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Hintermaier, Thomas - 2004

Calibrated models of the business cycle typically assume a certain frequency at which economic agents take decisions. In this paper I show that the local stability properties of dynamic stochastic general equilibrium macro models may depend on the length of a period in the model economy. This...

Persistent link: https://www.econbiz.de/10010293732

News versus sunspot shocks in a New Keynesian model

Karnizova, Lilia - 2010

Separately, news and sunspot shocks have been shown empirically to be determinants of changes in expectations. This paper considers both of them together in a simple New Keynesian monetary business cycle model. A full set of rational expectations solutions is derived analytically. The analytical...

Persistent link: https://www.econbiz.de/10010300024

News versus sunspot shocks in a New Keynesian model

Karnizova, Lilia - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-19, pp. 1-27

Persistent link: https://www.econbiz.de/10010300732

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 … allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large shares of agents … results conﬁrm that macroeconomic data in the early windows are better explained by indeterminacy, while determinacy is …

Persistent link: https://www.econbiz.de/10012207989

A finite set of equilibria for the indeterminacy of linear rational expectations models

Chatelain, Jean-Bernard; Ralf, Kirsten - 2014

This paper demonstrates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational …

Persistent link: https://www.econbiz.de/10010378075

Determinacy with Capital Adjustment - Costs and Sector-Specific Externalities

Herrendorf, Berthold; Valentinyi, Akos - 2000

This paper explores the stability properties of the steady state in the standard two-sector real business cycle model with a sector-specific externality in the capital-producing sector. When the steady state is stable then equilibrium is indeterminate and stable sunspots are possible. We find...

Persistent link: https://www.econbiz.de/10010494267

Unemployment and indeterminacy

Nakajima, Tomoyuki - 2003

Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is … indeterminacy. Our result is based on the fact that the no-shirking condition with marginal utility ofw ealth kept constant is …

Persistent link: https://www.econbiz.de/10010318962

Habit formation and indeterminacy in overlapping generations models

Orrego, Fabrizio - In: Economic theory : official journal of the Society for … 55 (2014) 1, pp. 225-241

Persistent link: https://www.econbiz.de/10010235850

Sunspot fluctuations in two-sector models : new results with additively separable preferences

Dufourt, Frédéric; Nishimura, Kazuo; Venditti, Alain - In: International journal of economic theory 12 (2016) 1, pp. 67-83

Persistent link: https://www.econbiz.de/10011441025

A finite set of equilibria for the indeterminacy of linear rational expectations models

Chatelain, Jean-Bernard; Ralf, Kirsten - 2014

This paper demonstrates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational …

Persistent link: https://www.econbiz.de/10011525764