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Ecology, economics, and network dynamics

Hastings, Harold M.; Young-Taft, Tai; Tsen, Chih-Jui - 2020

In a seminal 1972 paper, Robert M. May asked: "Will a Large Complex System Be Stable?" and argued that stability (of a … describe highlights in the development of our present understanding of stability and complexity in network systems, in order to …

Persistent link: https://www.econbiz.de/10012291950

The Role of Policymakers in Business Cycle Fluctuations

Granato, James S.; Wong, M. C. Sunny - 2003

conditions and explore the possibility under which a policy tack that targets inflation stability, output stability, or both, can … efficient business cycle outcomes (inflation and output stability). We find that there is a range of inflation and output target … indicate that IOCS only applies to inflation and output stability, and that implementing IOCS targeting procedures creates …

Persistent link: https://www.econbiz.de/10014102995

Comovement : It's Not a Puzzle

DiCecio, Riccardo - 2005

A defining feature of business cycles is the comovement of inputs at the sectoral level with aggregate activity. Standard models cannot account for this phenomenon. This paper develops and estimates a two-sector dynamic general equilibrium model which can account for this key regularity. My...

Persistent link: https://www.econbiz.de/10014064194

Recursive equilibrium in Krusell and Smith (1998)

Cao, Dan Vu - 2018

This paper uses the tools developed in the literature on dynamically incomplete markets with finite agents to study the large economy with a continuum of agents and both aggregate and idiosyncratic shocks in Krusell and Smith (1998). It establishes the existence of sequential competitive...

Persistent link: https://www.econbiz.de/10011919029

Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model : The Unit of Account, Inflation, Leverage, and Financial Fragility

Hannsgen, Greg - 2015

economies possess a property that he called “the instability of stability,” and (2) solution pathways exist and are unique …

Persistent link: https://www.econbiz.de/10013021745

Issues on the Measurement of the Solow Residual and the Testing of its Exogeneity : A Tale of Two Countries

Paquet, Alain; Robidoux, Benoit - 1998

Using aggregate U.S. and Canadian data, this paper examines the implications for the empirical assessment of market structure and exogeneity of productivity shocks of correcting the Solow residual for variation in capacity utilization. In contrast to most studies, not accounting for capacity...

Persistent link: https://www.econbiz.de/10014089031

Heterogeneous Productivity Shocks, Elasticity of Substitution and Aggregate Fluctuations

Moro, Alessio; Stucchi, Rodolfo - 2011

We use a Dixit-Stiglitz setting to show that aggregate productivity fluctuations can be generated through changes in the dispersion of firms’ productivity. When the elasticity of substitution among goods is larger than one, an increase in the dispersion raises aggregate productivity because...

Persistent link: https://www.econbiz.de/10014181886

Tuning in RBC Growth Spectra

Benk, Szilárd - 2017

For US postwar data, the paper explains central consumption, labor, investment and output correlations and volatilities along with output growth persistence by including a human capital investment sector and a variable physical capital utilization rate. Strong internal "amplication" results from...

Persistent link: https://www.econbiz.de/10012966555

Interest premium and economic growth: the case of CEE

Baksa, Dániel; Kónya, István - 2017

This paper views the growth and convergence process of the four Visegrad economies - the Czech Republic, Hungary, Poland and Slovakia - through the lens of the open economy, stochastic neoclassical growth model. We use a unified framework to understand both the long-run convergence path and...

Persistent link: https://www.econbiz.de/10011686350

Interpolation and Shock Persistence of Prewar U.S. Macroeconomic Time Series : A Reconsideration

Dezhbakhsh, Hashem; Levy, Daniel C. - 2022

The U.S. prewar output series exhibit smaller shock-persistence than postwar-series. Some studies suggest that this may be due to linear interpolation used to generate missing prewar data. Monte Carlo simulations that support this view generate large standard-errors, making such inference...

Persistent link: https://www.econbiz.de/10013294244