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A Real-Business-Cycle model with pollution and environmental taxation: the case of Bulgaria
Vasilev, Aleksandar - In: Journal of Environmental Economics and Policy 7 (2018) 4, pp. 441-451
"environmental" output tax levied on the polluting firm's output, as well as the effect of government spending on pollution abatement … over the cycle. In particular, a positive shock to pollution emission in the model works like a positive technological …, but less so along the environmental dimension, so more research is needed to understand the aggregate effects of pollution. …
Persistent link: https://www.econbiz.de/10011848959
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Optimal fiscal policy with environmental tax and pollution-abatement spending in a model with utility-enhancing environmental quality: lessons from Bulgaria
Vasilev, Aleksandar - In: Macroeconomics and Finance in Emerging Market Economies 12 (2019) 1, pp. 24-35
presence of pollution, and evaluated it relative to the exogenous (observed) one in Bulgaria, an economy with a largely …
Persistent link: https://www.econbiz.de/10011905197
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Optimal fiscal policy with environmental tax and abatement spending in a model with pollution and utility-enhancing environmental quality: the case of Bulgaria
Vasilev, Aleksandar - 2018
presence of pollution, and evaluated it relative to the exogenous (observed) one in Bulgaria, an economy with a largely …
Persistent link: https://www.econbiz.de/10011804073
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Heterogeneity in macroeconomics and the minimal econometricinterpretation for model comparison
Cozzi, Marco - 2014
This paper formally compares the fit of various versions of the incomplete markets model with aggregate uncertainty, relying on a simple Bayesian empirical framework. The models differ in the degree of households' heterogeneity, with a focus on the role of preferences. For every specification,...
Persistent link: https://www.econbiz.de/10011380826
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Aging, the Great Moderation and Business-Cycle Volatility in a Life-Cycle Model
Heer, Burkhard; Rohrbacher, Stefan; Scharrer, Christian - 2014
According to empirical studies, the life cycle of labor supply volatility exhibits a U-shaped pattern. This may lead to the conclusion that demographic change induces a drop in output volatility. We present an overlapping generations model that replicates the empirically observed pattern and...
Persistent link: https://www.econbiz.de/10010333382
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The Krusell-Smith Algorithm: Are Self-fulfilling Equilibria Likely?
Cozzi, Marco - 2014
I investigate whether the popular Krusell and Smith algorithm used to solve heterogeneousagent economies with aggregate uncertainty and incomplete markets is likely to be subject to multiple self-fulfilling equilibria. In a benchmark economy, the parameters representing the equilibrium aggregate...
Persistent link: https://www.econbiz.de/10010368279
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Computation of business-cycle models with the Generalized Schur Method
Heer, Burkhard; Maußner, Alfred - 2009
We describe an algorithm that is able to compute the solution of a singular linear difference system under rational expectations. The algorithm uses the Generalized Schur Factorization and is illustrated by a simple example.
Persistent link: https://www.econbiz.de/10010275804
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Adverse selection, risk sharing and business cycles
Veracierto, Marcelo - 2014
I consider a real business cycle model in which agents have private information about an idiosyncratic shock to their value of leisure. I consider the mechanism design problem for this economy and describe a computational method to solve it. This is an important contribution of the paper since...
Persistent link: https://www.econbiz.de/10011460676
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Lumpy labor adjustment as a propagation mechanism of business cycles
Yao, Fang - 2008
I explore the aggregate effects of micro lumpy labor adjustment in a prototypical RBC model, which embeds a stochastic labor duration mechanism in the spirit of Calvo(1983), and it extends this approach by introducing a Weibull-distributed labor adjustment process to capture the increasing...
Persistent link: https://www.econbiz.de/10010263744
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Comparing solution methods for DSGE models with labor market search
Lan, Hong - 2014
I compare the performance of solution methods in solving a standard real business cycle model with labor market search frictions. Under the conventional calibration, the model is solved by the projection method using the Chebyshev polynomials as its basis, and the perturbation methods up to...
Persistent link: https://www.econbiz.de/10010427067