| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8050 |
| DP8050 MODELLING TIME AND MACROECONOMIC DYNAMICS | |
| Chryssi Giannitsarou; Alexis Anagnostopoulos | |
| 发表日期 | 2010-10-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | In this paper, we analyze the importance of the frequency of decision making for macroeconomic dynamics. We explain how the frequency of decision making (period length) and the unit of time measurement (calibration frequency) differ and study the implications of this difference for macroeconomic modelling. We construct a generic dynamic general equilibrium model that nests a wide range of macroeconomic models and which leaves the period length as an undetermined parameter. We provide a series of examples (variations of the Cass-Koopmans and the New Keynesian models) that fit into this framework and use these to do comparative dynamics with respect to the period length. In particular, we analyze local stability and how this is affected by changes in the period length. We find that in models with endogenous capital accumulation, as the period gets longer, indeterminacy occurs less often. Moreover, as economic agents become less patient and as capital depreciates more, indeterminacy also occurs less often. We also show that, in the case of the New Keynesian model, standard continuous and discrete time versions have entirely different local stability properties due to a discontinuity at zero period length. |
| 主题 | International Macroeconomics |
| 关键词 | Depreciation Discounting Local indeterminacy Macroeconomic dynamics Period length |
| URL | https://cepr.org/publications/dp8050 |
| 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/536900 |
| 推荐引用方式 GB/T 7714 | Chryssi Giannitsarou,Alexis Anagnostopoulos. DP8050 MODELLING TIME AND MACROECONOMIC DYNAMICS. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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