An economical business-cycle model

نویسندگان

چکیده

Abstract This article develops a new model of business cycles. The is economical in that it solved with an aggregate demand–aggregate supply diagram, and the effects shocks policies are obtained by comparative statics. builds on two unconventional assumptions. First, producers consumers meet through matching function. Thus, features unemployment, which fluctuates response to demand shocks. Secondly, wealth enters utility function, so allows for permanent zero-lower-bound episodes. In model, optimal monetary policy set interest rate at level eliminates unemployment gap. computed from prevailing gap multiplier (the effect nominal rate). If exceedingly large, cannot eliminate before reaching zero lower bound, but tax can.

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Designing an Urban Business Model

Business model, how to production value, absorb customer, explain the structure of make money and cost, and all business on the way of this structure will be disparate and find identity. Now a day’s ،designing of the business model have known applicable in the four level: the product or services level, business unit level, company level and industry level. Whereas cities is the main center of e...

متن کامل

An Economical Model with Allee effect

The Marx model for the profit rate r depending on the exploitation rate e and on the organic composition of the capital k is studied using a dynamical approach. Supposing both e(t) and k(t) are continuous functions of time we derive a law for r(t) in the long term. Depending upon the hypothesis set on the growth of k(t) and e(t) in the long term, r(t) can fall to zero or remain constant. This l...

متن کامل

Anticipatory Kaldor - Kalecki Model of Business Cycle

This paper extends the Kaldor-Kalecki model of business cycle with retardation to include anticipatory capabilities. There is a time shift between a decision of investment and its actual installation. The results, presented in this paper, deal with the inclusion of an anticipated capital stock in the Kaldor-Kalecki model. A third equation is added to the classical two equations of Kaldor-Kaleck...

متن کامل

Money in a Real Business Cycle Model

This paper constructs a real business cycle model in which real money balances yield utility. I calibrate the model to fit the first moments of U.S. data and I simulate a set of impulse response functions that are generated by the model for GDP, the rate of interest, money growth, and real balances. These theoretical impulse responses are compared with actual impulse responses from U.S. data. T...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Oxford Economic Papers-new Series

سال: 2021

ISSN: ['0030-7653', '1464-3812']

DOI: https://doi.org/10.1093/oep/gpab021