Real-business-cycle model
A Real Business Cycle Model of the Phillips Curve
... Wkh prgho lqfoxghv h!flhqf| zdjh fkdudfwhulvwlfv ri wkh jliw h{fkdqjh w|sh1 Hdfk zrunhu ghflghv krz pxfk hruw wr vxsso| wkurxjk dq hruw ixqfwlrq/ zklfk frpsduhv suhvhqw uhdo dqg qrplqdo [r] ...
19
Germany and the European Business Cycle - An Analysis of Causal Relations in an International Real Business Cycle Model
... In contrast, the influence of Germany on the Austrian business cycle has remained qualitatively unchanged over time. For all subsamples we observe a positive contemporary reaction of the Aus- trian GDP in ...
24
Theory Analysis of Total Factor Productivity, Real Business Cycle Model and Economic PolicyAnyalezu, N. Kirk Guthlac
... (1957) model indicates possible solution to this ...the model found that many countries economic growth are attributable to “technical change”, or “total factor productivity growth”, and as such, proposed ...
11
Precautionary Demand for Money in a Monetary Business Cycle Model
... a model that combines, in each period, two types of markets in a sequential manner, and where both aggregate and idiosyncratic uncertainty are ...standard real business cycle model, ...
45
An Analysis of the Empirical Modelling Approaches to the Real Business Cycle (RBC) Model and Aggregate Technology Anyalezu, Nkem Kirk Guthlac
... RBC model and as such, it is necessary to ascertain exactly what RBC model is supposed to explain and the applicable ...test. Real Business Cycle model has traditionally ...
13
Real Business Cycle Models of the Great Depression : a Critical Survey
... one-sector real business cycle model with fixed wages ` a la Taylor (1980) and monetary ...this model, they find that the model can “explain” approximately 70% of the 1929-1932 ...
44
A Kind of Neither Keynesian Nor Neoclassical Model (2): The Business Cycle
... “Real Business Cycle Model” (RBC) arisen during 1980s considers the total factor productivity or the random perturbations of technology determine fluctuation of ...
15
The Power of a Leading Indicators Fluctuation Trend for Forecasting Taiwans Real Estate Business Cycle: An Application of a Hidden Markov Model
... HMM model has the following advantages: (1) a strong statistical basis; (2) the ability to handle new information robustly; (3) the capacity to calculate and forecast similarity modes more ...HMM model has ...
18
Real business cycle dynamics under first-order risk aversion
... larger business cycle costs than obtain under standard ...produces model second moments essentially identical to EU/CRRA preferences (calibrated in the usual way, with risk aversion coe¢ cients ...
28
A structural VAR model of the New Zealand business cycle
... Structural VAR models have typically been used to identify dynamic responses of an economy to particular shocks. This serves two purposes. It provides a means of analysing an estimated structural VAR and it reveals ...
42
Fiscal Policy in an Emerging Market Business Cycle Model
... economy business cycles to see how these di¤er from the main features of advanced economy (AE) business cycles (see Agénor et ...counter-cyclical real interest ...
47
The empirical relevance of Goodwin’s business cycle model for the US economy
... baseline business cycle model empirically for the USA ...struggle business cycle models. Even though the model is more than 40 years old, only few empirical studies exist and ...
33
Inspecting the mechanism: closed-form solutions for asset prices in real business cycle models
... In contrast to real-world financial markets, long-term bonds carry a higher risk premium than equity in the RBC model with these parameter values. From (38) it follows that long bonds are riskier than ...
33
Employment and the business cycle
... the real time probabilities of recession for different vintages for the DFMS estimated using ...The real-time probabilities of recession obtained when this measure of employment is considered suggest that ...
35
Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model
... our model, has an intrinsic economic interest. Early real business cycle models assume the existence of just one supply shock driving economic fluctuations, whereas, on the other extreme, ...
48
Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model
... our model, has an intrinsic economic interest. Early real business cycle models assume the existence of just one supply shock driving economic fluctuations, whereas, on the other extreme, ...
46
Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults
... Over the past two decades, there have been important advances in the theoretical literature on the macroeconomic impact of financial frictions. Notable contributions to the literature include Kiyotaki and Moore (1997), ...
45
Labor market institutions and the business cycle Unemployment rigidities vs. real wage rigidities
... request and are not reported to save space). The major …ndings may be summarized by the following three points: First, labor market institutions account for about half of the share in the R 2 in the unemployment equation ...
46
Real wages in the business cycle: an unresolved conflict between theory and facts in mainstream macroeconomics
... the real wage); yet under neoclassical assumptions firms will be hiring more workers only if the real wage is ...the real wage, although the price level is increasing (because of rising marginal ...
31
Habit Persistence in Consumption in a Sticky Price Model of the Business Cycle
... It is possible to either specify β or r exogenously. Here β will be set to 0.99 implying a value of r of about 0.0101 per quarter which is in line with other values used for the real interest rate in the ...
33