Many real-business-cycle models have weak internal propagation mechanisms and must rely on external sources of dynamics to replicate both facts. Models that incorporate labor adjustment costs are partially succ
Second, we apply a non-linear Vector STAR model which has not been used in this literature before. Third, we comprehensively investigate the (potentially changing) dynamics between the financial sector and the real economy over time for several euro area countries. The remainder of the paper is...
King, Robert G., and Sergio T. Rebelo., 1993, "Low frequency filtering and real business cycles." Journal of Economic Dynamics and Control, 17(1), 207-231.Jain-Chandra, Sonali, and Longmei Zhang., 2014, "How can Korea Boost Potential Output to Ensure Continued Income Convergence?", No...
The key to the mechanism is the chains of forecasts resulting from chains of input needs and time to build. Time to build under uncertainty is the foundation of business-cycle dynamics in modern macroeconomics, pioneered by Kydland and Prescott (1982) and Long and Plosser (1983). As a conseq...
II. REAL BUSINESS CYCLE MODELS AND PRINCIPAL COMPONENTS ANALYSIS The statistical analysis carried out below is consistent with a class of macroeconomic models, as in Long and Plosser (1983) and King and Plosser (1984), which can be disag- gregated by industry to allowfor sectoral influences...
II. REAL BUSINESS CYCLE MODELS AND PRINCIPAL COMPONENTS ANALYSIS The statistical analysis carried out below is consistent with a class of macroeconomic models, as in Long and Plosser (1983) and King and Plosser (1984), which can be disag- gregated by industry to allowfor sectoral influences...
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Finally, however, we note that connectedness between people of the majority in a locality leads to its closedness and lack of receptiveness to new ideas, while more models and more diversity are associated with better innovation and efficiency of solution finding to any problem (see Hong and ...
We extend a standard multivariate filter used to estimate the Output Gap (OG) in Chile to account for large economic shocks, such as those observed during the COVID-19 crisis. We propose two methodological extensions. First, we introduce exogenous supply shocks in the dynamics of potential outp...
electrofluid dynamics generator Abbreviated EFD. A generator in which the only moving parts are wind-driven charged particles. Their movement from electrode to electrode is analogous to the spinning of an armature. Ideally suited for use at sea or at the seaside, bladeless windmills could be used...