks and two policy shocks. For each shock, we examine the dynamic effects on the labor market, the importance of the shock for ...
Title:Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2007Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:Using panel structural VAR analysis and quarterly data from four industrialized countries,
we document that an increase in government purchases leads to an expansion in output and
private consumption, a deterioration in ...
Title:Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States
Author(s):RAVN, Morten O.; SIMONELLI, SaverioDate:2007Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We use a 12-dimensional VAR to examine the dynamic effects on the labor market of four struc-
tural technology and policy shocks. For each shock, we examine the dynamic effects on the labor
market, the importance of the ...
Title:Pricing to Habits and the Law of One Price
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2006Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper proposes a novel international transmission mechanism based on the
assumption of deep habits. The term deep habits stands for a preference specification
according to which consumers form habits on a good-by-good ...
Title:Deep habits
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2006Type of Publication:ArticleAbstract:This paper generalizes the standard habit-formation model to an environment in which agents form habits over individual varieties of goods as opposed to over a composite consumption good. We refer to this preference ...
Title:“Aggregation Bias” DOES Explain the PPP Puzzle
Author(s):RAVN, Morten O.; REY, Helene; MUMTAZ, Haroon; IMBS, JeanDate:2005Type of Publication:Working PaperSeries/Report no.:NBER Working Paper
Title:Markov Switching Causality and the Money-Output Relationship
Author(s):RAVN, Morten O.; PSARADAKIS, Zacharias; SOLA, MartinDate:2005Type of Publication:ArticleAbstract:The causal link between monetary variables and output is one of the most studied issues in macroeconomics. One puzzle from this literature is that the results of causality tests appear to be sensitive with respect to the ...
Title:Macroeconomics of Subsistence Points
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2004Type of Publication:Working PaperSeries/Report no.:NBER Working Paper
Title:Deep Habits
Author(s):RAVN, Morten O.; SCHMITT-GROHE, Stephanie; URIBE, MartinDate:2004Type of Publication:Working PaperSeries/Report no.:Working paper
