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Persistent link: https://www.econbiz.de/10011161336
Capturing the boom phase of Pigou cycles and resolving the comovement problem requires positive sectoral comovement. This paper addresses these observations using a two sector New Keynesian model. Price rigidities dampen movements in the relative price of durables following a monetary policy...
Persistent link: https://www.econbiz.de/10011161337
The tradable sector has a lower consumption-output comovement than that in the nontradable sector. An artificial autarky generates identical comovements. Once the economy is open, however, the comovement in the nontradable sector becomes too low. The paper demonstrates that the intensity of...
Persistent link: https://www.econbiz.de/10011117988
In the past decade, the Chinese government was increasingly relying on revenues from land sales to finance the public spending. This paper examines the impacts of land financing on business cycle fluctuations in China in an estimated DSGE model. The simulation results indicate that the overall...
Persistent link: https://www.econbiz.de/10011208944
Most existing studies on parallel trade conclude that it reduces pharmaceutical firms’ profits. One special feature of the pharmaceutical industry is the presence of price regulation in most countries. Taking into account the impact of parallel trade on the regulated pharmaceutical prices...
Persistent link: https://www.econbiz.de/10010993882
A chief goal of the Pigou cycle literature is to generate a boom in response to news of a future increase in productivity, and a bust if this improvement does not in fact take place. We nd that monetary policy can generate Pigou cycles in a two sector model with durables and non-durables, and...
Persistent link: https://www.econbiz.de/10008496433
In this paper we apply a simple macro model to explore and evaluate certain optimal monetary policy rules for China's economy. To be more consistent with the central bank (the People's Bank of China)'s behaviour, we use money supply as a monetary policy instrument rather than the commonly used...
Persistent link: https://www.econbiz.de/10005126241
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There has been a wide-spread misconception based on the imprecise wording of Art. 52 of the European Patent Convention (EPC) that the protection of business methods by patents is prohibited in Europe. This paper investigates the legal framework set by patent laws with respect to the...
Persistent link: https://www.econbiz.de/10005518228