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Displaying results 1 to 13 of 13.

  1. Symbolic stationarization of dynamic equilibrium models
    Author: Canova, Fabio; Paulsen, Kenneth Sæterhagen
    Published: [2021]
    Publisher:  Norges Bank, Oslo

    Dynamic equilibrium models are specifted to track time series with unit root-like behavior. Thus, unit roots are typically introduced and the optimality conditions adjusted. This step requires tedious algebra and often leads to algebraic mistakes,... more

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    Dynamic equilibrium models are specifted to track time series with unit root-like behavior. Thus, unit roots are typically introduced and the optimality conditions adjusted. This step requires tedious algebra and often leads to algebraic mistakes, especially in models with several unit roots. We propose a symbolic algorithm that simpliftes the step of rendering non-stationary models stationary. It is easy to implement and works when trends are stochastic or deterministic, exogenous or endogenous. Three examples illustrate the mechanics and the properties of the approach. A comparison with existing methods is provided.

     
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    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788283792171
    Other identifier:
    hdl: 11250/2835495
    hdl: 10419/264937
    Series: Working paper / Norges Bank ; 2021, 18
    Subjects: DSGE models; unit roots; endogenous growth; symbolic computation
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  2. Growing like Google
    endogenous growth with global network
    Author: Córdoba Muñoz, Juan C.; He, Sicheng
    Published: July 16, 2021
    Publisher:  Iowa State University, Department of Economics, Ames, Iowa

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    Series: Working paper / Iowa State University, Department of Economics ; number 21009
    Subjects: Network externalities; endogenous growth; anti-trust policies
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  3. Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
    Author: Lechthaler, Wolfgang; Tesfaselassie, Mewael F.
    Published: [2021]
    Publisher:  Institute for Monetary and Financial Stability, Goethe University Frankfurt, Frankfurt am Main

    We embed human capital-based endogenous growth into a New-Keynesian model with search and matching frictions in the labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great Recession: a... more

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    We embed human capital-based endogenous growth into a New-Keynesian model with search and matching frictions in the labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great Recession: a decline in productivity growth, the relative stability of inflation despite a pronounced fall in output (the "missing disinflation puzzle"), and a permanent gap between output and the pre-crisis trend output. In the model, lower aggregate demand raises unemployment and the training costs associated with skill obsolescence. Lower employment hinders learning-by-doing, which slows down human capital accumulation, feeding back into even fewer vacancies than justified by the demand shock alone. These feedback channels mitigate the disinflationary effect of the demand shock while amplifying its contractionary effect on output. The temporary growth slowdown translates into output hysteresis (permanently lower output and labor productivity).

     
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    hdl: 10419/228742
    Series: Working paper series / Institute for Monetary and Financial Stability ; no. 149 (2021)
    Subjects: endogenous growth; search and matching; unemployment; nominal rigidity; output hysteresis; monetary policy
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  4. The role of human capital in structural change and growth in an open economy
    innovative and absorptive capacity effects
    Author: Bye, Brita; Fæhn, Taran
    Published: January 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Since the financial crisis in 2008, slow growth has riddled Europe and the Covid-19 pandemic is amplifying the challenge. Promoting economic growth and transforming to a more knowledge-based industrial structure will be high on the agenda for the... more

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    Since the financial crisis in 2008, slow growth has riddled Europe and the Covid-19 pandemic is amplifying the challenge. Promoting economic growth and transforming to a more knowledge-based industrial structure will be high on the agenda for the coming decades. We study how more and better human capital can contribute to knowledge accumulation and structural change by means of a dynamic endogenous growth model, with Norway as a numerical case. Human capital has two main roles in productivity growth: to increase the innovative capacity by participating in research and development (R&D), and to increase the absorptive capacity in sectors that trade and can learn from abroad. We find that in a small, open economy sectors where human capital, R&D and trade interact, and enable absorption, tend to grow fastest.

     
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    hdl: 10419/232454
    Series: CESifo working paper ; no. 8857 (2021)
    Subjects: absorptive capacity; computable general equilibrium model; endogenous growth; human capital; innovation; research and development
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  5. The Social Power of Spillover Effects
    Author: Brenner, Andril
    Published: 2021
    Publisher:  Universität Potsdam, Potsdam

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    Source: Union catalogues
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    Media type: Book
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    Edition: This version: June 24,2021
    Series: CEPA discussion papers ; No. 35
    Subjects: endogenous growth; horizontal innovation; sustainability
    Scope: 1 Online-Ressource (60 Seiten, 881 KB)
    Notes:

    Gesehen am 29.06.2021

    Economists are worried that the lack of property rights to natural capital goods jeopardizes the sustainability of the economic growth miracle that has existed since industrialization. This article questions their position. A vertical innovation model with a portfolio of technologies for abatement, adaptation, and general (Harrod-neutral) technology reveals that environmental damage spillovers have a comparable effect on research profits as technology spillovers so that the social costs of depleting public natural capital are internalized. As long as there is free access to information and technology, growth is sustainable and the allocation of research efforts among alternative technologies is socially optimal. While there still is a need to address externalities from monopolistic research markets, no environmental policy is necessary. These results suggest that environmental externalities may originate in restricted access to information and technology, demonstrating that (i) information has a similar effect as an environmental tax and (ii) knowledge and technology transfers have an impact comparable to that of subsidies for research in green technology
  6. Positional preferences and efficiency in a dynamic economy
    Author: Aronsson, Thomas; Ghosh, Sugata; Wendner, Ronald
    Published: June 2021
    Publisher:  Department of Economics, Department of Public Economics, University of Graz, Graz

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    Series: Graz economics papers ; GEP 2021, 07
    Subjects: Positional preferences; endogenous growth; wealth; intertemporal distortion; welfarism; non-welfarism; inter-country externalities; Pigouvian taxation
    Scope: 1 Online-Ressource (circa 41 Seiten)
  7. International medium-term business cycles
    Author: Hirschbühl, Dominik; Spitzer, Martin
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Foreign driven medium-term oscillations that originate from uctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area... more

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    Foreign driven medium-term oscillations that originate from uctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale, two-economy dynamic stochastic general equilibrium model with endogenous growth and estimate it with Bayesian methods for the United States and the euro area for the period from 1984:Q1 to 2017:Q4. The framework suggests that foreign shocks can be a substantial source of medium-term oscillations that contribute to pro-cyclicality of real GDP across countries. Notably, US shocks to liquidity preference and trade demand explain more than a third of the euro area downturn during the Great Recession.

     
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    ISBN: 9789289945363
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    hdl: 10419/234090
    Series: Working paper series / European Central Bank ; no 2536 (April 2021)
    Subjects: Two-economy DSGE; endogenous growth; R&D; resilience; Bayesian estimation
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  8. Heterogeneous firms, R&D policies and the long shadow of business cycles
    Author: Benedetti-Fasil, Cristiana; Impullitti, Giammario; Licandro, Omar; Sedlácek, Petr
    Published: 2021
    Publisher:  European Commission, Seville

    Growth and business cycles have a long tradition of being studied separately. However, events such as the Great Recession raise concerns that severe downturns may have detrimental implications for growth. If so, what policies may help alleviate such... more

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    Growth and business cycles have a long tradition of being studied separately. However, events such as the Great Recession raise concerns that severe downturns may have detrimental implications for growth. If so, what policies may help alleviate such long-lasting effects of large recessions? To study these questions, we develop a tractable general equilibrium model of endogenous growth featuring heterogeneous firms, financial constraints and a range of innovation policies. A preliminary analysis suggests that counter-cyclical tax credits may serve as a powerful automatic stabilizer alleviating the long-lasting negative effects of severe cyclical downturns.

     
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    hdl: 10419/249188
    Series: JRC working papers on territorial modelling and analysis ; no 2021, 04
    Subjects: Firm dynamics; innovation policy; endogenous growth; business cycles
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  9. Three green financial policies to address climate risks
    Author: Lamperti, Francesco; Bosetti, Valentina; Roventini, Andrea; Tavoni, Massimo; Treibich, Tania
    Published: [2021]
    Publisher:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Which policies can increase the resilience of the financial system to climate risks? Recent evidence on the significant impacts of climate change and natural disasters on firms, banks and other financial institutions call for a prompt policy... more

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    Which policies can increase the resilience of the financial system to climate risks? Recent evidence on the significant impacts of climate change and natural disasters on firms, banks and other financial institutions call for a prompt policy response. In this paper, we employ a macro-financial agent- based model to study the interaction between climate change, credit and economic dynamics and test a mix of policy interventions. We first show that financial constraints exacerbate the impact of climate shocks on the economy while, at the same time, climate damages to firms make the banking sector more prone to crises. We find that credit provision can both increase firms’ productivity and their financial fragility, with such a trade-off being exacerbated by the effects of climate change. We then test a set of “green” finance policies addressing these risks, while fostering climate change mitigation: i) green Basel-type capital requirements, ii) green public guarantees to credit, and iii) carbon-risk adjustment in credit ratings. All the three policies reduce carbon emissions and the resulting climate impacts, though moderately. However, their effects on financial and real dynamics is not straightforwardly positive. Some combinations of policies fuel credit booms, exacerbating financial instability and increasing public debt. We show that the combination of all three policies leads to a virtuous cycle of (mild) emission reductions, stable financial sector and high economic growth. Additional tools would be needed to fully adapt to climate change. Hence, our results point to the need to complement financial policies cooling down climate-related risks with mitigation policies curbing emissions from real economic activities.

     
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    hdl: 10419/243501
    Series: LEM working paper series ; 2021, 05 (February 2021)
    Subjects: Climate change; endogenous growth; financial stability; macroprudential policy; agent-based model
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  10. Switching-track after the great recession
    Author: Vinci, Francesca; Licandro, Omar
    Published: May 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy... more

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    We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower trajectory. A Taylor rule policy designed to reduce the output gap may counterbalance the shocks, preventing the destruction of economic capacity and inducing a V-shaped recovery. However, when shocks are deep and persistent enough, like during the Great Recession, they call for a downward revision of potential output measures, the so-called switching-track, weakening the recovering role of monetary policy and inducing an L-shaped recovery. When calibrated to the U.S. economy, the model replicates well the L-shaped recovery and switching-track that followed the Great Recession, as well as the V-shaped recoveries that followed the oil shock recessions.

     
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    hdl: 10419/236649
    Series: CESifo working paper ; no. 9107 (2021)
    Subjects: Great Recession; economic recovery; endogenous growth; hysteresis; trend shift; switching-track; supply destruction prevention; economic capacity; monetary policy
    Scope: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  11. Wealth inequality, uninsurable entrepreneurial risk and firms markup
    Author: Brien, Samuel
    Published: [2021]
    Publisher:  [Department of Economics, Queen's University], [Kingston, Ontario, Canada]

    This paper examines the effect of wealth concentration on firms' market power when firm entry is driven by entrepreneurs facing uninsurable idiosyncratic risks. Under greater wealth concentration, households in the lower end of the wealth... more

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    This paper examines the effect of wealth concentration on firms' market power when firm entry is driven by entrepreneurs facing uninsurable idiosyncratic risks. Under greater wealth concentration, households in the lower end of the wealth distribution are more risk averse and less willing (or able) to bear the risk of entrepreneurial activities. This has implications for firm entry, competitiveness, and market power. I calibrate a Schumpeterian model of endogenous growth with heterogeneous risk averse entrepreneurs competing to catch up with firms. This model is unique in that both household wealth distribution and a measure of firm markup are endogenously determined on a balanced growth path. I find that a spread in the wealth distribution decreases entrepreneurial firm creation, resulting in greater aggregate firm market power. This result is supported by time series evidence obtained from the estimation of a structural panel VAR with OECD data from eight countries.

     
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    hdl: 10419/260482
    Series: [Queen's Economics Department working paper] ; [no. 1476]
    Subjects: Wealth inequality; market power; growth; Schumpeterian; endogenous growth; entrepreneur
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  12. Slow recoveries, endogenous growth and macroprudential policy
    Author: Bonciani, Dario; Gauthier, David; Kanngiesser, Derrick
    Published: April 2021
    Publisher:  Bank of England, London

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    Series: Staff working paper / Bank of England ; no. 917
    Subjects: Slow recoveries; endogenous growth; financial stability; macroprudential policy
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  13. The Social Power of Spillover Effects
    Author: Brenner, Andril
    Published: 2021
    Publisher:  Universität Potsdam, Potsdam

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: This version: June 24,2021
    Series: CEPA discussion papers ; No. 35
    Subjects: endogenous growth; horizontal innovation; sustainability
    Scope: 1 Online-Ressource (60 Seiten, 881 KB)
    Notes:

    Gesehen am 29.06.2021

    Economists are worried that the lack of property rights to natural capital goods jeopardizes the sustainability of the economic growth miracle that has existed since industrialization. This article questions their position. A vertical innovation model with a portfolio of technologies for abatement, adaptation, and general (Harrod-neutral) technology reveals that environmental damage spillovers have a comparable effect on research profits as technology spillovers so that the social costs of depleting public natural capital are internalized. As long as there is free access to information and technology, growth is sustainable and the allocation of research efforts among alternative technologies is socially optimal. While there still is a need to address externalities from monopolistic research markets, no environmental policy is necessary. These results suggest that environmental externalities may originate in restricted access to information and technology, demonstrating that (i) information has a similar effect as an environmental tax and (ii) knowledge and technology transfers have an impact comparable to that of subsidies for research in green technology