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The Golden Mean, the Arab Spring and a 10-Step Analysis of American Economic History

Albers, Scott A.; Albers, Andrew L. - 2014

The Long-Wave theories of Nikolai Kondratiev and others claim to find mathematic waves in economic and other social data which are at present in dispute. Currently the theory is considered outside the scope of mainstream economics under several rationales. Despite the lack of mainstream...

Persistent link: https://www.econbiz.de/10014178277

Fiscal Volatility Shocks and Economic Activity

Fernández-Villaverde, Jesús; Guerrón-Quintana, Pablo; … - 2011

We study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal deficits and public debt have risen sharply in the wake of the financial crisis. While these developments make fiscal consolidation inevitable, there is considerable uncertainty about...

Persistent link: https://www.econbiz.de/10014178835

Adjustment Costs in a Two-Capital Growth Model

Duczynski, Petr - 2000

The paper analyzes the convergence dynamics of a log-linearized open-economy neoclassical growth model under the assumptions of large adjustment costs for human capital investment, moderate adjustment costs for physical capital investment, and perfect capital mobility. The model can be...

Persistent link: https://www.econbiz.de/10014182709

The Economics of Jubilation - Blinking Adam’s Fallacy Away

Gorga, Carmine - 2009

A system of thought allowed for the free market price of land to cyclically go down to zero. This is the economics of Moses. The economics of Jesus is a restatement of the economics of Moses. The first was applied during Biblical times and the latter, united with Aristotle’s thought and...

Persistent link: https://www.econbiz.de/10014202651

The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data

Carvalho, Carlos; Dam, Niels Arne - 2010

Using only aggregate data as observables, we estimate multi-sector sticky-price models for twelve countries, allowing the degree of price stickiness to vary across sectors. We use a specification that allows us to extract information about the underlying cross-sectional distribution from...

Persistent link: https://www.econbiz.de/10014213106

Technology (and Policy) Shocks in Models of Endogenous Growth

Jones, Larry; Manuelli, Rodolfo; Stacchetti, Ennio - 2008

Our objective is to understand how fundamental uncertainty can affect the long-run growth rate and what factors determine the nature of the relationship. Qualitatively, we show that the relationship between volatility in fundamentals and policies and mean growth can be either positive or...

Persistent link: https://www.econbiz.de/10014215791

On the Presence of News in a Hybrid Model of the Yield Curve

Davis, Joshua Mark - 2008

-equation restrictions of a structural dynamic stochastic general equilibrium model into an affine macro-factor model of interest rates. News … framework. Bayesian model comparison and classical likelihood ratio tests confirm the presence of news in the yield curve …. Variance decompositions reveal that news shocks are responsible for a considerable amount of variation in yield curve factors …

Persistent link: https://www.econbiz.de/10014217887

Pervasive Stickiness

Mankiw, N. Gregory; Reis, Ricardo - 2006

This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model...

Persistent link: https://www.econbiz.de/10014059451

Schumpeter and the Essence of Profit

Kakarot-Handtke, Egmont - 2015

Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We...

Persistent link: https://www.econbiz.de/10014043396

Non-Neutrality of Money Under Non-Perfect Competition

Ng, Yew-Kwang - 1998

Despite the demonstration that non-perfect competition makes money possibly non-neutral (Ng 1977, 1980, 1982, 1986, 1992), economists now (e.g. Dixon and Rankin 1994) still regard additional distortions or frictions, such as menu costs, as necessary in combination with non-perfect competition,...

Persistent link: https://www.econbiz.de/10014109450