Ambiguous business cycles: A quantitative assessment

Non-Convexities in Quantitative General Equilibrium Studies of Business Cycles*

_________________________________________________________________________ This paper reviews the role of micro non-convexities in the study of business cycles. One important nonconvexity arises because an individual can work only one workweek length in a given week. The implication of this non-convexity is that the aggregate intertemporal elasticity of labor supply is large and the principal ma...

Business cycles

This note outlines and discusses some of the strands in the post-Keynesian literature on business cycles. Most post-Keynesians have focused on endogenously generated cycles, but the mechanism varies: some focus on the goods market, others on financial markets, the labor market, or political intervention. The merits of formal modeling of the cycles have also come in for debate. 1 A slightly vers...

Importance Assessment of Correlated Predictors in Business Cycles Classification

When trying to interpret estimated parameters the researcher is interested in the (relative) importance of the individual predictors. However, if the predictors are highly correlated, the interpretation of coefficients, e.g. as economic “multipliers”, is not applicable in standard regression or classification models. The goal of this paper is to develop a procedure to obtain such measures of im...

Growth and Business Cycles

This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the “fundamentals” of the economy. We find that the complementarities between factors influencing aggregate d...

Informational Business Cycles