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Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles
Burda, Michael C.; Weder, Mark - 2001
persistence than standard RBC models and can exhibit indeterminacy of rational expectations paths without increasing returns in …
Persistent link: https://www.econbiz.de/10010310356
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Aggregate Stability and Balanced-Budget Rules
Ghilardi, Matteo; Rossi, Raffaele - International Monetary Fund (IMF) - 2014
model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule … labour and capital below unity. We show that compared to the Cobb-Douglas case, the likelihood of indeterminacy under a …
Persistent link: https://www.econbiz.de/10010790380
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Economies of scale in banking, confidence shocks, and business cycles
Dressler, Scott J. - Volkswirtschaftliche Fakultät, … - 2009
This paper quantitatively investigates equilibrium indeterminacy due to economies of scale (ES) in financial … calibrated to match US data: (i) indeterminacy arises for small degrees of ES; (ii) sunspot shocks qualitatively resemble …
Persistent link: https://www.econbiz.de/10005837365
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Variety Matters
Weder, Mark; Pavlov, Oscar - School of Economics, University of Adelaide - 2011
Countercyclical markups are a key transmission mechanism in many endogenous business cycle models. Yet, recent findings suggest that aggregate markups in the US are procyclical. The current model adresses this issue. It extends Gali's (1994) composition of aggregate demand model by endogenous...
Persistent link: https://www.econbiz.de/10009019155
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Variety Matters
Pavlov, Oscar; Weder, Mark - Centre for Dynamic Macroeconomic Analysis, University … - 2011
Countercyclical markups are a key transmission mechanism in many endogenous business cycle models. Yet, recent findings suggest that aggregate markups in the US are procyclical. The current model addresses this issue. It extends Gall's (1994) composition of aggregate demand model by endogenous...
Persistent link: https://www.econbiz.de/10009019476
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Indeterminacy with Constant Money Growth Rules and Income-Based Liquidity Constraints
Bosi, Stefano; Dufourt, Frédéric - Centre d'Études des Politiques Économiques (EPEE), … - 2005
inclusion of investment has dramatic, but contrasting, effects on the range of values giving rise to indeterminacy. First, it …
Persistent link: https://www.econbiz.de/10010655968
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Do habits generate endogenous fluctuations in a growing economy?
Park, Hyun - In: International Review of Economics & Finance 27 (2013) C, pp. 54-68
. Indeterminacy also emerges in the socially efficient second-best allocation even when the government intends to internalize habit …
Persistent link: https://www.econbiz.de/10010664340
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Variety matters
Pavlov, Oscar; Weder, Mark - In: Journal of Economic Dynamics and Control 36 (2012) 4, pp. 629-641
Countercyclical markups are a key transmission mechanism in many endogenous business cycle models. Yet, recent findings suggest that aggregate markups in the US are procyclical. The current model addresses this issue. It extends Galí's (1994) composition of aggregate demand model by endogenous...
Persistent link: https://www.econbiz.de/10011051990
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Economies of Scale in Banking, Confidence Shocks, and Business Cycles
Dressler, Scott J.; Kersting, Erasmus K. - Economics Department, School of Business - 2012
Equilibrium indeterminacy due to economies of scale (ES) in financial intermediation is quantitatively examined in a … various assumptions on nominal rigidities and the timing of deposit decisions. The results suggest that indeterminacy arises …
Persistent link: https://www.econbiz.de/10011093707
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Product Scope and Endogenous Fluctuations
Weder, Mark; Pavlov, Oscar - School of Economics, University of Adelaide - 2015
Recent empirical evidence suggests that product creation is pro-cyclical and it occurs largely within existing firms. Motivated by these findings, the current paper investigates the role of intra-firm product scope choice in a general equilibrium economy with oligopolistic producers. We show...
Persistent link: https://www.econbiz.de/10011184657