Paul Gomme

Real business cycle models have difficulty replicating the volatility of S&P 500 returns.

Calibration has become a standard tool of macroeconomics.

The paper documents how cyclical fluctuations in market work vary over the life cycle and then assesses the predictions of a life-cycle version of the growth model for those observations.

An innovation in this paper is to introduce a time-to-build technology for the production of market capital into a model with home production.

This paper investigates the role of beliefs over monetary policy in propagating the effects of monetary policy shocks within the context of a dynamic, stochastic general equilibrium model.

This paper investigates the role of beliefs over monetary policy in propagating the effects of monetary policy shocks within the context of a dynamic, stochastic general equilibrium model.

Evolutionary programming is a stochastic optimization procedure which has proved useful in optimizing difficult functions.

Major League Baseball Commissioner Bud Selig announced he would crack down on steroid use in baseball, hoping to stop players from doping.

Much has been made of the so-calledjobless recovery of the past twobusiness cycles—that is, their atypicallyweak employment growthearly in the expansion phase.

This Commentary makes a case forFed action in the event of a stockmarket bubble.

Economic theory says the average income of different regions should grow closer over time.

In 1998, University of Iowa faculty members created their own futures markets.

When U.S. steel corporations began declaring bankruptcy and laying off thousands of workers, tariffs on foreign steel seemed a reasonable way of preventing further damage to the industry. But why do most economists favor free trade?

The FOMC has two objectives: maximizing sustainable economic growth, and maintaining price stability.

Few ideas arise more frequently in monetary policy discussions than the NAIRU, an acronym for the awkward phrase “nonaccelerating inflation rate of unemployment.”

Like many countries, Canada experienced historically high inflation rates in the 1970s. At the start of 1975, inflation topped 10 percent.