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Una evaluación de la efectividad y el impacto en el bienestar de los controles de capital en Colombia
Poveda, Daniel; Hamann, Franz - UNIVERSIDAD DE LOS ANDES-CEDE - 2013
El objetivo de este trabajo es responder dos preguntas de política relacionadas con el uso de un depósito no remunerado como forma de control de capitales en una economía pequeña y abierta como la colombiana: ¿Son un instrumento efectivo para reducir el endeudamiento externo de los agentes...
Persistent link: https://www.econbiz.de/10010796058
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A Toolbox for the Numerical Study of Linear Dynamic Rational Expectations Models
Oviedo, P. Marcelo - Department of Economics, Iowa State University - 2005
By simplifying the computational tasks and by providing step-by-step explanations of the procedures required to study a linear dynamic rational expectations (LDRE) model, this paper and the accompanying ``LDRE Toolbox" of Matalb functions guide a researcher with almost no experience in...
Persistent link: https://www.econbiz.de/10005433265
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The Welfare Cost of Business Cycles in an Economy with Non-Clearing Markets
Portier, Franck; Puch, Luis - C.E.P.R. Discussion Papers - 2004
In this Paper we measure the welfare cost of fluctuations in a simple representative agent economy with non-clearing markets. The market friction we consider involves price rigidities and a voluntary exchange-rationing scheme. These features are incorporated into an otherwise standard...
Persistent link: https://www.econbiz.de/10005661781
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Cyclical asset returns in the consumption and investment goods sector
Heer, Burkhard; Maussner, Alfred; Süssmuth, Bernd - 2013
We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we consider a standard two-sector real-business cycle model with...
Persistent link: https://www.econbiz.de/10009786095
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Business cycle uncertainty and economic welfare revisited
Heiberger, Christopher; Maußner, Alfred - 2018 - Preliminary version
Cho, Cooley, and Kim (RED, 2015) (CCK) consider the welfare effects of removing multiplicative productivity shocks from real business cycle models. In a model that admits an analytical solution they argue convincingly that the positive welfare effect of removing uncertainty can be dominated by a...
Persistent link: https://www.econbiz.de/10011881736
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Productivity, energy prices, and the great moderation: A new link
Dhawan, Rajeev; Jeske, Karsten; Silos, Pedro - 2008
We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a joint stochastic process for the energy price and TFP and establish that until the second quarter of 1982, energy prices negatively affected productivity. This spillover has...
Persistent link: https://www.econbiz.de/10010292361
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A Bayesian dynamic stochastic general equilibrium model of stock market bubbles and business cycles
Miao, Jianjun; Wang, Pengfei; Xu, Zhiwei - In: Quantitative economics : QE ; journal of the … 6 (2015) 3, pp. 599-635
We present an estimated dynamic stochastic general equilibrium model of stock market bubbles and business cycles using Bayesian methods. Bubbles emerge through a positive feedback loop mechanism supported by self-fulfilling beliefs. We identify a sentiment shock that drives the movements of...
Persistent link: https://www.econbiz.de/10011757753
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On the Transition from Instantaneous to Time-Lagged Capital Accumilation: The Case of Leontief Type Production Functions
Winkler, Ralph; Brandt-Pollmann, Ulrich; Moslener, Ulf; … - 2005
We formulate an optimal control capital accumulation model with a Leontief-type production function and an exogenously given time-lag between investment and the accumulation of the capital stock, to analyze the qualitative and quantitative influence of time-lags on the system dynamics. As known...
Persistent link: https://www.econbiz.de/10010297437
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The short- and long-run damages of fiscal austerity : Keynes beyond Schumpeter
Dosi, Giovanni; Napoletano, Andrea; Roventini, Andrea; … - 2014
In this work we analyze the short- and long-run effects of fiscal austerity policies, employing an agent-based model populated by heterogeneous, boundedly-rational firms and banks. The model, in line with the family of "Keynes+Schumpeter" formalism, is able to account for a wide array of macro...
Persistent link: https://www.econbiz.de/10010437048
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A Divide and Conquer Algorithm for Exploiting Policy Function Monotonicity
Gordon, Grey - 2017
A divide and conquer algorithm for exploiting policy function monotonicity is proposed and analyzed. To solve a … discrete problem with n states and n choices, the algorithm requires at most n log2(n) 5n objective function evaluations. In … algorithm exploiting monotonicity in two state variables allows for even more efficient solutions. The algorithm can also be …
Persistent link: https://www.econbiz.de/10012953080