Through an estimated and calibrated DSGE model with imperfect competition and nominal rigidities, this work aims to assess the dynamic effects of exogenous perturbations in a small open economy to provide a prescription of a simple monetary policy rule associated with the minimal welfare losses...

This paper analyses fluctuations in the economic efficiency in 15 European countries over more than a period of three decades, between 1970s and 2000s, using movements in the wedge between the marginal rate of substitution between leisure and consumption, and the marginal product of labour as a...

This study employs a sign-restricted Bayesian structural vector autoregressive (BSVAR) model to analyse how global demand, oil price and the US monetary policy shocks impact the Nigerian business cycle. The objective is to uncover the dominant external drivers of the business cycle in Nigeria....

Most notable claims linking events on Earth with solar cycle phases relate to solar maximums. Cyclical maximums of solar activity could be associated with economic recessions (W.S.Jevons) or revolutions (A.L.Chizhevsky). However, both the diminishing magnitude of solar cycles and the recent...

The currently unfolding solar cycle 25 reached its maximum on or about October 2024. According to long-standing theoretical claims, cyclical maximums of solar activity could be associated with economic recessions (W.S.Jevons), revolutions and migration (A.L.Chizhevsky). And indeed, several of...

We suggest use continuous numerical risk grades [0,1] of R for a single risk or the unit cube in Rn for n risks as the economic domain. We consider risk ratings of economic agents as their coordinates in the economic domain. Economic activity of agents, economic or other factors change agents...

The aim of the study is to evaluate business cycle synchronization in the EU economies including determination of the impact of the global financial and economic recession of the years 2007-2009. In general, the economic recession can be understood as one of the phase of the global business...

The business cycles of advanced economies are synchronized. Standard macro models fail to explain that fact. This paper presents a simple model of a two-country, two-traded-good, complete-financial-markets world in which country-specific productivity shocks generate business cycles that are...

This paper revisits the empirical relationship between volatility and long-run growth, but the key contribution lies in decomposing growth volatility into its business-cycle and trend components. This volatility decomposition also accounts for enormous heterogeneity among countries in terms of...

This paper analyzes the effects of the high economic openness of West African economies coupled with liability dollarization, on their economic activities. By using a dynamic stochastic general equilibrium model in a small open economy framework, and performing an experiment based on a case of...