A Real-Business-Cycle model with energy use: Lessons for Bulgaria (1999-2018)

Artikel

We introduce energy as a productive input into a real-business-cycle model with government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). We investigate the quantitative importance of the presence of energy, and the potential relevance of energy price shocks as driving forces behind the observed business cycle fluctuations in Bulgaria. In particular, a positive shock to energy prices in the model works like a negative technological shock. Allowing for the presence of energy as a factor of production does not substantially improves the model performance against data, and is thus an unlikely driver of business cycle fluctuations in Bulgaria.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Journal of Mathematical Economics and Finance ; ISSN: 2458-0813 ; Volume: IX ; Year: 2023 ; Issue: 2(17) ; Pages: 23-37 ; Craiova: ASERS Publishing

Classification and Topics

• Classification: Wirtschaft ; Business Fluctuations; Cycles
• Subject: Business fluctuations ; energy use

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Vasilev, Aleksandar
• Event: Veröffentlichung
• (who): ASERS Publishing ; ZBW - Leibniz Information Centre for Economics
• (where): Craiova
• (when): 2023

Further information

• DOI: doi:10.14505/jmef.v9.2(17).02
• Handle: http://hdl.handle.net/10419/283911
• Last update: 10.01.0045, 11:44 AM CET