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Dating and Forecasting the Belgian Business Cycle

Vincent, BODART; Konstantin A., KHOLODILIN; Fati, … - Institut de Recherche Économique et Sociale (IRES), … - 2003

This paper investigates the Belgian business cycle. It establishes a chronology of cycles over the period 1980-2002 using real GDP, which it suggests can be regarded as a reference cycle. It then uses this chronology to evaluate the performance of alternative business cycle indicators in terms...

Persistent link: https://www.econbiz.de/10004985034

Vintage Capital, Optimal Investment and Technology Adoption

Benteng, ZOU - Institut de Recherche Économique et Sociale (IRES), … - 2003

In this paper, we study a vintage capital model under a general equilibrium setting. In this model firms can invest not only on a new vintage capital goods, but also on existing ones. We show that the capital accumulation is a single hum-shape function, featuring slow technology diffusion.

Persistent link: https://www.econbiz.de/10004985055

The Dynamics of Bequeathed Tastes

de la Croix, David - Institut de Recherche Économique et Sociale (IRES), … - 1996

If children inherit life standard aspirations from their parents, their savings are affected and cycles may appear in OLG models with production. At some point of an expansion, aspirations grow faster than wages, savings decrease, and a contraction begins.

Persistent link: https://www.econbiz.de/10004985069

Obsolescence and Modernization in the Growth Process

BOUCEKKINE, Raouf; RIO, Fernando DEL; LICANDRO, Omar - Institut de Recherche Économique et Sociale (IRES), … - 2002

In this paper, an endogenous growth model is built up incorporating Schumpeterian growth and embodied technological progress. Under embodiment, long run growth is affected by the following effects : (i) obsolescence costs add to the user cost of capital, reducing the research effort; and (ii)...

Persistent link: https://www.econbiz.de/10004985095

Capital accumulation in a model of growth and creative destruction

WAELDE, Klaus - Institut de Recherche Économique et Sociale (IRES), … - 2002

Capital accumulation and creative destruction is modeled together with risk-averse households. The novel aspect - risk-averse households - allows to use well-known models not only for analyzing long-run growth as in the literature but also short-run fluctuations. The model remains analytically...

Persistent link: https://www.econbiz.de/10004985121

Technology Adoption, Capital Maintenance and the Technological Gap

BOUCEKKINE, Raouf; MARTINEZ, Blanca; SAGLAM, Cagri - Institut de Recherche Économique et Sociale (IRES), … - 2001

In this paper, we study the properties of optimal growth models à la Nelson and Phelps (1966) where the labor resources of an economy can be allocated freely either to production, technology adoption or capital maintenance. We first characterize the balanced growth paths of a benchmark model...

Persistent link: https://www.econbiz.de/10004985122

Endogenous vs Exogenously Driven Fluctuations in Vintage Capital Models

Boucekkine, Raouf; del Rio, Fernando; Licandro, Omar - Institut de Recherche Économique et Sociale (IRES), … - 1999

In this paper, we present a simple vintage capital growth model in which both exogenous and endogenous fluctuations sources are present. Indeed, it can be seen as a particular case of Caballero and Hammour (1996)'s creative destruction model, with advantage that analytical characterization of...

Persistent link: https://www.econbiz.de/10004985143

Stochastic Nominal Wage Contacts in a Cash-in-Advance Model

Collard, Fabrice; Ertz, Guy - Institut de Recherche Économique et Sociale (IRES), … - 1996

. This allows to weaken the negative effect of the inflation tax such that monetary shocks exert a positive effect on output … dynamics. The nominal wage contract model is able to mimic the correlation of inflation and real balances with output. It also … lowers the standard deviation of inflation relative to that of output. Further, the variance decomposition analysis indicates …

Persistent link: https://www.econbiz.de/10004985155

On the cyclicality of schooling: Theory and evidence

Dellas, Harris; Sakellaris, Plutarchos - Institut de Recherche Économique et Sociale (IRES), … - 1996

strongly to labor market conditions (measured by the state-level unemployment rate and earnings) and to the real interest rate …

Persistent link: https://www.econbiz.de/10004985174

Business Cycle Turning Points : Mixed-Frequency Data with Structural Breaks

Konstantin A., KHOLODILIN; Wension Vincent, YAO - Institut de Recherche Économique et Sociale (IRES), … - 2004

This papers develops a dynamic factor models with regime switching to account for the decreasing volatility of the U.S. economy observed since the mid-1980s. Apart from the Markov switching capturing the cyclical fluctuations, an additional type of regime switching is introduced to allow...

Persistent link: https://www.econbiz.de/10004985175