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In our dynamic optimizing sticky price model, agents are heterogeneous with regard to their age and their productivity. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are similar, but not completely identical to those found...
Persistent link: https://www.econbiz.de/10010261430
efficiency and amplifying macroeconomic fluctuations, depends on social mobility, initial inequality, and the mismatch between …
Persistent link: https://www.econbiz.de/10010270170
standard theories of output fluctuations. Second, to isolate the one-way impact of financial integration on output co …
Persistent link: https://www.econbiz.de/10010273687
alternate with expropriation in a limit cycle, decreasing efficiency and amplifying macroeconomic fluctuations. Long run …
Persistent link: https://www.econbiz.de/10010305643
Or Paradox Regained? The answer is Paradox Regained. New data confirm that for countries worldwide long-term trends in happiness and real GDP per capita are not significantly positively related. The principal reason that Paradox critics reach a different conclusion, aside from problems of data...
Persistent link: https://www.econbiz.de/10011451233
Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...
Persistent link: https://www.econbiz.de/10012148021
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks’ international exposure for industrialized countries during 1978–2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral...
Persistent link: https://www.econbiz.de/10012210865
positive relation of happiness to income in cross-section data or in short-term time fluctuations as contradicting the nil …
Persistent link: https://www.econbiz.de/10012387899
positive relation of happiness to income in cross-section data or in short-term time fluctuations as contradicting the nil …
Persistent link: https://www.econbiz.de/10012497824
This paper studies the effect of the firm-size distribution on the relationship between employment and output. We construct a theoretical model, which predicts that changes in demand for industry output have larger effects on employment in industries characterised by a distribution that is more...
Persistent link: https://www.econbiz.de/10013208775