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Dong, Feng; Wen, Yi - 2018

We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the enriched N-sector...

Persistent link: https://www.econbiz.de/10011911508

The monetary economy and the economic crisis

Laidler, David E. W. - 2011 - Revised, January 2011

The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium … trading at "false" prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …

Persistent link: https://www.econbiz.de/10011708307

GREATER OR REDUCED ECONOMIC FREEDOM? CONSEQUENCES FOLLOWING FROM CONTEMPORARY ECONOMIC CRISIS

Wojciech, Jarecki - In: Oeconomia Copernicana 4 (2013) 4, pp. 7-17

The paper is aimed at stating if economic crisis observed during the period 2007-2009 will give rise to greater or reduced economic freedom. Seeking the answer to this question, Economic Freedom Index developed by Fraser Institute during the period 2007-2010 was subject to analysis. The research...

Persistent link: https://www.econbiz.de/10011273778

On Measuring the Effects of Fiscal Policy in Recessions

Parker, Jonathan A. - In: Journal of Economic Literature 49 (2011) 3, pp. 703-18

linearized (or close-to-linear) dynamic stochastic general equilibrium (DSGE) models. Our lack of knowledge also reflects a lack … nonlinear models using aggregate data can be addressed by exploiting estimates of partial-equilibrium responses in disaggregated … data. Microeconomic estimates of the partial-equilibrium causal effects of a policy can discipline the causal channels …

Persistent link: https://www.econbiz.de/10009322594

Section 2 Enforcement and the Great Recession : Why Less (Enforcement) Might Mean More (GDP)

Meese, Alan J. - 2019

Section 2 of the Sherman Act bans monopolization of any part of interstate commerce. This essay draws on macroeconomic theory and the New Deal experience with partial repeal of the antitrust laws and cartelization of labor to examine the relationship between macroeconomic stability and the...

Persistent link: https://www.econbiz.de/10014168446

When Does Heterogeneity Matter?

Wen, Yi - 2009

How do movements in the distribution of income affect the macroeconomy? Krusell and Smith (1998) analyzed this question in a neoclassical growth model, and their results show that the representative-agent assumption provides a good approximation for aggregate behaviors of heterogeneous agents....

Persistent link: https://www.econbiz.de/10014207876

Business Cycles... Without Productivity Shocks

Busato, Francesco - 2003

fairly well the main aspects of actual fluctuations for the US economy into a two-sector general equilibrium model aggregate … equilibrium model with where fluctuations are demand driven. This analysis, thus, brings together real business cycle theory into …

Persistent link: https://www.econbiz.de/10014087427

Peculiar Results and Theoretical Inconsistency of New Keynesian Models

Kim, Bryce - 2015

In this paper, several flaws of the basic no-capital/labor-only New Keynesian model are discussed. Some flaws were left undiscovered because mass of varieties n in Dixit-Stiglitz aggregator is often considered as not affecting overall outcomes. Only when n=1 would ordinary results of the basic...

Persistent link: https://www.econbiz.de/10013031082

Lucas meets Baumol and Tobin

Wen, Yi - 2010

Many issues that were traditionally analyzed using the Baumol-Tobin model can also be analyzed, perhaps more easily, using the Lucas (1980) cash-in-advance model where money serves both as a medium of exchange and as a store of value. This is illustrated by three examples (implications) of the...

Persistent link: https://www.econbiz.de/10013142390

Lucas, Keynes, and the Crisis

Laidler, David - University of Western Ontario, Department of Economics - 2009

This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications...

Persistent link: https://www.econbiz.de/10005039609