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Public spending as a source of endogenous business cycles in a Ramsey model with many agents

Nishimura, Kazuo; Nourry, Carine; Seegmuller, Thomas; … - In: Macroeconomic dynamics 20 (2016) 2, pp. 504-524

Persistent link: https://www.econbiz.de/10011577323

On the (de)stabilizing effect of public debt in a Ramsey model with heterogeneous agents

Nishimura, Kazuo; Nourry, Carine; Seegmuller, Thomas; … - In: International journal of economic theory 11 (2015) 1, pp. 7-24

Persistent link: https://www.econbiz.de/10011346268

Existence of adaptively stable sunspot equilibria near an indeterminate steady state

Evans, George W.; Honkapohja, Seppo - 2001

We examine the nonlinear model Xt = Et F(xt+1) . Markov SSEs exist near an indeterminate steady state, X = F(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning, if F´(X)< -1.

Persistent link: https://www.econbiz.de/10011398793

Expectational stability of resonant frequency sunspot equilibria

Evans, George W.; Honkapohja, Seppo - 2001

We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to the fundamentals solution, the literature describes both finite-state Markov sunspot solutions, satisfying a resonant frequency condition, and autoregressive solutions depending...

Persistent link: https://www.econbiz.de/10011398912

Stable sunspot equilibria in a cash-in-advance economy

Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - 2001

We develop a monetary model with flexible supply of labor, cash in advance constraints and government spending financed by seignorage. This model has two regimes. One regime is conventional with two steady states. The other regime has a unique steady state which can be determinate or...

Persistent link: https://www.econbiz.de/10011408407

Intra-industry trade, involuntary unemployment and macroeconomic stability

Le Riche, Antoine; Lloyd-Braga, Teresa; Modesto, Leonor - 2021

indeterminate. After opening the borders, the rigid wage country may export indeterminacy to the full employment country …, particularly if it is big enough. In contrast, when the full employment country is sufficiently big, local indeterminacy, and … fluctuations (associated with local indeterminacy and bifurcations) are possible with smaller externalities, whatever the relative …

Persistent link: https://www.econbiz.de/10012419065

Block-recursive equilibria in heterogenous-agent models

Kaas, Leo - 2020

Equilibrium models with heterogeneous agents and aggregate uncertainty are difficult to analyze since policy functions and market prices depend on the cross-sectional distribution over agents' state variables which is generally a high-dimensional object. This paper develops and applies a general...

Persistent link: https://www.econbiz.de/10012383681

Aggregate instability and fiscal policies : balanced budget rules and productive public spending

Park, Hyun - In: The Korean economic review 31 (2015) 1, pp. 25-56

Persistent link: https://www.econbiz.de/10011297964

The heterogeneous effects of government spending : it's all about taxes

Ferriere, Axelle; Navarro, Gaston - 2018

This paper investigates how government spending multipliers depend on the distribution of taxes across households. We exploit historical variations in the financing of spending in the U.S. since 1913 to show that multipliers are positive only when financed with more progressive taxes, and zero...

Persistent link: https://www.econbiz.de/10011917433

The supply of hours worked and endogenous growth cycles

Iong, Ka-Kit; Irmen, Andreas - 2020 - This version: March 27, 2020

Persistent link: https://www.econbiz.de/10012258518