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Has creative destruction become more destructive?
Komlos, John - 2014
Schumpeter's concept of creative destruction as the engine of capitalist development is well-known. However, that the … destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP … the process of destruction. Consequently, the contribution of recent innovations to NNP and to welfare is likely biased …
Persistent link: https://www.econbiz.de/10010393293
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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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Open market operations as a monetary policy shock measure in a quantitative business cycle model
Heer, Burkhard; Schabert, Andreas - 2000
This paper presents a business cycle analysis of monetary policy shocks measured by disturbances to open market operations, i.e. the ratio of open market papers to non-borrowed reserves. We find empirical evidence for the usefulness of this policy measure, as it predicts significant declines in...
Persistent link: https://www.econbiz.de/10009780205
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Business cycle narratives
Larsen, Vegard H.; Thorsrud, Leif Anders - 2019 - This version 28 December 2018
Research about narratives' role in economics is scarce, while real word experience and research in other sciences suggest they matter a lot. This article proposes a view and methodology for quantifying the epidemiology of media narratives relevant to business cycles in the US, Japan, and Europe....
Persistent link: https://www.econbiz.de/10011962290
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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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The changing nature of technology shocks
Görtz, Christoph; Gunn, Christopher M.; Lubik, Thomas A. - 2024
We document changes to the pattern of technology shocks and their propagation in post-war U.S. data. Using an agnostic identification procedure, we show that the dominant shock driving total factor productivity (TFP) is akin to a diffusion or news shock and that shock transmission has changed...
Persistent link: https://www.econbiz.de/10015075006
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Credit channel and business cycle : the role of tax evasion
Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2018
This paper examines the role of tax evasion in explaining the business cycle in a DSGE model with a financial accelerator. For this purpose, we assume that financially constrained agents are tax evaders, taking advantage of an additional margin of flexibility in coping with adverse shocks. In...
Persistent link: https://www.econbiz.de/10011882444
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Natural volatility, welfare and taxation
Posch, Olaf (contributor); Wälde, Klaus (contributor) - 2006
Persistent link: https://www.econbiz.de/10003364359
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Animal spirits and credit cycles
De Grauwe, Paul; Macchiarelli, Corrado - 2013
In this paper we extend the behavioral macroeconomic model as proposed by De Grauwe (2012) to include a banking sector. The behavioral model takes the view that agents have limited cognitive limitations. As a result, it is rational to use simple forecasting rules and to subject the use of these...
Persistent link: https://www.econbiz.de/10010210693
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Perceived uncertainty shocks, excess optimism-pessimism, and learning in the business cycle
Chatterjee, Pratiti; Milani, Fabio - 2020
What are the effects of beliefs, sentiment, and uncertainty, over the business cycle? To answer this question, we develop a behavioral New Keynesian macroeconomic model, in which we relax the assumption of rational expectations. Agents are, instead, boundedly rational: they have a...
Persistent link: https://www.econbiz.de/10012294890