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|c 5.00 USD
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|z 9781513571676
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Gross, Marco.
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|a Beautiful Cycles :
|b A Theory and a Model Implying a Curious Role for Interest /
|c Marco Gross.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2021.
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| 300 |
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Where do economic cycles come from? This paper contemplates an utmost minimalistic model and underlying theory that rest on two assumptions for letting them emerge endogenously: (1) the presence of interest-bearing debt; and (2) a degree of downward nominal wage rigidity. Despite its parsimony, the model generates well-behaved, self-evolving limit cycles and replicates six essential empirical facts: (1) booms are long- while recessions short-lived; (2) leverage is procyclical; (3) firm profit and wage shares in GDP are counter- and procyclical, respectively; (4) Phillips curves are downward-sloping and convex, and Okun's law relation is replicated; (5) default cascades arise endogenously at the turning points to recessions; (6) lending spreads are countercyclical. One can refer to the model as being of a Dynamic Stochastic General Disequilibrium (DSGD) kind.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2021/067
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2021/067/001.2021.issue-067-en.xml
|z IMF e-Library
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