Vasilev, Aleksandar - In: Journal of Mathematical Economics and Finance IX (2023) 2(17), pp. 23-37
We introduce energy as a productive input into a real-business-cycle model with government sector. We calibrate the … forces behind the observed business cycle fluctuations in Bulgaria. In particular, a positive shock to energy prices in the … substantially improves the model performance against data, and is thus an unlikely driver of business cycle fluctuations in Bulgaria. …