A Real-Business-Cycle model with robots: Lessons for Bulgaria
نویسندگان
چکیده

 Robots are introduced into a real-business-cycle setup augmented with detailed government sector. modeled as an imperfect substitute for labor services. The model is calibrated to Bulgarian data the period following intro- duction of currency board arrangement (1999-2020). quantitative importance presence robots in economy investigated business cycle fluctuations Bulgaria. In robots, wages increase, but employment falls after technology shock. However, plausible parameter values, effect predicted be quite small.
منابع مشابه
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...
متن کاملIntermediate Macroeconomics: The Real Business Cycle Model
Having developed an operational model of the economy, we want to ask ourselves the following two questions. First, can the model explain actual business cycle data? Second, to the extent to which it can fit the data, what are the implications for economic policy? To proceed we first have make clear what is meant by “business cycle” data. This requires briefly looking at some US macroeconomic da...
متن کاملTest of Real Business Cycle Theory in Iran's economy
This paper tests the importance of real shocks as sources of fluctuations in iran’s economy. For this purpose, based on the work of Boschen and Mills, a set of non-monetary variables which can affect economic growth have been selected and by using an illustrative business cycle model in which the production depends on the past and current value of real shocks, the influence 01’ these variables ...
متن کاملIs the Political Business Cycle for Real?
This paper constructs and examines a macroeconomic model which combines features from both real and political business cycle models. We augment a standard real business cycle tax model by allowing for varying levels of government partisanship and competence in order to replicate two important empirical regularities: First, that on average the economy expands early under Democratic Presidents an...
متن کاملIntangibles and Real Business Cycle
The recent financial crisis has created a significant deviation between real world and existing business cycle theories. This paper follows the spirit of McGrattan and Prescott (2012) and reassesses this labor productivity puzzle by considering a real business cycle (RBC) model with R&D assets and organizational capital. It contributes to the literature in two ways. First, R&D assets and organi...
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 and Finance
سال: 2021
ISSN: ['2458-0813']
DOI: https://doi.org/10.14505/jmef.v7.2(13).01