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We develop a general equilibrium model of monopolistic competition with a traded and a non-traded sector. Using a broad class of homothetic preferences—that generate variable markups, display a simple behavior of their elasticity of substitution, and nest the ces as a limiting case—we show...
Persistent link: https://www.econbiz.de/10012918067
We analyze input-output matrices for a wide set of countries as weighted directed networks. These graphs contain only 47 nodes, but they are almost fully connected and many have nodes with strong self-loops. We apply two measures: random walk centrality and one based on count-betweenness. Our...
Persistent link: https://www.econbiz.de/10013137865
data properties. In particular, it is shown that changes in the volatility of the shocks can be used for identification …
Persistent link: https://www.econbiz.de/10012754187
probability of macroeconomic catastrophes à la Barro (2006), and to the case of an uncertain trend or volatility of growth à la …
Persistent link: https://www.econbiz.de/10013315817
This paper calls into question the currently most influential model of international trade. An empirical finding by Trefler (2004, AER) and others that industrial productivity increases more strongly in liberalized industries than in non-liberalized industries has been widely accepted as...
Persistent link: https://www.econbiz.de/10013315731
financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10013119521
This study develops a stylised DSGE model, that departs in one aspect: it replaces the general equilibrium approach by disequilibrium economics. In this way, richer macroeconomic adjustment dynamics result, as it is not necessary to assume that goods and labour markets continuously clear. The...
Persistent link: https://www.econbiz.de/10013096548
. Volatility is shown to depend on the speed of convergence of the cyclical component, the expected length of a cycle and on the … volatility. With exogenous sources of fluctuations, a special case of our model, decentralized factor allocation is efficient …-) stabilize the economy. No unambiguous link exists between volatility and welfare …
Persistent link: https://www.econbiz.de/10012779787
In this paper we develop a micro ecosystem model whose basic entities are representative organisms which behave as if maximizing their net offspring under constraints. Net offspring is increasing in prey biomass intake, declining in the loss of own biomass to predators and Allee's Law applies....
Persistent link: https://www.econbiz.de/10013318279
financial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …
Persistent link: https://www.econbiz.de/10012947523