Showing 1 - 10 of 178
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real...
Persistent link: https://www.econbiz.de/10010790380
This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This...
Persistent link: https://www.econbiz.de/10010790439
The paper examines the determinants of employment growth, drawing on data available across a sample of Caribbean … countries. To that end, the paper analyzes estimates of the employment-output elasticity and the response of employment growth … rate, the price of major exporting commodities, the number of tourists, and growth in major trading partners. The paper …
Persistent link: https://www.econbiz.de/10010800970
This paper studies stylized business cycle properties of household production in four industrialized countries (Canada, the United States, Germany, and Japan). We employ a dynamic small open economy business cycle model that incorporates a household production sector. We use the model to...
Persistent link: https://www.econbiz.de/10005825641
This paper studies the changes in world business cycles during 1960-2003. We employ a Bayesian dynamic latent factor model to estimate common and country-specific components in the main macroeconomic aggregates of the Group of Seven (G-7) countries. We then quantify the relative importance of...
Persistent link: https://www.econbiz.de/10005825664
on economic growth. However, we find sizable welfare gains, 1 to 28 percent of permanent consumption though, consistent … with the literature, the gain in the economic growth is ambiguous, -0.2 to 0.7 percent. We apply a canonical growth model …
Persistent link: https://www.econbiz.de/10005825717
rapid impact of U.S. shocks on Mexican growth. …
Persistent link: https://www.econbiz.de/10005825765
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...
Persistent link: https://www.econbiz.de/10005825794
Over the last thirty years Burundi's low economic growth has led to a significant decline in per capita GDP. The … explain a large part of the weak growth performance for the last thirty years. …
Persistent link: https://www.econbiz.de/10005825808
The paper reviews the “stylized facts” on economic growth gathered by Easterly and Levine in their 2001 joint paper and … illustrates some of the points made on the basis of data from the IMF’s World Economic Outlook on real growth and per capita GDP … since 1970. The data show that the growth performance of many poor countries has been disappointing: most of the “developing …
Persistent link: https://www.econbiz.de/10005825901