Business cycle models with indeterminacy: with 59 tables
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Heidelberg
Physica-Verl.
1998
|
| Series: | Contributions to economics
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | X, 179 S. |
| ISBN: | 3790810789 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | Contents
1 Introduction 1
1.1 Introduction 1
1.2 New methods of business cycle theory 3
1.2.1 Building blocks of new classical macroeco¬
nomics 3
1.2.2 Real Business Cycle theory 9
1.2.3 The quantitative method 13
1.3 Business cycle models with indeterminacy .... 14
1.3.1 Animal Spirits 14
1.3.2 Applying the new classical macroecono¬
mics methodology 17
1.3.3 Equilibrium solutions of linear rational ex¬
pectations models: an informal discussion 19
1.3.4 An example of an artificial economy which
can produce sunspots 21
1.3.5 The modelling of beliefs 25
1.3.6 Empirical evidence 28
1.3.7 Welfare and stabilization policy 30
1.4 Related work 32
1.4.1 One sector models 32
1.4.2 Two sector models 35
1.4.3 Indeterminacy in models of economic growth 36
1.5 Overview of dissertation 37
1.5.1 Chapter 2: Indeterminacy, business cycles
and modest increasing returns to scale . . 37
VIII
1.5.2 Chapter 3: Self fulfilling prophecies and
economic fluctuations in a two sectoral
growth model 38
1.5.3 Chapter 4: Animal spirits, technology
shocks and the business cycle 39
1.5.4 Conclusion 40
1.6 Appendix 41
1.6.1 The equilibrium solutions of linear rational
expectations models: a formal discussion . 41
2 Indeterminacy, Business Cycles and Modest
Increasing Returns to Scale 45
2.1 Introduction 45
2.2 The model 48
2.2.1 The household 49
2.2.2 The firms 53
2.2.3 Returning to the households 57
2.3 The equilibrium dynamics 59
2.3.1 The steady state 59
2.3.2 The solution mechanism 60
2.4 Calibration 62
2.5 Results 63
2.5.1 Eigenvalues 63
2.6 Interpretation 68
2.7 Second moments 69
2.7.1 Population moments 69
2.7.2 Model moments 71
2.7.3 Model moments: results 73
2.7.4 The standard Real Business Cycle model . 81
2.8 Conclusion 84
2.9 Appendix 85
2.9.1 The measure of returns to scale 85
2.9.2 The linearized version of the economy . ¦ ¦ 86
3 Self Fulfilling Prophecies and Business Cycles in a
Two Sector Stochastic Optimal Growth Model 89
3.1 Introduction 89
IX
3.2 The model 92
3.2.1 The household 92
3.2.2 The firms 96
3.2.3 The equilibrium number of firms 100
3.2.4 The factor markets 101
3.3 The equilibrium dynamics 104
3.4 Calibration 105
3.4.1 Parameter calibration 106
3.4.2 Steady state calibration 107
3.5 Results 108
3.5.1 The model s qualitative dynamics 108
3.5.2 The model s quantitative dynamics .... 113
3.5.3 Comparing three models of the cycle . . . 120
3.6 Conclusion 121
3.7 Appendix 122
3.7.1 Time Series 122
3.7.2 The loglinearized system 122
4 Animal Spirits, Technology Shocks and the
Business Cycle 125
4.1 Introduction 125
4.2 The model 127
4.2.1 The household 128
4.2.2 The firms 131
4.2.3 The consumption goods sector 131
4.2.4 The investment goods sector 135
4.2.5 Factor markets in symmetric equilibrium . 136
4.3 The equilibrium dynamics 137
4.3.1 The steady state of the economy 137
4.3.2 The solution mechanism 137
4.4 Calibration 139
4.5 Results 142
4.5.1 Eigenvalues 142
4.5.2 The economic intuition behind the results 146
4.6 Business cycle properties 146
4.6.1 Population moments 146
4.6.2 Model moments 149
X
4.7 Conclusion 158
4.8 Appendix 159
4.8.1 The Hodrick Prescott filter 159
4.8.2 The approximated version of the economy 160
5 Conclusion 163
6 Bibliography 167
|
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| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| isbn | 3790810789 |
| language | English |
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| series2 | Contributions to economics |
| spelling | Weder, Mark 1966- Verfasser (DE-588)115887717 aut Business cycle models with indeterminacy with 59 tables Mark Weder Heidelberg Physica-Verl. 1998 X, 179 S. txt rdacontent n rdamedia nc rdacarrier Contributions to economics Zugl.: Berlin, Humboldt-Univ., Diss., 1996 Mathematisches Modell Business cycles -- Mathematical models Rational expectations (Economic theory) -- Mathematical models Equilibrium (Economics) -- Mathematical models Konjunkturtheorie (DE-588)4125557-4 gnd rswk-swf Konjunkturzyklus (DE-588)4032134-4 gnd rswk-swf Self-fulfilling Prophecy (DE-588)4180912-9 gnd rswk-swf Gleichgewichtsmodell (DE-588)4125214-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Konjunkturzyklus (DE-588)4032134-4 s Gleichgewichtsmodell (DE-588)4125214-7 s DE-604 Konjunkturtheorie (DE-588)4125557-4 s Self-fulfilling Prophecy (DE-588)4180912-9 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007870626&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Weder, Mark 1966- Business cycle models with indeterminacy with 59 tables Mathematisches Modell Business cycles -- Mathematical models Rational expectations (Economic theory) -- Mathematical models Equilibrium (Economics) -- Mathematical models Konjunkturtheorie (DE-588)4125557-4 gnd Konjunkturzyklus (DE-588)4032134-4 gnd Self-fulfilling Prophecy (DE-588)4180912-9 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd |
| subject_GND | (DE-588)4125557-4 (DE-588)4032134-4 (DE-588)4180912-9 (DE-588)4125214-7 (DE-588)4113937-9 |
| title | Business cycle models with indeterminacy with 59 tables |
| title_auth | Business cycle models with indeterminacy with 59 tables |
| title_exact_search | Business cycle models with indeterminacy with 59 tables |
| title_full | Business cycle models with indeterminacy with 59 tables Mark Weder |
| title_fullStr | Business cycle models with indeterminacy with 59 tables Mark Weder |
| title_full_unstemmed | Business cycle models with indeterminacy with 59 tables Mark Weder |
| title_short | Business cycle models with indeterminacy |
| title_sort | business cycle models with indeterminacy with 59 tables |
| title_sub | with 59 tables |
| topic | Mathematisches Modell Business cycles -- Mathematical models Rational expectations (Economic theory) -- Mathematical models Equilibrium (Economics) -- Mathematical models Konjunkturtheorie (DE-588)4125557-4 gnd Konjunkturzyklus (DE-588)4032134-4 gnd Self-fulfilling Prophecy (DE-588)4180912-9 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd |
| topic_facet | Mathematisches Modell Business cycles -- Mathematical models Rational expectations (Economic theory) -- Mathematical models Equilibrium (Economics) -- Mathematical models Konjunkturtheorie Konjunkturzyklus Self-fulfilling Prophecy Gleichgewichtsmodell Hochschulschrift |
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