A distinctive feature of many propagating, high-amplitude jet noise waveforms is the presence of acoustic shocks. Metrics indicative of shock presence, specifically the skewness of the time derivative of the waveform, the average steepening factor, and a new wavelet-based metric called the shock energy fraction (SEF), are used to quantify the strength and prevalence of acoustic shocks within wa...

Using a quasi maximum likelihood approach for semi-structural model, we find highly precise and distinct estimates of consumption responses to idiosyncratic income shocks different groups households. Homeowners stratified by liquid wealth exhibit the most dispersion in their marginal propensities consume. Time-varying support strong patterns heterogeneity homeownership status balance sheet liqu...

How do pandemics affect urban housing markets? This paper studies historical outbreaks of the plague in 17th-century Amsterdam and cholera 19th-century Paris to answer this question. Based on micro-level transaction data, we show resulted large declines house prices, smaller rent prices. We find particularly reductions prices during first six months an epidemic, heavily-affected areas. However,...

Abstract We analyse top income and wealth shares data, by conducting a robust estimation of trends, tests for structural breaks, determining persistence. include Anglo-Saxon countries, continental Europe Asian grouped under different percentiles deciles, spanning period that is at least close to century. find the almost all countries are characterised broken or level shifts. The preponderance t...

This paper considers the implications of the permanent/transitory decomposition of shocks for identi…cation of structural models in the general case where the model might contain more than one permanent structural shock. It provides a simple and intuitive generalization of the in‡uential work of Blanchard and Quah (1989), and shows that structural equations for which there are known permanent s...

Abstract The transitory shock of the financial crisis 2008 pushed most economies to permanently lower-level growth paths than those prevalent before crisis, which can be considered as a manifestation hysteresis. It is well known that some fixed adjustment costs lead hysteresis in aggregate output. This paper investigates within an agent-based model, whether price (menu costs) same result. Hyste...

This paper estimates and simulates a sticky-price dynamic stochastic general-equilibrium model with a financial accelerator, à la Bernanke et al. [Bernanke, B., Gertler, M., Gilchrist, S., 1999. The financial accelerator in a quantitative business cycle framework. In: Handbook of Macroeconomics. North-Holland, Amsterdam], to assess the importance of the financial accelerator mechanism in fittin...

While Hall (1978) argues that the solution for consumption of a life-cycle model with uncertainty and isoelastic preferences evolves as a random walk in first order approximation around small income shocks, I show that it does not. First, I explain that the solution for consumption departs from a random walk because of precautionary behavior. A prudent household facing uncertainty allocates mor...