Real Business Cycle
Germany and the European Business Cycle - An Analysis of Causal Relations in an International Real Business Cycle Model
... German business cycles on the economic fluctuations of its European neighbors, corresponds in its characteristic features to the basic real business cycle models presented in the seminal ...
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Real Business Cycle Models of the Great Depression : a Critical Survey
... Finally, on the positive side, Bordo et al. (2000) show that the sticky wage hypothesis could provide a fitting explanation of the onset of the Great Depression, within a RBC framework. In this paper, the authors build a ...
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Incomplete Information and Asset Returns in Real Business Cycle Economies
... standard real business cycle models with stochastic trends are more satisfying from an asset pricing perspective as opposed to those stationary in ...
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Inspecting the mechanism: closed-form solutions for asset prices in real business cycle models
... for real business cycle methods and Den Haan and Marcet (1994) present an accuracy ...Solving real business cycle models using linearization has a long history; see, ...
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Eductive Stability in Real Business Cycle Models!
... In contrast, in an RBC (real business cycle) model, agents are long lived and in fact have innite life. The long-life assumption plays an important role in the working of the world under ...
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Oil Price Shocks, Durables Consumption, and China’s Real Business Cycle
... driving business cycle fluctua- tions in ...for business cycle theory, oil price shocks belong to the supply-type of real business ...
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Real Business Cycle Theory A Systematic Review
... To model the observed weak correlation between labor hours and the return to working, several strategies 32 emerged. The strategy pursued by Christiano and Eichenbaum (1992) was to simply abandon the one-shock model of ...
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16. Real business cycle models, endogenous growth models and cyclical growth: a critical survey
... 10. A possible microfoundation of such labour supply can be performed by considering a representative agent that maximises an instantaneous utility function whose arguments are consumption and leisure; moreover labour is ...
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Real business cycle dynamics under first-order risk aversion
... This paper both is, and is not, about “extreme” risk aversion. On the one hand, I do consider some very high degrees of risk aversion in the numerical simulations below, the point being to illustrate the robustness of ...
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Macroeconomic Frictions: What have we Learned from the Real Business Cycle Research Programm ?
... provides one direction: test models by subjecting them to shocks for which we are fairly certain how actual economies would react. We can, however, take a broader stance on this issue. We will more easily trust models ...
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Financial Inefficiency and Real Business Cycle in Colombia
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A Real Business Cycle Model of the Phillips Curve
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Estimating baseline real business cycle models of the Australian economy
... match business cycle featues, we have chosen to focus on the capacity of the models to yield plausible predictions about the risk free real interest ...
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Real Business Cycle Dynamics under Rational Inattention
... This paper incorporates Rational Inattention as de…ned by Sims (2003a) to a traditional RBC model with multiple sources of uncertainty. Our model distinguishes between transitory and permanent labor and relative ...
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Monetary Business Cycle Accounting
... standard real business cycle model the movements in the efficiency wedge account relatively well for the movements in the model’s real variables, and output ...the real risk-free rate ...
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Essays in business cycle measurement
... of real business cycle models to represent the actual economy by investigating the relative importance of supply versus demand shocks as the driving force of the ...the cycle in a number of ...
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Real wages in the business cycle: an unresolved conflict between theory and facts in mainstream macroeconomics
... between real wages and cyclical fluctuations appears to vary over time and across countries (a result emphasized in Michie, ...the cycle and to drive macroeconomic modelling in new directions: on the one ...
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Business Cycle and Small Business
... of business cycles has evolved over the past few ...current business cy- cle theorists agree that cycles result, not from a naturally recurring cycle in economic variables, but from unex- pected ...
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Inventories in the Australian business cycle
... Inventory levels tend to fluctuate much due to the fact that some inventories accumulation is unplanned by businesses (the so called inventory cycle) and this in turn can contribute to, and explain, the ...
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Endogenous Defaults in the Business Cycle
... At the same time, due to the reduction in the real wage, firms start to substitute capital with labor leading to a decrease in the demand of investments. This decrease leads to a reduction of the price for new ...
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