. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are … hours in the OLG model decrease in response to a positive technological shock, since for young workers the income effect …

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 …

as large as those arising from an aggregate productivity shock. Heterogeneous price rigidity amplifies the aggregate …

This paper studies dynamics of endogenous business cycles and exchange rate volatility in a small open economy. Without … exhibit a higher volatility than other prices. The numerical analysis shows examples which confirm the typical empirically … observed high volatility of nominal exchange rates compared with that of real/domestic variables. …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households …

probability of macroeconomic catastrophes à la Barro (2006), and to the case of an uncertain trend or volatility of growth à la …

firms can observe each other's decisions, they are able to increase the accuracy of their actions. While reducing volatility … at the individual level, social learning may lead to an increase in volatility at the aggregate level depending on the … network topology. Moreover, if the network is very asymmetric, aggregate volatility does not decay as predicted by the law of …

A growing literature uses changes in residual volatility for identifying structural shocks in vector autoregressive … in applications in this context. This study reviews the different volatility models and points out their advantages and …