#2008-023A "Endogenous Productivity and Multiple Steady States"
by Levon Barseghyan, and Riccardo DiCecio
July 2008

We endogenize total factor productivity in a neoclassical model with increasing returns to scale. We obtain multiple steady-state equilibria with an arbitrarily small degree of increasing returns to scale. More...

#2008-021B "Institutional Causes of Macroeconomic Volatility"
by Levon Barseghyan, and Riccardo DiCecio
June 2008
Revised November 2008

We investigate the relation between the quality of institutions and macroeconomic volatility. Using instrumental variable regressions, we show that higher barriers to entry lead to higher volatility. More...

#2008-002C "Income Convergence in the United States: A Tale of Migration and Urbanization"
by Riccardo DiCecio, and Charles S. Gascon
January 2008
Revised December 2008

We use non-parametric distribution dynamics techniques to reassess the convergence of per capita personal income (PCPI) across U.S. states and across metropolitan and nonmetropolitan portions of states for the period 1969-2005. More...

#2007-015A "Supply Shocks, Demand Shocks, and Labor Market Fluctuations"
by Helge Braun, Reinout De Bock, and Riccardo DiCecio
April 2007

We use structural vector autoregressions to analyze the responses of worker flows, job flows, vacancies, and hours to shocks. More...

#2007-006B "An Estimated DSGE Model for the United Kingdom"
by Riccardo DiCecio, and Edward Nelson
February 2007
Revised May 2007

We estimate the dynamic stochastic general equilibrium model of Christiano, Eichenbaum, and Evans (2005) on United Kingdom data. More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, July/August 2007, 89(4), pp. 215-31

#2006-004A "Aggregate Shocks and Labor Market Fluctuations"
by Helge Braun, Reinout De Bock, and Riccardo DiCecio
January 2006

This paper evaluates the dynamic response of worker flows, job flows, and vacancies to aggregate shocks in a structural vector autoregression. We identify demand, monetary, and technology shocks by imposing sign restrictions on the responses of output, inflation, the interest rate, and the relative price of investment. More...

#2005-068B "Heterogeneous Firms, Productivity, and Poverty Traps"
by Levon Barseghyan, and Riccardo DiCecio
October 2005
Revised December 2006

We present a model of endogenous total factor productivity which generates poverty traps. More...

#2005-036D "Optimal Monetary Policy, Endogenous Sticky Prices, and Multiple Equilibria"
by Levon Barseghyan, and Riccardo DiCecio

Revised 2007

We analyze optimal discretionary monetary policy in an endogenous sticky prices model. More...

PUBLISHED: Topics in Macroeconomics, January 2007, 7(1), Article 8

#2005-035D "Sticky Wages and Sectoral Labor Comovement"
by Riccardo DiCecio
June 2005
Revised August 2008

A defining feature of business cycles is the comovement of inputs at the sectoral level with aggregate activity. Standard models cannot account for this phenomenon. This paper develops and estimates a two-sector dynamic general equilibrium model that can account for this key regularity. More...

FORTHCOMING: Journal of Economic Dynamics and Control