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The Monetary Transmission Mechanism
Benhabib, Jess; Farmer, Roger E.A. - In: Review of Economic Dynamics 3 (2000) 3, pp. 523-550
Recent literature on structural vector autoregressions has attempted to identify the effects on the economy of an increase in the stock of money. This work has led to a broad concensus. Initially, an increase in money leads to an increase in economic activity. Output and employment go up, the...
Persistent link: https://www.econbiz.de/10005069639
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Indeterminacy and Sector-specific Externalities
Benhabib, Jess; Farmer, Roger E A - C.E.P.R. Discussion Papers - 1996
technologies for both sectors identical, for expositional simplicity, we show that indeterminacy can easily occur for parameter …
Persistent link: https://www.econbiz.de/10005662407
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Money in a Real Business Cycle Model
Farmer, Roger E A - C.E.P.R. Discussion Papers - 1997
This paper constructs a real business cycle model in which real money balances yield utility. We calibrate the model to fit the first moments of US data and simulate a set of impulse response functions that are generated by the model for GDP, the rate of interest, money growth and real balances....
Persistent link: https://www.econbiz.de/10005792311
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Indeterminancy and Sunspots with Constant Returns
Benhabib, Jess; Nishimura, Kazuo - C.V. Starr Center for Applied Economics, Department of … - 1996
We show that indeterminacy can easily arise in multi-sector models that have constant variable returns to scale and … indeterminacy, and which have been criticized on the basis of recent empirical estimates indicating that returns to scale are … sunspots, using standard parametrizations to produce a close match to the moments of aggregate consumption, investment, output …
Persistent link: https://www.econbiz.de/10005826880
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Rational macroeconomic learning in linear expectational models
Holden, Tom - Volkswirtschaftliche Fakultät, … - 2008
Abstract: The partial information rational expectations solution to a general linear multivariate expectational macro-model is found when agents are uncertain about the true values of the model’s parameters. Necessary and sufficient conditions for convergence to the full information rational...
Persistent link: https://www.econbiz.de/10005837039
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Computing Sunspots in Linear Rational Expectations Models
Lubik, Thomas; Schorfheide, Frank - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005345369
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Indeterminacy and Sector-Specific Externalities
Benhabib, Jess; Farmer, Roger E.A. - C.V. Starr Center for Applied Economics, Department of … - 1996
Persistent link: https://www.econbiz.de/10005168651
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Demand, credit and macroeconomic dynamics: A microsimulation model
Meijers H.H.M.; Nomaler Z.O.; Verspagen B. - United Nations University-Maastricht Economic Research … - 2014
We develop a microsimulation model for the macroeconomic business cycle. Our model is based on three main ideas i we want to specify how macroeconomic coordination is achieved without a dominating influence of price mechanisms, ii we want to incorporate the stock-flow-consistent approach that...
Persistent link: https://www.econbiz.de/10010856409
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Skepticism About Minsky's Financial Instability Hypothesis: A Comment on Flanders
White, Lawrence H. - In: Econ Journal Watch 12 (2015) 1, pp. 106-113
June Flanders (2015) provides a useful introduction to Hyman Minsky’s views on banking and macroeconomics. Minsky’s “financial instability hypothesis” (FIH) basically says that debt-based intermediation does not enable intertemporal equilibrium but rather self-generates boom and bust...
Persistent link: https://www.econbiz.de/10011152481
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It's Not a Minsky Moment, It's a Minsky Era, Or: Inevitable Instability
Flanders, M. June - In: Econ Journal Watch 12 (2015) 1, pp. 84-105
The paper aims to expose economists at large to the work of Hyman Minsky. The popular term ‘Minsky Moment’ is somewhat misleading, for he perceived not a moment but an era of instability and governmental management at the brink of crisis. His model incorporates explicitly money and the...
Persistent link: https://www.econbiz.de/10011152484