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Bordes, Christian; Melitz, Jacques - C.E.P.R. Discussion Papers - 1989

On the basis of quarterly data in 1977-87 and the use of the Engle-Granger method of co-integration, we find that real and financial factors, insolvency and illiquidity, are all important, separate influences on the defaults of French firms. We capture the effect of illiquidity by constructing...

Persistent link: https://www.econbiz.de/10005504522

The Empirical Importance of Precautionary Saving

Gourinchas, Pierre-Olivier; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2001

changes in risk to fluctuations in aggregate consumption and (d) the significant impact of incomplete markets on aggregate … fluctuations in calibrated general equilibrium models. We conclude with directions for future research. …

Persistent link: https://www.econbiz.de/10005504693

Endogenous Labor Market Participation and the Business Cycle

Haefke, Christian; Reiter, Michael - Society for Computational Economics - SCE - 2006

Existing models of equilibrium unemployment with endogenous labor market participation are complex, generate procyclical unemployment rates, and suffer from the usual defects of matching models. We embed endogenous participation in a simple, tractable job market matching model, show analytically...

Persistent link: https://www.econbiz.de/10005537405

Expectations, learning and monetary policy: an overview of recent research

Evans, George W; Honkapohja, Seppo - Suomen Pankki - 2007

Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...

Persistent link: https://www.econbiz.de/10005419689

Propagation Through Endogenous Investment-Specific Technological Change

Huffman, Gregory W. - Vanderbilt University Department of Economics - 2002

Many real business cycle models lack a significant propagation mechanism. Consequently most of the serial correlation in output is inherited from the serial correlation in the exogenous shocks. A simple model is presented to show there need not be any relationship between the serial correlation...

Persistent link: https://www.econbiz.de/10005585315

Inequalities and fluctuations in a dynamic general equilibrium model

Ghiglino, Christian; Olszak-Duquenne, Marielle - In: Economic Theory 17 (2001) 1, pp. 1-24

. In particular, the existence of fluctuations is related to the degree of heterogeneity in labor and in capital endowments …

Persistent link: https://www.econbiz.de/10005597811

Technology Diffusion and Aggregate Dynamics

Andolfatto, David; MacDonald, Glenn M. - Centre de Recherche sur l'Emploi et les Fluctuations … - 1998

This paper develops and analyzes a macroeconomic model in which aggregate growth and fluctuations arise from the … and proprietary. <P> Ce papier développe et analyse un modèle macroéconomique dans lequel croissance et fluctuations sont …

Persistent link: https://www.econbiz.de/10005611945

The random-lags approach: application to a microfounded model

Bruchez, Pierre-Alain - Volkswirtschaftliche Fakultät, … - 2007

It is well known that a one-dimensional discrete-time model may yield endogenous fluctuations while this is impossible … aggregation issue. They have proposed a "random-lags approach" as a way of preserving fluctuations while relaxing the discrete … result that economies at an intermediate level of financial development may be prone to economic fluctuations continues to …

Persistent link: https://www.econbiz.de/10005619978

Errors in Time as Causes of Economic Fluctuations: An Introduction

Meacci, Ferdinando; Caldari, Katia - Volkswirtschaftliche Fakultät, … - 2007

The role of expectations and of their disappointment in determining economic fluctuations was first studied by the … fluctuations and the changes in the time structure of production. Our introduction endeavours to highlight the strengths and …

Persistent link: https://www.econbiz.de/10005621411

Depressions in the Colombian Economic Growth Durng the XX Century: A Markov Switching Regime Model

Misas, Martha; Ramírez, María Teresa - Banco de la Republica de Colombia

In this paper, we modeled the Colombian long run economic growth (1925-2003) using a tworegime first order Markov switching model. We found evidence of non-linearity in the annual rate of economic growth. The results show that changes between regimes are sudden and sporadic. The Colombian...

Persistent link: https://www.econbiz.de/10005650575