全球智库信息集成服务系统(G2TT): DP13950 Search Complementarities, Aggregate Fluctuations, and Fiscal Policy

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13950
	DP13950 Search Complementarities, Aggregate Fluctuations, and Fiscal Policy
	Jesus Fernandez-Villaverde; Federico Mandelman; Yang Yu; Francesco Zanetti
发表日期	2019-08-23
出版年	2019
语种	英语
摘要	We develop a quantitative business cycle model with search complementarities in the inter-firm matching process that entails a multiplicity of equilibria. An active static equilibrium with strong joint venture formation, large output, and low unemployment can coexist with a passive static equilibrium with low joint venture formation, low output, and high unemployment. Changes in fundamentals move the system between the two static equilibria, generating large and persistent business cycle fluctuations. The volatility of shocks is important for the selection and duration of each static equilibrium. Sufficiently adverse shocks in periods of low macroeconomic volatility trigger severe and protracted downturns. The magnitude of government intervention is critical to foster economic recovery in the passive static equilibrium, while it plays a limited role in the active static equilibrium.
主题	Monetary Economics and Fluctuations
关键词	Aggregate fluctuations Strategic complementarities Macroeconomic volatility Government spending
URL	https://cepr.org/publications/dp13950
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/542831
推荐引用方式 GB/T 7714	Jesus Fernandez-Villaverde,Federico Mandelman,Yang Yu,et al. DP13950 Search Complementarities, Aggregate Fluctuations, and Fiscal Policy. 2019.