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Stepwise calibration of a higher-order Keynes-Metzler-Goodwin model
Franke, Reiner - Society for Computational Economics - SCE - 2004
The paper puts forward a deterministic macrodynamic model of the business cycle that allows for sluggish price and quantity adjustments in response to disequilibrium on product and labour markets. Based on regular oscillations of two exogenous variables, 14 reaction coefficients are determined...
Persistent link: https://www.econbiz.de/10005706508
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production risk and the functional distribution of income in a developing economy
Garcia-Penalosa, Cecilia; Turnovsky, Stephen J. - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005706632
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Elasticity of Substitution and the Persistence of the Deviation of the Real Exchange Rates
Turnovsky, Stephen J.; Morshed, A.K.M. Mahbub - Society for Computational Economics - SCE - 2005
Empirical evidence suggests (i) that the real exchange rates of developing economies show less persistence than do those of more advanced economies and (ii) that the elasticity of substitution between capital and labor tends to increase from below unity for less developed economies to above one...
Persistent link: https://www.econbiz.de/10005343037
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The Economy as a Whole - Simulating Schumpetarian Dynamics
Bruun, Charlotte - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005345646
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Complex dynamics in a Pasinetti-Solow model of Growth and distribution
Commendatore, Pasquale - Society for Computational Economics - SCE - 2004
The one-sector neoclassical growth model (Solow, 1956,RES) can generate only simple dynamics. The dynamic properties of the Solow model follow from the saving behaviour and the neoclassical technology. As shown by Day (1982, AER), when average savings are allowed to vary, the discrete-time...
Persistent link: https://www.econbiz.de/10005345243
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Demand Side Shocks and Macroeconomic Policy
Dudek, Maciej K. - Society for Computational Economics - SCE - 2004
. In particular, the article reveals that debt financed government spending is a viable stabilization tool and can improve …
Persistent link: https://www.econbiz.de/10005345340
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Co-existence of Credit Card Debt with Liquid and Retirement Assets: Two Puzzles or None?
Haliassos, Michael; Reiter, Michael - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005345426
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Optimal Capital - Labor Taxes under Uncertainty and Default Constraints of the Government
Yakadina, Irina - Society for Computational Economics - SCE - 2001
is that any binding limit on the amount of debt or savings the Ramsey planner wants to accumulate has a permanent effect … markets facing the government (Marcet and Scott, 2001), consumerÌs willingness to default on debt serves as a motivation to … put some restriction on plannerÌs savings. An upper limit on government debt, unless it is very tight, is there mainly for …
Persistent link: https://www.econbiz.de/10005706719
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Learning Hyperinflations
Christev, Atanas - Society for Computational Economics - SCE - 2006
Emprical studies of hyperinflations reveal that the rational expectations hypothesis fails to hold. To address this issue, we study a model of hyperinflation and learning in an attempt to better understand the volatility in movements of expectations, money, and prices. The findings surprisingly...
Persistent link: https://www.econbiz.de/10005342881
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An Unobserved Components Model for NAIRU Estimation
Planas, Christophe; Rossi, Alessandro; Roeger, Werner - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005345374