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Computation of business-cycle models with the Generalized Schur Method
Heer, Burkhard; Maußner, Alfred - 2009
We describe an algorithm that is able to compute the solution of a singular linear difference system under rational … expectations. The algorithm uses the Generalized Schur Factorization and is illustrated by a simple example. -- stochastic dynamic … general equilibrium ; linear solution methods ; algorithm ; Generalized Schur factorization ; business cycles …
Persistent link: https://www.econbiz.de/10003922867
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Computation of business cycle models : a comparison of numerical methods
Heer, Burkhard; Maußner, Alfred - 2004
We compare the numerical methods that are most widely applied in the computation of the standard business cycle model with flexible labor. The numerical techniques imply economically insignificant differences with regard to business cycle summary statistics except for the volatility of...
Persistent link: https://www.econbiz.de/10011449266
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Technological synergies, heterogeneous firms, and idiosyncratic volatility
Fernández-Villaverde, Jesús; Yu, Yang; Zanetti, Francesco - 2024
This paper shows the importance of technological synergies among heterogeneous firms for aggregate fluctuations. First, we document six novel empirical facts using microdata that suggest the existence of important technological synergies between trading firms, the presence of positive...
Persistent link: https://www.econbiz.de/10014496498
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On the applicability of global approximation methods for models with jump discontinuities in policy functions
Görtz, Christoph; Mirza, Afrasiab - 2014
We show that the standard Value Function Iteration (VFI) algorithm has difficulties approximating models with jump …
Persistent link: https://www.econbiz.de/10010366210
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Aging, the great moderation and business-cycle volatility in a life-cycle model
Heer, Burkhard; Rohrbacher, Stefan; Scharrer, Christian - 2014
According to empirical studies, the life cycle of labor supply volatility exhibits a U-shaped pattern. This may lead to the conclusion that demographic change induces a drop in output volatility. We present an overlapping generations model that replicates the empirically observed pattern and...
Persistent link: https://www.econbiz.de/10010231628
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Aging, the great moderation and business-cycle volatility in a life-cycle model : conference paper
Heer, Burkhard; Rohrbacher, Stefan; Scharrer, Christian - 2014
According to empirical studies, the life cycle of labor supply volatility exhibits a U-shaped pattern. This may lead to the conclusion that demographic change induces a drop in output volatility. We present an overlapping generations model that replicates the empirically observed pattern and...
Persistent link: https://www.econbiz.de/10010489277
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Public finance in a nutshell : a Cobb Douglas teaching tool for general equilibrium tax incidence and excess burden
Fullerton, Don; Ta, Chi L. - 2016
To help first- or second-year graduate students in economics apply their theoretical training, this paper shows how to solve a simple and intuitive computable general equilibrium (CGE) model using a calculator. Because this simplified Harberger model uses Cobb Douglas functional forms for...
Persistent link: https://www.econbiz.de/10011581180
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Numerical solution of dynamic equilibrium models under Poisson uncertainty
Posch, Olaf; Trimborn, Timo - 2011
We propose a simple and powerful numerical algorithm to compute the transition process in continuous-time dynamic … system of functional differential equations of the retarded type. We apply the Waveform Relaxation algorithm, i.e., we …
Persistent link: https://www.econbiz.de/10009124183
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The "Matthew effect" and market concentration : search complementarities and monopsony power
Fernández-Villaverde, Jesús; Mandelman, Federico S.; … - 2021
This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor...
Persistent link: https://www.econbiz.de/10012433938
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Cyclical asset returns in the consumption and investment goods sector
Heer, Burkhard; Maussner, Alfred; Süssmuth, Bernd - 2013
We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we consider a standard two-sector real-business cycle model with...
Persistent link: https://www.econbiz.de/10009786095