| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3255 |
| DP3255 Merger Activity and Executive Pay | |
| Peter Wright; Steve Thompson; Sourafel Girma | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We apply a dynamic general equilibrium model to the period of the Great Depression. In particular, we examine a modification of the real business cycle model in which the possibility of indeterminacy of equilibria arises. In other words, agents' self-fulfilling expectations can serve as a primary impulse behind fluctuations. We find that the model, driven only by these measured sunspot shocks, can explain well the entire Depression era; that is, the decline from 1929-32, the subsequent slow recovery and the recession that occurred in 1937-38. |
| 主题 | International Macroeconomics |
| 关键词 | Great depression Sunspots Dynamic general equilibrium |
| URL | https://cepr.org/publications/dp3255 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532282 |
| 推荐引用方式 GB/T 7714 | Peter Wright,Steve Thompson,Sourafel Girma. DP3255 Merger Activity and Executive Pay. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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