Twenty-First Annual Conference on Macroeconomics

NBER Reporter, Summer 2006 | Go to article overview

Twenty-First Annual Conference on Macroeconomics


The NBER's twenty-first Annual Conference on Macroeconomics, organized by NBER Research Associates Daron Acemoglu, MIT, Kenneth Rogoff, Harvard University, and Michael Woodford, Columbia University, took place in Cambridge on April 7 and 8. The program was:

Lawrence J. Christiano and Martin Eichenbaum, Northwestern University and NBER, and Robert Vigfusson, Federal Reserve Board, "Assessing Structural VARs"

Discussants: Patrick Kehoe, Federal Reserve Bank of Minneapolis, and Mark W. Watson, Princeton University and NBER

Steven J. Davis, University of Chicago and NBER; John C. Haltiwanger, University of Maryland and NBER; and Ron Jarmin and Javier Miranda, U.S. Census Bureau, "Volatility and Dispersion in Business Growth Rates: Publicly Traded versus Privately Held Firms"

Discussants: Chris Foote, Federal Reserve Bank of Boston, and Eva Nagypal, Northwestern University

Lars Ljungqvist, Stockholm School of Economics, and Thomas J. Sargent, New York University and NBER, "Indivisible Labor, Human Capital, Lotteries and Personal Savings: Do Taxes Explain European Unemployment?"

Discussants: Olivier J. Blanchard, MIT and NBER, and Edward C. Prescott, Arizona State University and NBER

Troy Davig, Federal Reserve Bank of Kansas City, and Eric M. Leeper, Indiana University and NBER, "Fluctuating Macro Policies and the Fiscal Theory" (NBER Working Paper No. 11212)

Discussants: Jordi Gall, MIT and NBER, and Christopher A. Sims, Princeton University and NBER

Mikhail Golosov, MIT and NBER, Aleh Tsyvinski, Harvard University and NBER; and Ivan Werning, MIT and NBER, "New Dynamic Public Finance: a User's Guide"

Discussants: Peter A. Diamond, MIT and NBER, and Kenneth L. Judd, Stanford University and NBER

Monika Piazzesi, University of Chicago and NBER; and Martin Schneider, Federal Reserve Bank of Minneapolis, "Equilibrium Yield Curves"

Discussants: Pierpaolo Benigno, New York University and NBER, and John Y. Campbell, Harvard University and NBER

Christiano, Eichenbaum, and Vigfusson analyze the quality of VAR-based procedures for estimating the response of the economy to a shock. They focus on two key questions. First, do VAR-based confidence intervals accurately reflect the actual degree of sampling uncertainty associated with impulse response functions? Second, what is the size of bias relative to confidence intervals, and how do coverage rates of confidence intervals compare to their nominal size? They address these questions using data generated from a series of estimated dynamic, stochastic general equilibrium models. They organize most of their analysis around a particular question that has attracted a great deal of attention in the literature: how do hours worked respond to an identified shock? In all of their examples, as long as the variance in hours worked attributable to a given shock is above the remarkably low number of 1 percent, structural VARs perform well. This is true regardless of whether identification is based on short-run or long run restrictions. Confidence intervals are wider in the latter case. Even so, long run identified VARs can be useful for discriminating between competing economic models.

Davis, Haltiwanger, Jarmin, and Miranda study the distribution of growth rates among establishments and firms in the U.S. private sector from 1976 onwards. To carry out their study, they exploit the recently developed Longitudinal Business Database (LBD), which contains annual observations on employment and payroll for all business establishments and firms. Their main finding is a large secular decline in the cross-sectional dispersion of firm growth rates and in the average magnitude of firm level volatility. Measured in the same way as in other recent research, the employment-weighted mean volatility of firm growth rates in the private sector has declined by more than 40 percent since 1982.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Twenty-First Annual Conference on Macroeconomics
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.