| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8157 |
| DP8157 Why crises happen - nonstationary macroeconomics | |
| Patrick Minford; Michael R. Wickens; James Davidson; David Meenagh | |
| 发表日期 | 2010-12-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | A Real Business Cycle model of the UK is developed to account for the behaviour of UK nonstationary macro data. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a VECM representation of the data; we find the model can explain the behaviour of main variables (GDP, real exchange rate, real interest rate) but not that of detailed GDP components. We use the model to explain how 'crisis' and 'euphoria' are endemic in capitalist behaviour due to nonstationarity; and we draw some policy lessons. |
| 主题 | International Macroeconomics |
| 关键词 | Banking crisis Banking regulation Bootstrap indirect inference Nonstationarity Productivity Real business cycle |
| URL | https://cepr.org/publications/dp8157 |
| 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/536994 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Michael R. Wickens,James Davidson,et al. DP8157 Why crises happen - nonstationary macroeconomics. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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