Endogenous Business Cycles
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Endogenous Business Cycles And Growth
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Author :
language : en
Publisher:
Release Date : 2003
Endogenous Business Cycles And Growth written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business cycles categories.
Synchronization Of Endogenous Business Cycles
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Author : Marco Pangallo
language : en
Publisher:
Release Date : 2023
Synchronization Of Endogenous Business Cycles written by Marco Pangallo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Business cycles tend to comove across countries. However, standard models that attribute comovement to propagation of exogenous shocks struggle to generate a level of co-movement that is as high as in the data. In this paper, we consider models that produce business cycles endogenously, through some form of non-linear dynamicsâ€"limit cycles or chaos. These models generate stronger comovement, because they combine shock propagation with synchronization of endogenous dynamics. In particular, we study a demand-driven model in which business cycles emerge from strategic complementarities within countries, synchronizing their oscillations through international trade linkages. We develop an eigen-decomposition that explores the interplay between non-linear dynamics, shock propagation and network structure, and use this theory to understand the mechanisms of synchronization. Next, we calibrate the model to data on 24 countries and show that the empirical level of comovement can only be matched by combining endogenous business cycles with exogenous shocks. Our results lend support to the hypothesis that business cycles are at least in part caused by underlying non-linear dynamics.
The Evolution Of Endogenous Business Cycles
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Author : Roger E. A. Farmer
language : en
Publisher:
Release Date : 2012
The Evolution Of Endogenous Business Cycles written by Roger E. A. Farmer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business cycles categories.
This paper distinguishes two kinds of Endogenous Business Cycle models; EBC1 models, which display dynamic indeterminacy, and EBC2 models, which display steady-state indeterminacy. Both strands of the literature have their origins in the sunspot literature that developed at the University of Pennsylvania in the 1980s. I argue that EBC1 models are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models provide a microfoundation to one of the most important ideas to emerge from Keynes' (1936) General Theory; that high involuntary unemployment can persist as part of the steady-state equilibrium of a market economy.
Endogenous Business Cycles And The Dynamics Of Output Hours And Consumption
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Author : Stephanie Schmitt-Grohé
language : en
Publisher:
Release Date : 1999
Endogenous Business Cycles And The Dynamics Of Output Hours And Consumption written by Stephanie Schmitt-Grohé and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business cycles categories.
Endogenous Cycles In A Stiglitz Weiss Economy
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Author : Javier Suarez
language : en
Publisher:
Release Date : 1997
Endogenous Cycles In A Stiglitz Weiss Economy written by Javier Suarez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business cycles categories.
Endogenous Business Cycles Growth
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Author :
language : en
Publisher:
Release Date : 2003
Endogenous Business Cycles Growth written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Endogenous Business Cycles And Economic Policy
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Author : Peter Skott
language : en
Publisher:
Release Date : 2023
Endogenous Business Cycles And Economic Policy written by Peter Skott and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This paper examines the dynamics of Keynesian models that incorporate feedback effects from the labor market to income distribution, investment, aggregate demand and output. A baseline version of the model can generate endogenous growth cycles, but cumulative divergence and economic collapse also become possible for plausible parameter values. Extensions of the model that include monetary and Öscal policy show greater robustness: the local instability of the stationary point leads to limit cycles (rather than complete collapse), even when large, destabilizing changes are made to parameters describing the private sector. The robustness of the general approach is reinforced by the endogeneity of the Öscal and monetary policy rules.
Endogenous Business Cycles
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Author : Robin de Vilder
language : en
Publisher: Thesis Pub
Release Date : 1995
Endogenous Business Cycles written by Robin de Vilder and has been published by Thesis Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
This book develops the use of the theory of nonlinear dynamics in the field of mathematical economics. It is applied to the analysis of a discrete nonlinear two-dimensional dynamic macroeconomic model. This particular model displays all the principal phenomena found in the two-dimensional dynamical systems literature. Using recent findings from the theory of higher-dimensional nonlinear dynamical systems, earlier results obtained with other dynamic economic models are generalized. In addition, a general framework is provided that can be used to solve some problems that are frequently encountered in the analysis of nonlinear dynamic (economic) models. Almost all of the results in this book have been rigorously proved. In order to follow the intuitive ideas behind these proofs as well as clarifying the discussion of the theoretical results, 55 figures are provided.
Endogenous Market Structures And The Macroeconomy
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Author : Federico Etro
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-06-17
Endogenous Market Structures And The Macroeconomy written by Federico Etro and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-17 with Business & Economics categories.
This is a key year for the evolution of international markets. The global economy is experiencing the most severe downturn since the thirties, it is temporarily leaving a path of sustained growth that characterized the last decades, and is facing an impressive decline of trade between countries. Banks are going bankrupt, the stock market has crashed, rms are going out of bu- ness or drastically reducing their production and exports, workers are being red and investment in new business creation or innovation is shrinking. Meanwhile, consumers con dence has dropped at its minimum, aggregate demand has been declining for months and expansionary policies and int- national coordination have failed to counteract the crisis until now. It is quite likely that all this will change sooner or later, but at the end of this crisis our understanding of the macroeconomy may change as well. In front of these crucial events, this book is not an attempt at proposing a radically new way of interpreting macroeconomic phenomena, and, as a m- ter of fact, it is not even a book on macroeconomic theory. My more modest goal is to collect a number of insights derived from recent research on the role of competition and innovation in the analysis of three topics: business cycles, trade and growth through innovations.
Hysteresis And Business Cycles
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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.