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A Real-Business-Cycle model with efficiency wages and a government sector: the case of Bulgaria

Vasilev, Aleksandar - In: Central European Journal of Economic Modelling and … (2017) 4, pp. 359-377

In this paper we investigate the quantitative importance of e fficiency wages in explaining fluctuations in Bulgarian labor markets. This is done by augmenting an otherwise standard real business cycle model a la Long and Plosser (1983) with unobservable workers e ort by employers and wage...

Persistent link: https://www.econbiz.de/10011739205

The role of energy in a real-business-cycle model with an endogenous capital utilization rate and a government sector: the case of Bulgaria (1999-2016)

Vasilev, Aleksandar - 2018

particular, a positive shock to energy prices in the model works like a negative technological shock. Allowing for variations in …

Persistent link: https://www.econbiz.de/10011786877

A business-cycle-model with monopolistically-competitive intermediary firms and sticky nominal wages: the case of Bulgaria after the introduction of the currency board (1999-2016)

Vasilev, Aleksandar - 2018

We augment an otherwise standard business cycle model with a richer government sector, and add monopolistic competition in the product market, and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market. This specification with the nominal wage rigidity, when calibrated to...

Persistent link: https://www.econbiz.de/10011796105

A Real-Business-Cycle model with pollution and environmental taxation: the case of Bulgaria

Vasilev, Aleksandar - 2018

cycle. In particular, a positive shock to pollution emission in the model works like a positive technological shock, but its …

Persistent link: https://www.econbiz.de/10011803438

How quantitatively important is public investment for both business cycle fluctuations and output growth in Bulgaria (1999-2018)?

Vasilev, Aleksandar - In: Macroeconomics and Finance in Emerging Market Economies (2020) forthcoming

We introduce government investment into a real-business-cycle setup. We calibrate the model to Bulgarian data for the period 1999-2018. We then proceed to quantitatively evaluate the effect of the public capital accumulation channel as a tool for business cycle propagation, as well the...

Persistent link: https://www.econbiz.de/10012245090

An RBC model with non-Ricardian households: Lessons for Bulgaria (1999-2018)

Vasilev, Aleksandar - In: Journal of Economics and Development (2020) Forthcoming

Purpose: We introduce non-Ricardian ("hand-to-mouth") myopic agents into an otherwise standard real-business-cycle (RBC) setup augmented with a detailed government sector.We investigate the quantitative importance of the presence of non-optimizing households for cyclical fluctuations in...

Persistent link: https://www.econbiz.de/10012261247

Optimal fiscal policy in a model with search-and-matching frictions: the case of Bulgaria (1999-2018)

Vasilev, Aleksandar - In: Post-Communist Economies (2020) Forthcoming

This paper explores the effects of fiscal policy in an economy with search and matching frictions. To this end, a dynamic general-equilibrium model with government sector is calibrated to Bulgarian data (1999-2018). Two regimes are compared and contrasted - the exogenous (observed) vs. optimal...

Persistent link: https://www.econbiz.de/10012263121

How quantitatively important are the shocks to the time endowment for business cycle fluctuations? Lessons for Bulgaria (1999-2018)

Vasilev, Aleksandar - In: Notas Económicas, forthcoming

, the quantitative effect of such a shock is found to be small, and thus not very important for the propagation of business …

Persistent link: https://www.econbiz.de/10012298144

A business-cycle-model with monopolistically-competitive firms and Calvo wages: Lessons for Bulgaria (1999-2018)

Vasilev, Aleksandar - In: Journal of Economics and Development (2020) Early Cite

Purpose: We augment an otherwise standard business cycle model with a rich government sector, and add monopolistic competition in the product market, and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market.Purpose: We augment an otherwise standard business cycle model with...

Persistent link: https://www.econbiz.de/10012384084

Are "fair" wages quantitatively important for business cycle fluctuations in Bulgaria?

Vasilev, Aleksandar - In: Review of Economic Perspectives 20 (2020) 1, pp. 91-105

We introduce "fair" wages in a general-equilibrium model where worker's effort is unobservable and investigate whether such a mechanism can quantitatively account for the degree of real wage rigidity in the Bulgarian labor markets, as documented in Lozev, Vladova, and Paskaleva (2011) and...

Persistent link: https://www.econbiz.de/10012384140