Real business cycles and the animal spirits hypothesis
From MaRDI portal
Publication:1329916
DOI10.1006/jeth.1994.1032zbMath0802.90019OpenAlexW2023115304MaRDI QIDQ1329916
Roger E. A. Farmer, Jang-Ting Guo
Publication date: 9 August 1994
Published in: Journal of Economic Theory (Search for Journal in Brave)
Full work available at URL: http://www.econ.ucla.edu/workingpapers/wp680.pdf
business cycleanimal spiritsaggregate technologyquantitative equilibrium macroeconomic modelself-fulfilling beliefs of investors
Related Items
Progressive taxation and macroeconomic stability in two-sector models with social constant returns ⋮ REPRESENTATIONS AND SUNSPOT STABILITY ⋮ Skills, sunspots and cycles ⋮ The environmental Kuznets curve and equilibrium indeterminacy ⋮ Indeterminacy with no-income-effect preferences and sector-specific externalities ⋮ Business-cycle models and the dangers of linearizing ⋮ Sunspot fluctuations in two-sector economies with heterogeneous agents ⋮ Statistical equilibrium in one-step forward looking economic models ⋮ Comments on ``Keynesian economics without the Phillips curve by R. E. A. Farmer and G. Nicolò ⋮ Animal spirits as an engine of boom-busts and throttle of productivity growth ⋮ Solving and estimating indeterminate DSGE models ⋮ Optimal control indicators for the assessment of the influence of government policy to business cycle shocks ⋮ Learnability and equilibrium selection under indeterminacy ⋮ Business cycles with free entry ruled by animal spirits ⋮ Can consumption habit spillovers be a source of equilibrium indeterminacy? ⋮ LOCAL INDETERMINACY IN CONTINUOUS-TIME MODELS: THE ROLE OF RETURNS TO SCALE ⋮ Endogenous growth and the welfare costs of inflation: a reconsideration ⋮ Increasing returns, home production and persistence of business cycles ⋮ Indeterminacy and sunspots in a monetary economy with limited participation ⋮ Intra-industry trade, involuntary unemployment and macroeconomic stability ⋮ Time to implement and aggregate fluctuations ⋮ Sunspot equilibria in a monetary real business cycle ⋮ Admiration is a source of indeterminacy ⋮ Real-time rational expectations and indeterminacy ⋮ Non‐separable utilities and aggregate instability ⋮ Indeterminacy and sunspots in two-sector RBC models with generalized no-income-effect preferences ⋮ The forward method as a solution refinement in rational expectations models ⋮ Believe it or not: experimental evidence on sunspot equilibria with social networks ⋮ Variety matters ⋮ Multiple equilibria and progressive taxation of labor income ⋮ Optimal intervention policies for a small monetary economy ⋮ Equilibrium dynamics in discrete-time endogenous growth models with social constant returns ⋮ Indeterminacy in a finance constrained unionized economy ⋮ Stationary Markovian equilibrium in overlapping generation models with stochastic nonclassical production and Markov shocks ⋮ Firm dynamics and markup variations: Implications for sunspot equilibria and endogenous economic fluctuations ⋮ Adjustment costs, learning, and indeterminacy ⋮ Computing sunspot equilibria in linear rational expectations models ⋮ Indeterminacy and fiscal policies in a growing economy ⋮ Increasing returns, capital utilization, and the effects of government spending ⋮ On sunspot fluctuations in variable capacity utilization models ⋮ Can indeterminacy resolve the cross-country correlation puzzle? ⋮ Indeterminacy, sunspots, and development traps ⋮ Stable sunspot solutions in models with predetermined variables ⋮ The failure of stabilization policy: balanced-budget fiscal rules in the presence of incompressible public expenditures ⋮ Policy change and learning in the RBC model ⋮ Monetary policy transmission in a model with animal spirits and house price booms and busts ⋮ Expectational stability of sunspot equilibria in non-convex economies ⋮ Monetary policy, indeterminacy and learning ⋮ On the stability of the two-sector neoclassical growth model with externalities ⋮ Abatement R\&D, market imperfections, and environmental policy in an endogenous growth model ⋮ SUNSPOTS AND CREDIT FRICTIONS ⋮ Imperfect competition and indeterminacy of aggregate output ⋮ Income effects and indeterminacy in a calibrated one-sector growth model ⋮ Animal spirits and monetary policy ⋮ Sunspots and the business cycle in a finance constrained economy ⋮ Indeterminacy and endogenous growth with social constant returns ⋮ Unemployment and indeterminacy ⋮ Understanding self-fulfilling rational expectations equilibria in real business cycle models ⋮ Indeterminacy with capital utilization and sector-specific externalities ⋮ (In)determinacy, increasing returns, and the optimality of the Friedman rule in an endogenously growing open economy ⋮ INCREASING RETURNS AND THE DESIGN OF INTEREST RATE RULES ⋮ ASSET PRICING IN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS WITH INDETERMINACY ⋮ Indeterminacy and endogenous fluctuations with arbitrarily small externalities ⋮ Tracing externalities as sources of indeterminacy. ⋮ Externalities and nonlinear discounting: Indeterminacy ⋮ Stable near-rational sunspot equilibria ⋮ Fiscal policy and indeterminacy in models of endogenous growth. ⋮ Multi-product firms and increasing marginal costs ⋮ Free labor mobility and indeterminacy in models of neoclassical growth ⋮ Introduction to sunspots in macroeconomics ⋮ Capacity utilization under increasing returns to scale ⋮ Indeterminacy and sunspots with constant returns ⋮ Multiple steady states and endogenous fluctuations with increasing returns to scale in production ⋮ Celebrating Roger Farmer ⋮ Real business cycles, animal spirits, and stock market valuation ⋮ Sectoral composition of government spending, distortionary income taxation, and macroeconomic (in)stability ⋮ Hysteresis in unemployment: A confidence channel ⋮ Indeterminacy and stabilization policy ⋮ Comparing recursive equilibrium in economies with dynamic complementarities and indeterminacy ⋮ Using the generalized Schur form to solve a multivariate linear rational expectations model ⋮ INDETERMINACY AND PERIOD LENGTH UNDER BALANCED BUDGET RULES ⋮ Capital-labor substitution and equilibrium indeterminacy ⋮ Indeterminacy in a model with aggregate and sector-specific externalities ⋮ Indeterminacy with non-separable utility ⋮ Chaotic dynamics in quasi-static systems: Theory and applications ⋮ LIQUIDITY CONSTRAINTS, HETEROGENEOUS HOUSEHOLDS AND SUNSPOT FLUCTUATIONS ⋮ Indeterminacy in a model with sector-specific externalities ⋮ Endogenous business cycles: capital--labor substitution and liquidity constraint. ⋮ Indeterminate growth paths and stability. ⋮ Endogeneous fluctuations in an open economy with increasing returns to scale ⋮ Animal spirits, technology shocks and the business cycle
