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Expectation driven business cycles with limited enforcement
Walentin, Karl - 2009
We explore the implications of shocks to expected future productivity in a setting with limited enforcement of financial contracts. As in Lorenzoni andWalentin (2007) optimal financial contracts under limited enforcement imply that to obtain external finance firms have to post collateral in...
Persistent link: https://www.econbiz.de/10010320759
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Money velocity in an endogenous growth business cycle with credit shocks
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2007
The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks, and finds that money and credit shocks explain much of the velocity variation. The role of the shocks varies across sub-periods in an intuitive fashion. Endogenous growth is key...
Persistent link: https://www.econbiz.de/10010322477
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Money velocity in an endogenous growth business cycle with credit shocks
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2007
The explanation of velocity in neoclassical monetary business cycle models relies on a goods productivity shocks to mimic the dataís procyclic velocity feature; money shocks are not important; and the Önancial sector plays no role. This paper sets the model within endogenous growth, adds...
Persistent link: https://www.econbiz.de/10010322765
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A Banking Explanation of the US Velocity of Money: 1919-2004
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009
money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. …
Persistent link: https://www.econbiz.de/10010494417
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A reinterpretation of the Keynesian consumption function and multiplier effect
Murota, Ryu-ichiro; Ono, Yoshiyasu - 2010
We propose a microeconomic foundation of the multiplier effect and that of the consumption function using a dynamic optimization model that explains a shortage of aggregate demand and unemployment. We show that government purchases boost aggregate demand through a multiplier-like process but...
Persistent link: https://www.econbiz.de/10010332220
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Aggregate Demand, Aggregate Supply, and Endogenous Growth: A Synthetic neo-Kaleckian Model
Palley, Thomas I. - 2010
This paper develops a neo-Kaleckian endogenous growth model that incorporates aggregate supply - demand balance and balance between labor force and employment growth. The paper explicitly models income distribution which is a critical channel whereby unemployment affects investment and growth....
Persistent link: https://www.econbiz.de/10010460491
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AS-AD in the Standard Dynamic Neoclassical Model: Business Cycles and Growth Trends
Gillman, Max - 2012
The paper shows how a dynamic neoclassical AS-AD can be derived and used to describe business cycles and growth trends to undergraduates. Derived within the Ramsey-Cass-Koopmans (RCK) model, the AS-AD is the stationary equilibrium of the deterministic dynamic general equilibrium framework....
Persistent link: https://www.econbiz.de/10010494523
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Do News Shocks Drive Business Cycles? Evidence from German Data
Lucke, Bernd; Haertel, Thomas - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-10, pp. 1-21
We study the Beaudry and Portier (2006)-hypothesis of delayed-technology diffusion and news-driven business cycles. For German data on TFP and stock prices we find qualitatively similar empirical evidence. Quantitatively, however, an impulse response analysis suggests that a substantial part of...
Persistent link: https://www.econbiz.de/10010295308
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Make vs Buy in a Monopoly with Demand or Cost Uncertainty
Lambertini, Luca - 2009
The issue of technical progress under uncertainty is nested into the debate on vertical integration vs outsourcing, to show that, in general, the former is preferable to the latter in terms of both expected profits and technological efficiency. It is then shown that there exist (i) an optimal...
Persistent link: https://www.econbiz.de/10011651565
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Measuring immigration's effects on labor demand: a reexamination of the Mariel Boatlift
Bodvarsson, Örn B.; Lewer, Joshua J.; van den Berg, … - 2007
the effects of an immigration shock on labor demand by testing a general equilibrium model in which imperfectly … substitutable native and immigrant workers spend their wages on a locally produced good. The shock induces three responses: (i) a … can fall, stay the same or rise, depending upon the strength of the shock and various product and factor market …
Persistent link: https://www.econbiz.de/10010276906