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The Representative Consumer in the Neoclassical Growth Model with Idiosyncratic Shocks

Maliar, Lilia; Maliar, Serguei - In: Review of Economic Dynamics 6 (2003) 2, pp. 368-380

This paper studies a complete-market version of the neoclassical growth model, where agents face idiosyncratic shocks to eearnings. We show that if agents possess identical preferences of either the CRRA or the addilog type, then the heterogeneous-agent economy behaves as if there was a...

Persistent link: https://www.econbiz.de/10005069707

A Decade Lost and Found: Mexico and Chile in the 1980s

Bergoeing, Raphael; Kehoe, Patrick J.; Kehoe, Timothy J.; … - In: Review of Economic Dynamics 5 (2002) 1, pp. 166-205

Chile and Mexico exoperienced severe economic crises in the early 1980s. This paper analyzes four possible explanations … for why Chile recovered much faster than did Mexico. Comparing data from the two countries allows us to rule out a … growth accounting, a calibrated growth model, and economic theory, we conclude that the crucial difference between the two …

Persistent link: https://www.econbiz.de/10005091031

Investment Shocks and the Relative Price of Investment

Justiniano, Alejandro; Primiceri, Giorgio; Tambalotti, … - In: Review of Economic Dynamics 14 (2011) 1, pp. 101-121

played a particularly important role in the recession of 2008-09. (Copyright: Elsevier) …

Persistent link: https://www.econbiz.de/10008511338

Cyclical Wage Movements in Emerging Markets Compared to Developed Economies: the Role of Interest Rates

Li, Nan - In: Review of Economic Dynamics 14 (2011) 4, pp. 686-704

This paper documents that, at the aggregate level, (i) real wages are positively correlated with output and, on average, lag output by about one quarter in emerging markets, while there are no systematic patterns in developed economies, and (ii) real wage volatility (relative to output...

Persistent link: https://www.econbiz.de/10008914825

Modeling News-Driven International Business Cycles

Beaudry, Paul; Dupaigne, Martial; Portier, Franck - In: Review of Economic Dynamics 14 (2011) 1, pp. 72-91

This paper reexamines the question of how to explain business cycle co-movements within and between countries. First, we present a simple flexible price models to illustrate how and why news shocks can generate robust positive co-movements in economic activity across countries. We also discuss...

Persistent link: https://www.econbiz.de/10008691151

Labor Market Cycles, Unemployment Insurance Eligibility, and Moral Hazard

Faig, Miquel; Zhang, Min - In: Review of Economic Dynamics 15 (2012) 1, pp. 41-56

If entitlement to UI benefits must be earned with employment, generous UI is an additional benefit to working, so, by … effect of UI on employment decisions. As with Ricardian Equivalence, this result should be useful to pinpoint the effects of …

Persistent link: https://www.econbiz.de/10009293001

Learning, Capital Embodied Technology and Aggregate Fluctuations

Gortz, Christoph; Tsoukalas, John D. - In: Review of Economic Dynamics 16 (2013) 4, pp. 708-723

.S. recession. (Copyright: Elsevier) …

Persistent link: https://www.econbiz.de/10010698887

Business Cycle Uncertainty and Economic Welfare

Cho, Jang-Ok; Cooley, Thomas; Kim, Hyung Seok - In: Review of Economic Dynamics 18 (2015) 2, pp. 185-200

We study the welfare implications of uncertainty in business cycle models. In the modern business cycle literature, multiplicative real shocks to production and/or preferences play an important role as the impulses that produce aggregate fluctuations. Introducing shocks in this way has the...

Persistent link: https://www.econbiz.de/10011268098

Informal Employment and Business Cycles in Emerging Economies: The Case of Mexico

Fernandez, Andres; Meza, Felipe - In: Review of Economic Dynamics 18 (2015) 2, pp. 381-405

We document how informal employment in Mexico is countercyclical, lags the cycle and is negatively correlated to formal … employment. This contributes to explaining why total employment in Mexico displays low cyclicality and variability over the … business cycle when compared to Canada, a developed economy with a much smaller share of informal employment. To account for …

Persistent link: https://www.econbiz.de/10011268100

Nominal Wage Contracts, Labor Adjustment Costs and the Business Cycle

Janko, Zuzana - In: Review of Economic Dynamics 11 (2008) 2, pp. 434-448

Previous work of monetary dynamic stochastic general equilibrium models with nominal rigidity a la Taylor, particularly the Cho-Cooley model, was abandoned in favor of the New-Keynesian analysis due to the model's failure to deliver business cycle statistics that match the U.S. economy along...

Persistent link: https://www.econbiz.de/10004970379