Growth with Age-Dependent Preferences

In the new CAMP working paper 14/2018, Mehlum, Torvik and Valente study the consequences of age-dependent preferences for economic growth and structural change in a two-sector model with overlapping generations and non-diminishing returns to capital. The results suggest that preferences and the demographic structure are key ingredients to build a theory of circular causality in …

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Mind the gap! Stylized dynamic facts and structural models

In the new CAMP working paper 13/2018, Canova and Ferroni study what happens to identified shocks and to dynamic responses when the structural model features q disturbances and m endogenous variables, with q less than or equal to m, but only m_1 less than q variables are used in the empirical model. Aggregation create problems; …

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International Transmission of Macroeconomic Uncertainty in Small Open Economies: An Empirical Approach

In the new CAMP working paper 12/2018, Cross, Hou and Poon estimate the effects of domestic and international sources of macroeconomic uncertainty in three small open economy inflation targeting countries: Australia, Canada and New Zealand. Their main result is that international uncertainty spill-overs shape the macroeconomic conditions in all small open economies. The general mechanism …

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On the China factor in international oil markets: A regime switching approach

In the new CAMP working paper 11/2018, Cross, Hou and Nguyen investigate the relationship between world oil markets and China’s macroeconomic performance over the past two decades. They start their analysis by proposing a simple method for disentangling real economic activity stemming from China and the rest of the world. Thereafter, they consider a sufficiently …

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A composite likelihood approach for dynamic structural models

In the new CAMP working paper 10/2018, Canova and Matthes describe how to use the composite likelihood to ameliorate estimation, computational, and inferential problems in dynamic stochastic general equilibrium models. They propose a method that helps to solve these difficulties and provides parameter estimates and policy analyses that formally combine the information present in different …

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FNI Update November – The index remains stable through the month

About the index The Financial News index (FNI) is designed to track Norwegian GDP growth and the business cycle at high frequency. The underlying indicators are daily time series representing how much the media writes about various topics. To read more about the FNI, visit our website. To read more about the use of textual …

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