Business cycle fluctuations and learning-by-doing externalities in a one-sector model
نویسندگان
چکیده
منابع مشابه
Indeterminacy and Business-cycle Fluctuations in a Two-sector Economy with Externalities
We consider a two-sector economy with money-in-the-utility-function and sector-specific externalities. We provide conditions on technologies leading to the existence of local indeterminacy for any value of the interest rate elasticity of money demand, provided the elasticity of intertemporal substitution in consumption is large enough. Moreover, we show that the occurrence of multiple equilibri...
متن کاملLearning by Doing and Aggregate Fluctuations
A major unresolved issue in business cycle theory is the construction of an endogenous propagation mechanism capable of capturing the persistence displayed in the data. In this paper we explore the quantitative implications of one propagation mechanism: learning by doing. Estimation of the parameters characterizing learning by doing is based on aggregate, 2-digit and plant level observations in...
متن کاملBusiness cycle and sector cycles
A methodology based on the multivariate generalized Butterwoth filter for extracting the business cycles of the whole economy and of its productive sectors is developed. The method is then illustrated through an application to the Italian gross value added time series of the main economic sectors.
متن کاملA Cognitive Model of Learning by Doing
In this paper an approach to learning cognitive skills from problem solving experience is presented – addressing some phenomena well known from human learning but seldom covered together in machine learning. The core of our approach is the acquisition of recursive program schemes (RPSs) by generalization-to-n over plans, using an inductive program synthesis technique. RPSs represent domain spec...
متن کاملOverborrowing and Systemic Externalities in the Business Cycle
Credit constraints that link a private agent’s debt to market-determined prices embody a credit externality that drives a wedge between competitive and constrained socially optimal equilibria, inducing private agents to “overborrow.” The externality arises because agents fail to internalize the price effects of additional borrowing when the credit constraint binds. We quantify the effects of th...
متن کاملذخیره 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: Journal of Mathematical Economics
سال: 2012
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2012.07.002