Stabilizing and destabilizing mechanisms: A new perspective to understand business cycles
Yang Gao,Gang Gong,Gang Gong +2 more
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In this article, the authors build a macro-dynamic model with investment and price as the core macroeconomic variables and show that the interaction between the stabilization mechanism (price adjustment) and the destabilization mechanism (investment adjustment) generates fluctuations and cycles.About:
This article is published in Economic Modelling.The article was published on 2020-12-01 and is currently open access. It has received 3 citations till now. The article focuses on the topics: Stabilization policy & Microfoundations.read more
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Market Distortions and Local Indeterminacy: A General Approach
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Real-time macroeconomic monitoring using mixed frequency data: Evidence from China
TL;DR: Wang et al. as discussed by the authors developed a real-time monitoring system of China's macroeconomic prosperity by incorporating monthly and quarterly macroeconomic data with highfrequency daily Internet search data from January 1, 2012 to March 31, 2019.
References
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A Contribution to the Theory of Economic Growth
TL;DR: In this paper, a model of long run growth is proposed and examples of possible growth patterns are given. But the model does not consider the long run of the economy and does not take into account the characteristics of interest and wage rates.
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Staggered prices in a utility-maximizing framework
TL;DR: In this article, the authors developed a model of staggered prices along the lines of Phelps (1978) and Taylor (1979, 1980), but utilizing an analytically more tractable price-setting technology.
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Discretion versus policy rules in practice
TL;DR: In this article, the authors examine how recent econometric policy evaluation research on monetary policy rules can be applied in a practical policymaking environment, and the discussion centers around a hypothetical but representative policy rule much like that advocated in recent research.
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Monopolistic competition and optimum product diversity
Avinash Dixit,Joseph E. Stiglitz +1 more
TL;DR: In this article, Pettengill tests whether there is an excessive number of firms in a monopolistically competitive equilibrium by a device of considerable expository merit, and redistributes the resources thus released equally over the remaining firms in the sector, to see if welfare can be improved.
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Time to build and aggregate fluctuations
TL;DR: In this article, a general equilibrium model is developed and fitted to U.S. quarterly data for the post-war period, with the assumption that more than one time period is required for the construction of new productive capital and the non-time-separable utility function that admits greater intertemporal substitution of leisure.