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Expectation Formation and Endogenous Fluctuations in Aggregate Demand
Dudek, Maciej K. - Econometric Society - 2004
The paper recognizes that expectations and the process of their formation are subject to standard decision making and are determined as a part of equilibrium. Accordingly, the paper presents a basic framework in which the form of expectation formation is a choice variable. At any point in time...
Persistent link: https://www.econbiz.de/10005328882
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The States vs. the states: On the Welfare Cost of Business Cycles in the U.S.
Robe, Michel A.; Pallage, Stephane - Econometric Society - 2004
Extant estimates of the welfare cost of business cycles suggest that this cost is quite low and might well be minuscule. Those estimates are based on consumption data for the United States as a whole. The volatility of aggregate consumption, however, is much stronger at the state level. We argue...
Persistent link: https://www.econbiz.de/10005328988
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Welfare Costs of Business Cycles in South America
Nascimento, Leandro; Gomes, Fabio - Econometric Society - 2004
How large are welfare costs related to economic aggregate fluctuations is a topic of great concern among economists at least since Robert Lucas’ well-known and thoughtprovoking exercise in the late 1980s. Our analysis assesses the magnitude of such costs for 11 countries in South America...
Persistent link: https://www.econbiz.de/10005129791
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The impact of monetary policy on New Zealand business cycles and inflation variability
McLellan, Nathan; Buckle, Robert A; Kim, Kunhong - Econometric Society - 2004
/inflation variability trade-off. The model includes a forward-looking Taylor Rule to identify monetary policy and the impact of monetary …
Persistent link: https://www.econbiz.de/10005130253
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El ciclo económico en Uruguay - Un modelo de Switching Regimes
Sanchez, Alejandro R. Pena - Econometric Society - 2004
This paper presents an empirical characterization of Uruguayan’s Business Cycle applying the Switching Regime methodology; three scenarios were considered: recession, moderate growth and boom. The relation between regional and Uruguayan’s business cycle is analyzed through the same...
Persistent link: https://www.econbiz.de/10005170251
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Co-movement of Australian State Business Cycles
Walker, Thomas; Norman, David - Econometric Society - 2004
We use a variety of techniques to examine the nature and degree of co-movement among Australian state business cycles. Our results indicate that these cycles move closely together, with particularly strong links between the cycles of the larger states. This finding is robust to a range of...
Persistent link: https://www.econbiz.de/10005170370
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Terms of Trade, Business Cycles and Tobin's q in Developing Open Economies
Pacharoni, Victor - Econometric Society - 2004
This paper examines the relationship of business cycles, the terms of trade and Tobin's q using a three-sector dynamic … stochastic general equilibrium model for a small open economy. Results show that terms of trade shocks account for half of actual …
Persistent link: https://www.econbiz.de/10005699598
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Price Neutral Tax reform With an Informal Economy
Stiglitz, Joseph E.; Emran, M. Shahe - Econometric Society - 2004
policies in developing countries that focus on the reduction of trade taxes with coordinated increase in VAT to cover the …
Persistent link: https://www.econbiz.de/10005342213
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Antidumping Policy Under Imperfect Competition: Theory and Evidence
Crowley, Meredith A. - Econometric Society - 2004
In this paper, I develop and test a model of dumping among imperfectly competitive firms in different countries that face stochastic demand. In the theoretical model, I show that foreign firms dump when they face weak demand in their own markets. I then show that an antidumping duty can improve...
Persistent link: https://www.econbiz.de/10005342255
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The Effects of Loss Aversion on Trade Policy and the Anti-Trade Bias Puzzle
Tovar, Patricia - Econometric Society - 2004
We study the implications of loss aversion for trade policy determination and show how it allows us to explain a number … of important and puzzling features of trade policy. In particular, we show that if individual preferences exhibit loss … aversion and the coefficient of loss aversion is large enough, there will be an anti-trade bias in trade policy. We also show …
Persistent link: https://www.econbiz.de/10005342263