Unemployment and the business cycle in a small open economy: G.M.M. estimation and testing with French data

Article Abstract:

A research effort compares a canonical Walrasian Real Business Cycle framework, its extension to the case of a small open economy, and a version of the model with search and wage bargaining on the labor market. The Generalized Methods of Moments was used to estimate the models' structural parameters and to test their ability to reproduce the French economy's historical cyclical properties. Only the small open economy with unemployment was found to be capable of generating theoretical moments that match their empirical counterparts.

Research, Economic aspects, France, Unemployment, Business cycles

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Do open market operations matter? Theory and evidence from the Second Bank of the United States

Article Abstract:

Modigliani-Miller theorems for open-market operations that predict the relevance of government-owned central banks' rearrangements of their balance sheets are extended to allow application to privately-owned central banks. The new theorem developed is tested using data from the Second Bank of the United States over the period 1823 to 1832.

Banking industry, Analysis, Central banks, Monetary policy

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