Real Business Cycles and the Animal Spirits Hypothesis
نویسندگان
چکیده
منابع مشابه
Business cycles with free entry ruled by animal spirits
The paper approaches business cycles in terms of extrinsic uncertainty related, not to dynamic indeterminacy of intertemporal equilibria (in the neighborhood of an attractor) or to multiplicity of steady states (in nonlinear models), but to static indeterminacy of free entry oligopolistic equilibria within each period. We consider an OLG economy in which Þrms, supplying differentiated goods wit...
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We provide a business cycle model in which endogenous markup fluctuations are the main driving force. These fluctuations occur due to some form of ‘animal spirits’, impelling firms in their entry-exit decisions within each sector. By contrast to existing models of the business cycle emphasizing the role of animal spirits, we do not rely on the sink property of the equilibrium to generate indete...
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This paper presents a two-sector growth model which allows indeterminacy to occur at relatively mild degrees of increasing returns. It is shown that economies of scale need only be present in one sector of the economy, e.g. the investment good producing sector. This new feature of the model builds on evidence that was recently reported by Basu and Fernald (1997), (Journal of Political Economy 1...
متن کاملReal Business Cycles Theory
Research on economic fluctuations has progressed rapidly since Robert Lucas revived the profession’s interest in business cycle theory. Business cycle theory is the theory of the nature and causes of economic fluctuations The new Classical paradigm tried to account for the existence of cycles in perfectly competitive economies with rational expectations. It emphasized the role of imperfect info...
متن کاملReal Business Cycles
A. Topics and Tools ............................................................................ 1 B. Walrasian vs. Keynesian Explanations of Business Cycles ........................ 3 Why do we have multiple theories of business cycles? ....................................................... 3 Classification of business-cycle models ................................................................
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1994
ISSN: 0022-0531
DOI: 10.1006/jeth.1994.1032