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We propose an event-study research design to identify the nature and propagation of large unusual shocks in DSGE models and apply it to study the macroeconomic effects of the Covid shock. The initial outbreak is represented as the onset of a new shock process where the shock loads on wedges...
Persistent link: https://www.econbiz.de/10013375147
This paper explores the world business cycle using unfiltered data from 1870 and looks for a theory that could account … for the long wave commodity cycle in the world economy. We build a simple DSGE model that includes a long time …
Persistent link: https://www.econbiz.de/10012429969
This paper studies the cyclical properties of real GDP, house prices, credit, and nominal liquid financial assets in 17 EU countries, by applying several methods to extract cycles. The estimates confirm earlier findings of large medium-term cycles in credit volumes and house prices. GDP appears...
Persistent link: https://www.econbiz.de/10011779865
-sector cost/productivity shock, all in turn most likely connected to world business cycle shocks (especially the global financial …
Persistent link: https://www.econbiz.de/10012230065
The COVID-19 pandemic is producing a global health and economic crisis. The entire globe is facing the trade-off between health and recessionary effects. This paper investigates this trade-off according to a macro-dynamic perspective. We set up and simulate a Dynamic Stochastic General...
Persistent link: https://www.econbiz.de/10012258268
We find that, when estimated, a two sector computable dynamic stochastic general equilibrium open economy model of the U.S. that formally admits energy into the production process can generate plausible parameter values that can be applied to deal with a broad range of economic issues. As a...
Persistent link: https://www.econbiz.de/10011471623
We test the standard New Keynesian (NK) Dynamic Stochastic General Equilibrium (DSGE) model under the condition with and without inattentive features, where inattentiveness is modelled in the form of sticky information and imperfect information data revision. All models are tested with the...
Persistent link: https://www.econbiz.de/10013177227
What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The...
Persistent link: https://www.econbiz.de/10012956242
In this paper, we aim to compare the anatomy of the impact of the COVID-19 outbreak and the Great Financial Crisis (GFC) in the context of an emerging market economy. To this end, we develop a small open economy DSGE model with the Bernanke-Gertler-Gilchrist financial accelerator that features...
Persistent link: https://www.econbiz.de/10014382934
The COVID-19 pandemic has produced a global health and economic crisis. The entire world has faced a trade-off between …
Persistent link: https://www.econbiz.de/10013162238