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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
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R&D expenditure in G7 countries and implications for endogenous fluctuations and growth
Wälde, Klaus; Woitek, Ulrich - 2003
The literature on endogenous growth cycles predicts countercyclical R&D expenditure. Aggregate R&D expenditure in G7 countries from 1973 to 1997 seems to be procyclical. Implications for future theoretical research are discussed.
Persistent link: https://www.econbiz.de/10010305421
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On the estimation of the volatility-growth link : conference paper
Launov, Andrey; Posch, Olaf; Wälde, Klaus - 2013
It is common practice to estimate the volatility-growth link by specifying a standard growth equation such that the variance of the error term appears as an explanatory variable in this growth equation. The variance in turn is modelled by a second equation. Hardly any of existing applications of...
Persistent link: https://www.econbiz.de/10010341161
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R&D expenditure in G7 countries and implications for endogenous fluctuations and growth
Wälde, Klaus; Woitek, Ulrich - 2003
The literature on endogenous growth cycles predicts countercyclical R&D expenditure. Aggregate R&D expenditure in G7 countries from 1973 to 1997 seems to be procyclical. Implications for future theoretical research are discussed.
Persistent link: https://www.econbiz.de/10010506641
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Business Cycle during Structural Change : Arthur Lewis' Theory from a Neoclassical Perspective
Storesletten, Kjetil - 2019
We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP.During booms, employment in agriculture declines while labor productivity increases...
Persistent link: https://www.econbiz.de/10012863612
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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
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Estimating the output gap after COVID : an application to Colombia
Granados, Camilo; Parra-Amado, Daniel - 2023
This study examines whether and how important it is to adjust output gap frameworks during the COVID-19 pandemic and similar unprecedentedly large-scale episodes. Our proposed modelling framework comprises a Bayesian Structural Vector Autoregresion with an identification setup based on a...
Persistent link: https://www.econbiz.de/10014232751
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Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment
Aghion, Philippe; Banerjee, Abhijit V.; Angeletos, … - 2015
We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it...
Persistent link: https://www.econbiz.de/10014028049
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How large are hysteresis effects? : estimates from a Keynesian growth model
Fazzari, Steven M.; González, Alejandro - 2023
This paper estimates a demand-led model of macroeconomic growth and fluctuations in which the growth rate of the economy's supply side converges to the growth rate of demand. Convergence happens because labor supply and productivity growth respond to the degree of slack in the economy. Faster...
Persistent link: https://www.econbiz.de/10014327475
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Do Technology Spillovers Matter for Growth?
Rensman, Marieke; Kuper, Gerard H. - 1998
This paper attempts to explain the growth of labour productivity through (inter)national spillovers from R&D and patenting. We develop a model that is tested for Germany, France, the United Kingdom and the United States of America using a new set of panel data for the period 1955 until 1991. The...
Persistent link: https://www.econbiz.de/10014209999