Artikel
A monetary business-cycle model with an augmented cash-in-advance constraint, investment tax credit and a government sector: the case of Bulgaria (1999-2022)
We modify an otherwise standard business cycle model with a richer government sector, and add an augmented cash-in-advance (CIA) considerations. In particular, the cash in advance constraint of Cole (2020) is extended to include private investment and government consumption, and allows a proportion of total expenditure to be done using credit. Additionally, we allow for the presence of an investment subsidy ("investment tax credit"). This specification is then calibrated to Bulgarian data after the introduction of the currency board (1999-2022), gives a role to money in accentuating economic fluctuations. In particular, the modified CIA constraint produces a mechanism that allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular.
- Sprache
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Englisch
- Erschienen in
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Journal: Journal of Mathematical Economics and Finance ; ISSN: 2458-0813 ; Volume: IX ; Year: 2023 ; Issue: 2(17) ; Pages: 7-22 ; Craiova: ASERS Publishing
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
- Thema
-
business cycles
augmented cash-in-advance constraint
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Vasilev, Aleksandar
- Ereignis
-
Veröffentlichung
- (wer)
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ASERS Publishing
ZBW - Leibniz Information Centre for Economics
- (wo)
-
Craiova
- (wann)
-
2023
- DOI
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doi:10.14505/jmef.v9.2(17).01
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Vasilev, Aleksandar
- ASERS Publishing
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2023
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