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Heterogeneous expectations, indeterminacy, and postwar US business cycles

Ilabaca, Francisco; Milani, Fabio - 2020

postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … windows and allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large … the sample. The results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while …

Persistent link: https://www.econbiz.de/10012200338

Monetary policy and sentiment-driven fluctuations

Chan, Jenny - 2020

Persistent link: https://www.econbiz.de/10012501082

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

R&D expenditure in G7 countries and implications for endogenous fluctuations and growth

Wälde, Klaus; Woitek, Ulrich - 2003

Persistent link: https://www.econbiz.de/10001757712

Capital accumulation and employment cycles in a model of creative destruction

Palokangas, Tapio K. - 2003

A Schumpeterian growth model is constructed for an economy with wage bargaining. It is shown that the economy is subject to cycles in which capital, output and employment vary in fixed proportion. These increase through saving and capital accumulation until a new technology is introduced, at...

Persistent link: https://www.econbiz.de/10001740665

Output Gaps

Kiley, Michael T. - 2011

What is the output gap? There are many definitions in the economics literature, all of which have a long history. I discuss three alternatives: the deviation of output from its long-run stochastic trend (i.e., the "Beveridge-Nelson cycle"); the deviation of output from the level consistent with...

Persistent link: https://www.econbiz.de/10014184879

Technology Shocks, Statistical Models, and the Great Moderation

Fuentes-Albero, Cristina - 2015

In this paper we compare the cyclical features implied by an RBC model with two technology shocks under several statistical specifications for the stochastic processes governing technological change. We conclude that while a trend-stationary model accounts better for the observed volatilities, a...

Persistent link: https://www.econbiz.de/10014049832

Consumption–Leisure Trade‐Offs and Persistency in Business Cycles

Barañano, Ilaski; Moral, Paz - 2013

This paper studies whether non‐separabilities between consumption and leisure may help to explain the observed persistence in GNP growth. We consider an extended version of Lucas's (1988) human capital investment model that includes labour adjustment costs and compare its performance under...

Persistent link: https://www.econbiz.de/10014155979

Robust Cyclical Growth

Mukherji, Anjan - 2003

The stability of cyclical growth within the context of a model in Matsuyama (1999) is examined. It is shown that but for an extreme situation, the two-cycles are unique and a range of parameter values which imply the stability of such cyclical growth is derived. The growth enhancing property of...

Persistent link: https://www.econbiz.de/10014076807

Endogenous Cycles in a Simple Model with Lagged Externalities on Productivity

Nishida, Keigo - 2020

This paper presents a simple model of endogenous cycles. In the model, working experience creates learning‐by‐doing externalities that improve labor productivity but it takes long time before the externalities come into effect. In addition, individuals have preferences with a subsistence...

Persistent link: https://www.econbiz.de/10014098581