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This paper investigates the effects of introducing imperfect competition in an international business cycle model. We provide some international evidence on markups and analyze the implicactions of increasing returns to scale and monopolistic competition for the effects and the international...
Persistent link: https://www.econbiz.de/10005697717
Modern Business cycle theory involves developing models that explain stylized facts. For this strategy to be success, these facts should be we established. In this paper, we focus on the stylized facts of international business cycles.
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Multi-countru models have not been very successful in replicating features of the international transmission of business cycles. Standard models predict cross-country correlations of output and consumption which are respectively too low and loo high. In this paper, we built a multi-country model...
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This paper constructs a simple model of home productions that demonstrates the connection between the intertemporal elasticity of substitution in market consumption (IES) and the static elasticity of substitution between home and market consumption (SES). Understanding this connection is...
Persistent link: https://www.econbiz.de/10005245628
In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in reproducing the dynamic behavior of an economy following structural shocks is still...
Persistent link: https://www.econbiz.de/10005264045