tag:blogger.com,1999:blog-5713178645208582139.post462920192092760755..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: The Great Moderation vs. Rising Household Income VolatilityDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5713178645208582139.post-12568043471501004712008-11-28T22:50:00.000-06:002008-11-28T22:50:00.000-06:00We use a dynamic factor model estimated on quarter...We use a dynamic factor model estimated on quarterly state-level data from 1986 to 2005 via Bayesian methods to disentangle the relative importance of the common component in OFHEO house price movements from local (state- or region-specific) shocks. We find that historically movements in house prices were mainly driven by the local component. The recent period (2001–2005) has been different: the Unknownhttps://www.blogger.com/profile/03459954911710670591noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-69684732376254978022008-06-20T15:01:00.000-05:002008-06-20T15:01:00.000-05:00Alex,Thanks for your insights. Mark Thoma put thi...Alex,<BR/><BR/>Thanks for your insights. <BR/><BR/>Mark Thoma put this post over at his blog and it received a lot of discussion. I will put up a link to this discussion at his site.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-3392740053610397762008-06-20T13:44:00.000-05:002008-06-20T13:44:00.000-05:00Thanks for this interesting post.The increase in c...Thanks for this interesting post.<BR/>The increase in consumption volatility suggests that the increase in the variance of wages is due to the permanent component rather than to the transitory one.<BR/>In a more flexible wage world, the wage should closely mimic productivity. I suspect that wage shocks are more persistent than productivity shocks.<BR/>For the increased efficiency in the labor Alexhttps://www.blogger.com/profile/00777416843659702169noreply@blogger.com