| Trường DC | Giá trị | Ngôn ngữ |
|---|---|---|
| dc.contributor.author | Aleksanda r Vasilev | |
| dc.date.accessioned | 2023-11-01T10:23:59Z | - |
| dc.date.available | 2023-11-01T10:23:59Z | - |
| dc.date.issued | 2021 | |
| dc.identifier.isbn | 1984-0020 | |
| dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58665 | - |
| dc.description | economic development | |
| dc.description.abstract | Purpose – The authors introduce non-Ricardian (“ hand-to-mouth” ) myopic agents into an otherwise standard real-business-cycle (RBC) setup augmented with a detailed government sector. The authors investigate the quantitative importance of the presence of nonoptimizing households for cyclical fluctuations in Bulgaria. Design/methodology/approach – The authors calibrate the RBC model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2018). Findings – The authors find that the inclusion of such non-Ricardian households improves model performance along several dimensions and generally provides a better match vis-a-vis data, as compared to the standard model populated with Ricardian agents only. Originality/value – This is a novel finding in the macroeconomic studies on Bulgaria using modern quantitative methods. | |
| dc.description.tableofcontents | 1. Introduction and motivation; 2. Model description; 3. Data and model calibration; 4. Steady-state; 5. Out of steady-state model dynamics; 6. Conclusions | |
| dc.format.extent | Khổ 21 x 29.7 | |
| dc.language.iso | en | |
| dc.publisher | Kinh Tế Quốc Dân | |
| dc.subject | Business cycles | |
| dc.subject | Non-Ricardian households | |
| dc.subject | Hand-to-mouth | |
| dc.subject | Myopic behavior | |
| dc.subject | Bulgaria | |
| dc.title | An RBC model with non-Ricardian households: lessons for Bulgaria (1999–2018) | |
| dc.type | Journal of Economics and Development | |
| dc.identifier.barcode | 10-1108_JED-06-2020-0077 | |
| dc.relation.reference | Baxter, M. and King, R. (1993), “Fiscal policy in general equilibrium”, American Economic Review, Vol. 83, pp. 315-334. Bulgarian National Bank (2019), “Bulgarian National Bank statistics”, available at: www.bnb.bg (accessed 21 July 2019). Campbell, J. and Mankiw, N. (1989), Consumption, Income and Interest Rates: Reinterpreting the Time Series Evidence, NBER Macroeconomics Annual, The MIT Press, Cambridge, Mass. Canova, F. (2007), Methods for Applied Macroeconomic Research, Princeton University Press, Princeton, NJ. Coenen, G. and Straub, R. (2005), “Non-Ricardian households and fiscal policy in an estimated DSGE model for the Euro area”, Computing in Economics and Finance, No. 102. Cogley, T. and James, N. (1995), “Output dynamics in real-business-cycles”, American Economic Review, Vol. 85 No. 3, pp. 492-511. Deaton, A. (1992), Understanding Consumption. Clarendon Lectures in Economics, Claredon Press, Oxford. Gali, J., Lopez-Salido, J. and Valles, J. (2007), “Understanding the effects of government spending on consumption”, Journal of the European Economic Association, Vol. 5 No. 1, pp. 227-270. Hodrick, R. and Prescott, E. (1980), Post-war US Business Cycles: An Empirical Investigation, CarnegieMellon University, Pittsburgh, PA, Unpublished manuscript. Iwata, Y. (2009), “ Fiscal policy in an estimated DSGE model of the Japanese economy: do nonRicardina households explain all?” , ESRI Discussion Paper Series n. 216. Dublin, Ireland. Johnson, D., Parker, J. and Souleses, N. (2006), “ Household expenditure and the income tax rebates of 2001” , American Economic Review, Vol. 96 No. 5, pp. 1589-1610. Mankiw, N. (2000), “The savers-spenders theory of fiscal policy”, American Economic Review, Vol. 90 No. 2, pp. 120-125. National Statistical Institute (2019), “Aggregate statistical indicators”, available at: www.nsi.bg (accessed 21 July 2019). Nelson, C. and Plosser, C. (1982), “Trends and random walks in macroeconmic time series: some evidence and implications”, Journal of Monetary Economics, Vol. 10 No. 2, pp. 139-162. Rotemberg, J. and Woodford, M. (1996b), “Real-business-cycle models and the forecastable movements in output, hours, and consumption”, American Economic Review, Vol. 86, pp. 71-89. Souleses, N. (1999), “The response of household consumption to income tax refunds”, American Economic Review, Vol. 89 No. 4, pp. 947-958. Torres, J.L. (2013), Introduction to Dynamic Macroeconomic General Equilibrium Models, Vernon Press, Malaga. Vasilev, A. (2009), “Business cycles in Bulgaria and the Baltic countries: an RBC approach”, International Journal of Computational Economics and Econometrics, Vol. 1 No. 2, pp. 148-170. Vasilev, A. (2015c), “Modeling real private consumption expenditure in Bulgaria after the currency board implementation (1997-2005)”, Zagreb International Review of Economics and Business, Vol. 18 No. 1, pp. 81-89. Vasilev, A. (2016a), Search and Matching Frictions and Business Cycle Fluctuations in Bulgaria, Bulgarian Economic Papers BEP 03-2016, Center for Economic Theories and Policies, Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration, Sofia. Vasilev, A. (2016b), “Progressive taxation and (in)stability in an endogenous growth model with human capital accumulation”, Journal of Economics and Econometrics, Vol. 59 No. 2, pp. 1-15. Vasilev, A. (2017a), “Business Cycle Accounting: Bulgaria after the introduction of the currency board arrangement (1999-2014)”, European Journal of Comparative Economics, Vol. 14 No. 2, pp. 197-219. Vasilev, A. (2017b), “A Real-Business-Cycle model with efficiency wages and a government sector: the case of Bulgaria”, Central European Journal of Economics and Econometrics, Vol. 9 No. 4, pp. 359-377. Vasilev, A. (2017c), A Real-Business-Cycle Model with Reciprocity in Labor Relations and Fiscal Policy: The Case of Bulgaria, Bulgarian Economic Papers BEP 03-2017, Center for Economic Theories and Policies, Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration, Sofia. Vasilev, A. (2017d), “VAT evasion in Bulgaria: a general-equilibrium approach”, Review of Economics and Institutions, Vol. 8 No. 2, pp. 2-17. Wolff, M. (2003), “Recent trends in the size distribution of household wealth”, Journal of Economic Perspectives, Vol. 12, pp. 131-150. | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) | |
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| Trường DC | Giá trị | Ngôn ngữ |
|---|---|---|
| dc.contributor.author | Aleksanda r Vasilev | |
| dc.date.accessioned | 2023-11-01T10:23:59Z | - |
| dc.date.available | 2023-11-01T10:23:59Z | - |
| dc.date.issued | 2021 | |
| dc.identifier.isbn | 1984-0020 | |
| dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58665 | - |
| dc.description | economic development | |
| dc.description.abstract | Purpose – The authors introduce non-Ricardian (“ hand-to-mouth” ) myopic agents into an otherwise standard real-business-cycle (RBC) setup augmented with a detailed government sector. The authors investigate the quantitative importance of the presence of nonoptimizing households for cyclical fluctuations in Bulgaria. Design/methodology/approach – The authors calibrate the RBC model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2018). Findings – The authors find that the inclusion of such non-Ricardian households improves model performance along several dimensions and generally provides a better match vis-a-vis data, as compared to the standard model populated with Ricardian agents only. Originality/value – This is a novel finding in the macroeconomic studies on Bulgaria using modern quantitative methods. | |
| dc.description.tableofcontents | 1. Introduction and motivation; 2. Model description; 3. Data and model calibration; 4. Steady-state; 5. Out of steady-state model dynamics; 6. Conclusions | |
| dc.format.extent | Khổ 21 x 29.7 | |
| dc.language.iso | en | |
| dc.publisher | Kinh Tế Quốc Dân | |
| dc.subject | Business cycles | |
| dc.subject | Non-Ricardian households | |
| dc.subject | Hand-to-mouth | |
| dc.subject | Myopic behavior | |
| dc.subject | Bulgaria | |
| dc.title | An RBC model with non-Ricardian households: lessons for Bulgaria (1999–2018) | |
| dc.type | Journal of Economics and Development | |
| dc.identifier.barcode | 10-1108_JED-06-2020-0077 | |
| dc.relation.reference | Baxter, M. and King, R. (1993), “Fiscal policy in general equilibrium”, American Economic Review, Vol. 83, pp. 315-334. Bulgarian National Bank (2019), “Bulgarian National Bank statistics”, available at: www.bnb.bg (accessed 21 July 2019). Campbell, J. and Mankiw, N. (1989), Consumption, Income and Interest Rates: Reinterpreting the Time Series Evidence, NBER Macroeconomics Annual, The MIT Press, Cambridge, Mass. Canova, F. (2007), Methods for Applied Macroeconomic Research, Princeton University Press, Princeton, NJ. Coenen, G. and Straub, R. (2005), “Non-Ricardian households and fiscal policy in an estimated DSGE model for the Euro area”, Computing in Economics and Finance, No. 102. Cogley, T. and James, N. (1995), “Output dynamics in real-business-cycles”, American Economic Review, Vol. 85 No. 3, pp. 492-511. Deaton, A. (1992), Understanding Consumption. Clarendon Lectures in Economics, Claredon Press, Oxford. Gali, J., Lopez-Salido, J. and Valles, J. (2007), “Understanding the effects of government spending on consumption”, Journal of the European Economic Association, Vol. 5 No. 1, pp. 227-270. Hodrick, R. and Prescott, E. (1980), Post-war US Business Cycles: An Empirical Investigation, CarnegieMellon University, Pittsburgh, PA, Unpublished manuscript. Iwata, Y. (2009), “ Fiscal policy in an estimated DSGE model of the Japanese economy: do nonRicardina households explain all?” , ESRI Discussion Paper Series n. 216. Dublin, Ireland. Johnson, D., Parker, J. and Souleses, N. (2006), “ Household expenditure and the income tax rebates of 2001” , American Economic Review, Vol. 96 No. 5, pp. 1589-1610. Mankiw, N. (2000), “The savers-spenders theory of fiscal policy”, American Economic Review, Vol. 90 No. 2, pp. 120-125. National Statistical Institute (2019), “Aggregate statistical indicators”, available at: www.nsi.bg (accessed 21 July 2019). Nelson, C. and Plosser, C. (1982), “Trends and random walks in macroeconmic time series: some evidence and implications”, Journal of Monetary Economics, Vol. 10 No. 2, pp. 139-162. Rotemberg, J. and Woodford, M. (1996b), “Real-business-cycle models and the forecastable movements in output, hours, and consumption”, American Economic Review, Vol. 86, pp. 71-89. Souleses, N. (1999), “The response of household consumption to income tax refunds”, American Economic Review, Vol. 89 No. 4, pp. 947-958. Torres, J.L. (2013), Introduction to Dynamic Macroeconomic General Equilibrium Models, Vernon Press, Malaga. Vasilev, A. (2009), “Business cycles in Bulgaria and the Baltic countries: an RBC approach”, International Journal of Computational Economics and Econometrics, Vol. 1 No. 2, pp. 148-170. Vasilev, A. (2015c), “Modeling real private consumption expenditure in Bulgaria after the currency board implementation (1997-2005)”, Zagreb International Review of Economics and Business, Vol. 18 No. 1, pp. 81-89. Vasilev, A. (2016a), Search and Matching Frictions and Business Cycle Fluctuations in Bulgaria, Bulgarian Economic Papers BEP 03-2016, Center for Economic Theories and Policies, Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration, Sofia. Vasilev, A. (2016b), “Progressive taxation and (in)stability in an endogenous growth model with human capital accumulation”, Journal of Economics and Econometrics, Vol. 59 No. 2, pp. 1-15. Vasilev, A. (2017a), “Business Cycle Accounting: Bulgaria after the introduction of the currency board arrangement (1999-2014)”, European Journal of Comparative Economics, Vol. 14 No. 2, pp. 197-219. Vasilev, A. (2017b), “A Real-Business-Cycle model with efficiency wages and a government sector: the case of Bulgaria”, Central European Journal of Economics and Econometrics, Vol. 9 No. 4, pp. 359-377. Vasilev, A. (2017c), A Real-Business-Cycle Model with Reciprocity in Labor Relations and Fiscal Policy: The Case of Bulgaria, Bulgarian Economic Papers BEP 03-2017, Center for Economic Theories and Policies, Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration, Sofia. Vasilev, A. (2017d), “VAT evasion in Bulgaria: a general-equilibrium approach”, Review of Economics and Institutions, Vol. 8 No. 2, pp. 2-17. Wolff, M. (2003), “Recent trends in the size distribution of household wealth”, Journal of Economic Perspectives, Vol. 12, pp. 131-150. | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) | |
