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Uncertainty and Contradiction : An Essay on the Business Cycle

Nikiforos, Michalis - 2013

The present paper presents a discussion of the forces at play behind the economic fluctuations in the medium run and their relation with the short-run macroeconomic equilibrium. The business cycle is the result of two separate phenomena. On the one hand there is the instability, which is caused...

Persistent link: https://www.econbiz.de/10013078143

Economic growth in the age of ubiquitous threats : how global risks are reshaping growth theory

Gomes, Orlando - In: Economics : the open-access, open-assessment journal 18 (2024) 1, pp. 1-15

and coherent theory of economic growth. Research in growth theory has demonstrated that significant and systematic … many obstacles that the creation of wealth may encounter. The current essay surveys cutting-edge research on growth theory …, in any case, they call for a reexamination of growth theory. …

Persistent link: https://www.econbiz.de/10014495894

Doves for the rich, hawks for the poor? : distributional consequences of monetary policy

Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016

We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of...

Persistent link: https://www.econbiz.de/10011563007

Uncertainty shocks in a model of effective demand

Basu, Susanto; Bundick, Brent - 2012

This paper examines the role of uncertainty shocks in a one-sector, representative-agent dynamic stochastic general equilibrium model. When prices are flexible, uncertainty shocks are not capable of producing business cycle comovements among key macro variables. With countercyclical markups...

Persistent link: https://www.econbiz.de/10009681238

Optimal Saving Under Poisson Uncertainty

Wälde, Klaus - 2005

This paper studies optimal saving and investment behaviour of a household that can either invest in a riskless or a risky saving technology when risk results from a Poisson process. The focus is on behaviour of households in a general equilibrium setup. Poisson processes are introduced since...

Persistent link: https://www.econbiz.de/10014062648

Uncertainty in the Housing Market : A Learning Model and Evidence from Household Survey Data

Nguyen, Huong (Vina) - 2014

This paper argues that uncertainty can lead to higher price volatility and persistent estimation errors in the housing market. Empirically, I construct a Household Sentiment Index (HSI) by applying the Case-Shiller repeat-sales estimation method to the households' survey responses in the Panel...

Persistent link: https://www.econbiz.de/10013054907

Uncertainty and Sectoral Shifts : The Interaction between Firm-Level and Aggregate-Level Shocks, and Macroeconomic Activity

Kalay, Alon - 2016

is low, based on the sectoral shift theory. Our hypotheses and empirical results show that the interactive effect of firm …

Persistent link: https://www.econbiz.de/10012998062

Optimal clean energy R&D investments under uncertainty

Marangoni, Giacomo; De Maere d'Aertrycke, Gauthier; … - 2017

The availability of technology plays a major role in the feasibility and costs of climate policy. Nonetheless, technological change is highly uncertain and capital intensive, requiring risky efforts in research and development of clean energy technologies. In this paper, we introduce a two-track...

Persistent link: https://www.econbiz.de/10011622101

The Optimal Lifetime of Assets under Uncertainty in the Rate of Embodied Technical Change

Bitros, Georgios (George) C. - 2007

This paper investigates the effects of uncertainty emanating from technological improvements on the optimal lifetime of assets. In does so in a dynamic model in which: a) technological change increases continuously the productivity of producers' durables, b) potential competition induces firms...

Persistent link: https://www.econbiz.de/10012730855

When Risks Cannot Be Seen : Regulating Uncertainty in Emerging Technologies

Bonnin Roca, Jaime - 2017

Commercializing an emerging technology that employs an immature production process can be challenging, particularly when there are many different sources of uncertainty. In industries with stringent safety requirement, regulatory interventions that ensure safety while maintaining incentives for...

Persistent link: https://www.econbiz.de/10012968679