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Information technologies, embodiment and growth

Boucekkine, Raouf; de la Croix, David - In: Journal of Economic Dynamics and Control 27 (2003) 11, pp. 2007-2034

This paper studies the conditions under which an IT revolution may occur and have permanent effects on long-term growth. To this end, we construct a multi-sectoral growth model with endogenous embodied technical progress. The R&D sector expands the range of softwares. The capital sector produces...

Persistent link: https://www.econbiz.de/10010870999

Capital maintenance and depreciation over the business cycle

Albonico, Alice; Kalyvitis, Sarantis; Pappa, Evi - In: Journal of Economic Dynamics and Control 39 (2014) C, pp. 273-286

This paper develops and estimates a stochastic general equilibrium model with capital maintenance, which affects … endogenously the depreciation rate of capital. The estimate of maintenance series is found to track survey-based measures for … Canada quite closely and to generate the procyclical pattern of maintenance observed in the data. We use our model estimates …

Persistent link: https://www.econbiz.de/10010744196

News, disaster risk, and time-varying uncertainty

Shen, Wenyi - In: Journal of Economic Dynamics and Control 51 (2015) C, pp. 459-479

Standard real business cycle models are often unable to replicate three empirical facts: positive output in response to good news, stochastic volatility of macro variables, and asymmetric business cycles. This paper proposes a unified basis for understanding these facts in a tractable dynamic...

Persistent link: https://www.econbiz.de/10011190662

Factor adjustment costs: A structural investigation

Mumtaz, Haroon; Zanetti, Francesco - In: Journal of Economic Dynamics and Control 51 (2015) C, pp. 341-355

This paper assesses various capital and labor adjustment costs functions estimating a general equilibrium framework with Bayesian methods using US aggregate data. The estimation finds that the adjustment costs are convex in both capital and labor and allowing for their joint interaction is...

Persistent link: https://www.econbiz.de/10011190675

What inventories tell us about aggregate fluctuations—A tractable approach to (S,s) policies

Wang, Pengfei; Wen, Yi; Xu, Zhiwei - In: Journal of Economic Dynamics and Control 44 (2014) C, pp. 196-217

We estimate a DSGE model with (S,s) inventory policies. We find that (i) taking inventories into account can significantly improve the empirical fit of DSGE models in matching the standard business-cycle moments (in addition to explaining inventory fluctuations); (ii) (S,s) inventory policies...

Persistent link: https://www.econbiz.de/10011051930

Real rigidities, productivity improvements and investment dynamics

Giuli, Francesco; Tancioni, Massimiliano - In: Journal of Economic Dynamics and Control 36 (2012) 1, pp. 100-118

The theoretical literature on business cycles predicts a positive investment response to productivity improvements, a prediction we question from theoretical and empirical perspectives. We show that a short-term negative response of investment to a positive technology shock is consistent with a...

Persistent link: https://www.econbiz.de/10010582622

Fiscal policy, entry and capital accumulation: Hump-shaped responses

Brito, Paulo; Dixon, Huw - In: Journal of Economic Dynamics and Control 37 (2013) 10, pp. 2123-2155

a second state variable and the entry dynamics gives rise to a richer set of dynamics than in the standard case: in …

Persistent link: https://www.econbiz.de/10010682459

Endogenous specialization of heterogeneous innovative activities of firms under the technological spillovers

Bondarev, Anton - In: Journal of Economic Dynamics and Control 38 (2014) C, pp. 235-249

endogenously defined from the dynamics of the model. …

Persistent link: https://www.econbiz.de/10010730092

Competitive dynamics of web sites

Maurer, Sebastian M.; Huberman, Bernardo A. - In: Journal of Economic Dynamics and Control 27 (2003) 11, pp. 2195-2206

We present a dynamical model of web site growth in order to explore the effects of competition among web sites and to determine how they affect the nature of markets. We show that under general conditions, as the competition between sites increases, the model exhibits a sudden transition from a...

Persistent link: https://www.econbiz.de/10011051880

Maximin, viability and sustainability

Doyen, L.; Martinet, V. - In: Journal of Economic Dynamics and Control 36 (2012) 9, pp. 1414-1430

The maximin criterion defines the highest utility level that can be sustained in an intergenerational equity perspective. The viability approach makes it possible to characterize all the economic trajectories sustaining a given, not necessarily maximal, utility level. In this paper, we exhibit...

Persistent link: https://www.econbiz.de/10010599369