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A recent theoretical literature highlights the role of endogenous firm entry as an internal amplification mechanism of … variety effect. To this end, we estimate a medium-scale real business cycle model with firm entry for the U.S. economy. The …
Persistent link: https://www.econbiz.de/10011390479
A recent theoretical literature highlights the role of endogenous firm entry as an internal amplification mechanism of … variety effect. To this end, we estimate a medium-scale real business cycle model with firm entry for the U.S. economy. The … parameter governing the competition and variety effect is estimated to be statistically significant. We find that firm entry …
Persistent link: https://www.econbiz.de/10010233105
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This paper argues that Hyman Minsky's financial instability hypothesis weaves together a medium term Keynesian approach to the business cycles in the spirit of Samuelson (1936) and Hicks (1950) with long cycle thinking of economists such as Schumpeter (1939) and Kondratieff. Post Keynesians have...
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The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007 / 2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also...
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