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Foreign Trade and Equilibrium Indeterminacy
Aguiar-Conraria, Luís Francisco; Wen, Yi - Núcleo de Investigação em Políticas Económicas … - 2004
increase the likelihood of indeterminacy. Payment of imported foreign factors of production may act as a semi-fixed cost …
Persistent link: https://www.econbiz.de/10005827123
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Oil Dependence and Economic Instability
Aguiar-Conraria, Luís Francisco; Wen, Yi - Núcleo de Investigação em Políticas Económicas … - 2007
indeterminacy, hence making fluctuations driven by self-fulfilling expectations easier to occur. This is demonstrated in a standard …
Persistent link: https://www.econbiz.de/10005771609
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Understanding the Impact of Oil Shocks
Aguiar-Conraria, Luís Francisco; Wen, Yi - Núcleo de Investigação em Políticas Económicas … - 2005
This paper provides new empirical evidence on and theoretical support for the close link between oil prices and aggregate macroeconomic performence in the 1970s. Although this link has been well documented in the empirical literature and is further confirmed in this paper, standard economic...
Persistent link: https://www.econbiz.de/10005827136
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Self-Fulfilling Credit Cycles
Azariadis, Costas; Kaas, Leo; Wen, Yi - 2015
In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10010531762
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Self-fulfilling credit cycles
Azariadēs, Kōstas; Kaas, Leo; Wen, Yi - 2015
In U.S. data 1981-2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10010503469
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Sentiments and Aggregate Demand Fluctuations
Benhabib, Jess - 2014
We formalize the Keynesian insight that aggregate demand driven by sentiments can generate output fluctuations under rational expectations. When production decisions must be made under imperfect information about demand, optimal decisions based on sentiments can generate stochastic...
Persistent link: https://www.econbiz.de/10013065384
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Global Indeterminacy in Locally Determinate RBC Models
Coury, Tarek - 2008
does not tell the full story. With externalities smaller than required for local indeterminacy, local analysis shows the … stable deterministic cycles. Our analysis suggests that indeterminacy is more robust than previously realized, and the …
Persistent link: https://www.econbiz.de/10012726390
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Imperfect Competition and Indeterminacy of Aggregate Output
Wen, Yi - 2007
This paper shows imperfect competition can lead to indeterminacy in aggregate output in a standard DSGE model with … imperfect competition. Indeterminacy arises in the model from the composition of aggregate output. In sharp contrast to the … indeterminacy literature pioneered by Benhabib and Farmer [3] and Gali [19], indeterminacy in our model is global; hence it is more …
Persistent link: https://www.econbiz.de/10012731847
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Imperfect Competition and Sunspots
Wang, Pengfei - 2006
This paper shows that imperfect competition can be a rich source of sunspots equilibria and coordination failures. This … stochastic (sunspots) equilibria that are not mere randomizations over fundamental equilibria. Markup is always counter …-cyclical in sunspots equilibria, which is consistent with empirical evidence. The paper provides a justification for exogenous …
Persistent link: https://www.econbiz.de/10012733977
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Self-Fulfilling Credit Cycles
Azariadis, Costas; Kaas, Leo; Wen, Yi - Fachbereich Wirtschaftswissenschaften, Universität Konstanz - 2015
In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10011220715