Artikel
An RBC model with non-Ricardian households: Lessons for Bulgaria (1999-2018)
Purpose: We introduce non-Ricardian ("hand-to-mouth") myopic agents into an otherwise standard real-business-cycle (RBC) setup augmented with a detailed government sector.We investigate the quantitative importance of the presence of non-optimizing households for cyclical fluctuations in Bulgaria. Design Methodology/approach: We calibrate the RBC model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). Findings: We 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.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Journal of Economics and Development ; ISSN: 1859-0020 ; Year: 2020 ; Issue: Forthcoming ; Bingley: Emerald
- Klassifikation
-
Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
- Thema
-
business cycles
non-Ricardian households
hand-to-mouth
myopic behavior
Bulgaria
- Ereignis
-
Geistige Schöpfung
- (wer)
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Vasilev, Aleksandar
- Ereignis
-
Veröffentlichung
- (wer)
-
Emerald
ZBW – Leibniz Information Centre for Economics
- (wo)
-
Bingley
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Vasilev, Aleksandar
- Emerald
- ZBW – Leibniz Information Centre for Economics
Entstanden
- 2020
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