Gaggl, Paul; Bilek-Steindl, Sandra - 2007
The paper surveys the evolution of modern macroeconomic models with the focus on the interrelations between endogenous … growth and cyclical fluctuations. After reviewing models of the business cycle and endogenous growth, the paper discusses … heterogeneity with respect to agents’
risk perception comes from the assumption of
monopolistic competition on the labor market
in …