Nonlinear business cycle model

Business Cycle Features In The Iranian Economy

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...

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...

Leverage Restrictions in a Business Cycle Model

We modify an otherwise standard medium-sized DSGE model, in order to study the macroeconomic e§ects of placing leverage restrictions on financial intermediaries. The financial intermediaries (‘bankers’) in the model must exert e§ort in order to earn high returns for their creditors. An agency problem arises because banker e§ort is not observable to creditors. The consequence of this agency prob...

Bifurcations in a Stochastic Business Cycle Model

We introduce a stochastic business cycle model and study the underlying stochastic Hopf bifurcations with respect to probability densities at different parameter values. Our analysis is based on the calculate of the largest Lyapunov exponent via multiplicative ergodic theorem and the theory of boundary analysis for quasi-non-integrable Hamiltonian systems. Some numerical simulations of the mode...