An RBC model with Epstein-Zin (non-expected-utility) recursive preferences: lessons from Bulgaria (1999-2018)
نویسندگان
چکیده

 We introduce Epstein-Zin (1989, 1991) preferences into a real-business-cycle (RBC) model with government. calibrate the economy to Bulgarian data for period after currency board regime (1999-2018). evaluate quantitative importance of presence ”early resolution uncertainty” motive propagation cyclical fluctuations in Bulgaria. Allowing improves performance against data, and addition this extended setup dominates standard RBC framework, e.g., Vasilev (2009).
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics and Finance
سال: 2021
ISSN: ['2458-0813']
DOI: https://doi.org/10.14505/jmef.v7.1(12).01