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Does “Okun’s Law” state a Pi:1 ratio? Toward a harmonic interpretation of why Okun’s Law works
Albers, Scott; Albers, Andrew L. - Volkswirtschaftliche Fakultät, … - 2013
In Albers & Albers (Spring, 2013) we demonstrated that the historic development of U.S. real GNP, 1869-present, may be structured in recurring 14-year periods. A steady-state rate of growth of 3.4969% is thereby calculated, generating an increase in real GNP proportional to the famous “Golden...
Persistent link: https://www.econbiz.de/10011260122
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Modelo de Ciclos Reales para Colombia
Sarmiento, Prada; David, Juan - Volkswirtschaftliche Fakultät, … - 2005
Colombian economy has the typical small-open economy cycle: smooth consumption, higher volatility in investment … ; procyclical consumption, investment and imports; countercyclical trade balance. The objective of this paper is to identify the … volatility of investment with respect to GDP. …
Persistent link: https://www.econbiz.de/10005079306
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The Role of Investment Wedges in the Carlstrom-Fuerst Economy and Business Cycle Accounting
Inaba, Masaru; Nutahara, Kengo - Volkswirtschaftliche Fakultät, … - 2008
investment frictions or investment wedges are not promising for modeling business cycle dynamics. In this paper, we apply BCA to … representative models with investment frictions. We find that BCA leads us to conclude that models of investment wedges are not … promising according to the criteria of BCA, although the true model contains investment frictions. …
Persistent link: https://www.econbiz.de/10005616865
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Heterogeneous Productivity Shocks, Elasticity of Substitution and Aggregate Fluctuations
Alessio, Moro; Rodolfo, Stucchi - Volkswirtschaftliche Fakultät, … - 2011
We use a Dixit-Stiglitz setting to show that aggregate productivity fluctuations can be generated through changes in the dispersion of firms' productivity. When the elasticity of substitution among goods is larger than one, an increase in the dispersion raises aggregate productivity because...
Persistent link: https://www.econbiz.de/10008854414
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Time Preference Shocks
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2014
The rate of time preference (RTP) has traditionally not been regarded as an important source of economic fluctuations. In this paper, I show that it is an important factor influencing economic fluctuations because households must have an expected RTP for the representative household (RTP RH) to...
Persistent link: https://www.econbiz.de/10011109079
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Peculiar Results and Theoretical Inconsistency of New Keynesian Models
Kim, Minseong - Volkswirtschaftliche Fakultät, … - 2014
when n=1 would ordinary results of the basic New Keynesian model hold. To save the theory, we consider the case where …
Persistent link: https://www.econbiz.de/10011109474
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Long-Run Risk and Hidden Growth Persistence
Pakos, Michal - Volkswirtschaftliche Fakultät, … - 2013
An extensive literature has analyzed the implications of hidden shifts in the dividend growth rate. However, corresponding research on learning about growth persistence is completely lacking. Hidden persistence is a novel way to introduce long-run risk into standard business-cycle models of...
Persistent link: https://www.econbiz.de/10011111345
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Peculiar Results and Theoretical Inconsistency of New Keynesian Models
Kim, Minseong - Volkswirtschaftliche Fakultät, … - 2014
when n=1 would ordinary results of the basic New Keynesian model hold. To save the theory, we consider the case where …
Persistent link: https://www.econbiz.de/10011111947
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Peculiar Results and Theoretical Inconsistency of New Keynesian Models
Kim, Minseong - Volkswirtschaftliche Fakultät, … - 2014
when n=1 would ordinary results of the basic New Keynesian model hold. To save the theory, we consider the case where …
Persistent link: https://www.econbiz.de/10011113562
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Notes on Business Cycle Theory from a Dynamic Stochastic General Equilibrium Perspective
Solomon, Bernard Daniel - Volkswirtschaftliche Fakultät, … - 2015
In these notes I go over some basic aspects of the analysis of business cycles and aggregate fluctuations from a dynamic stochastic general equilibrium (DSGE) perspective. I build a cannonical DSGE model with a small number of representative agents and a large set of distortionnary wedges...
Persistent link: https://www.econbiz.de/10011198612