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Hopf bifurcation in the Clarida, Gali, and Gertler model
Barnett, William A.; Eryilmaz, Unal - In: Economic Modelling 31 (2013) C, pp. 401-404
We explore bifurcation phenomena in the open-economy New Keynesian CGG Model based on Clarida et al. (2001, 2002). We find that the open economy framework can bring about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters...
Persistent link: https://www.econbiz.de/10010636282
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On the existence and uniqueness of solution to the Lucas–Uzawa model
Chilarescu, Constantin - In: Economic Modelling 28 (2011) 1, pp. 109-117
In this paper we define the concept of admissible solution and then provide closed-form solutions for all variables of the model along the transitional dynamics path. We present numerical simulations and compare our results with those obtained through the methods developed by Boucekkine and...
Persistent link: https://www.econbiz.de/10010577097
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R&D games in a Cournot duopoly with isoelastic demand functions: A comment
Luckraz, Shravan - In: Economic Modelling 28 (2011) 6, pp. 2873-2876
In a recent paper, Tramontana (Economic Modelling, 27; 350–357, 2010) investigates the stability properties of a Cournot Duopoly game when the demand function is isoelastic. In this note, we show that for some well known applications of two-stage Cournot games (D. Aspremont and Jacquemin,...
Persistent link: https://www.econbiz.de/10010577136
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Resource scarcity, effort allocation and environmental security: An agent-based theoretical approach
Hassani-Mahmooei, Behrooz; Parris, Brett W. - In: Economic Modelling 30 (2013) C, pp. 183-192
It is widely feared that environmental degradation induced by climate change may lead to economic and political insecurity through channels such as resource scarcity and mass migration. In this paper, we have developed an agent-based model to study whether resource scarcity is likely to lead to...
Persistent link: https://www.econbiz.de/10010608291
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Estimates for the optimal control policy in the presence of regulations and heavy tails
Manman, Li; Zaiming, Liu; Hua, Dong - In: Economic Modelling 28 (2011) 1, pp. 482-488
We consider a classical heavy tailed risk model, included in a regulation mechanism. The regulator exercises a minimal cash requirement level and penalties for violating it to regulate the insurance firm. The problem of the insurance firm is to establish an investment and risk exposure policy as...
Persistent link: https://www.econbiz.de/10010573304
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The German labor market during the Great Recession: Shocks and institutions
Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - In: Economic Modelling 78 (2019), pp. 192-208
This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with a detailed labor market block for post-unification Germany. This allows us to disentangle the role of institutions (short-time work, government spending rules)...
Persistent link: https://www.econbiz.de/10013436693
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House price, mortgage premium, and business fluctuations
Chen, Nan-Kuang; Cheng, Han-Liang; Mao, Ching-Sheng - In: Economic Modelling 29 (2012) 4, pp. 1388-1398
This paper investigates the transmission mechanism of mortgage premium to characterize the relationship between the housing market and business cycle for the U.S. We find that mortgage premium is crucial for the amplification and propagation of the model to match the main properties of U.S....
Persistent link: https://www.econbiz.de/10010573388
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LSM: A DSGE model for Luxembourg
Deák, Szabolcs; Fontagné, Lionel; Maffezzoli, Marco; … - In: Economic Modelling 28 (2011) 6, pp. 2862-2872
develop a medium scale DSGE model that captures these features, calibrate it to mimic the actual behavior of the key …
Persistent link: https://www.econbiz.de/10011048897
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DSGE models and the Lucas critique
Hurtado, Samuel - In: Economic Modelling 44 (2014) S1, pp. 12-12
Modern DSGE models are microfounded and have deep parameters that should be invariant to changes in economic policy, so … issues also cause parameter instability after policy changes in DSGE models. This paper will look at the implications of … parameter shifts for econometric policy evaluation, to see whether policy advice derived from DSGE models would have differed …
Persistent link: https://www.econbiz.de/10011077128
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Assessing the impact of fiscal measures on the Czech economy
Ambriško, Róbert; Babecký, Jan; Ryšánek, Jakub; … - In: Economic Modelling 44 (2015) C, pp. 350-357
We build a DSGE model to investigate the transmission of fiscal policy to the real economy in the Czech Republic … mainstream DSGE literature, e.g. allowing government consumption and government capital to be productive. Furthermore, we extend …
Persistent link: https://www.econbiz.de/10011116952