Artikel
A business-cycle model with cash- and credit goods and a modified cash-in-advance feature: lessons for Bulgaria (1999-2020)
We augment the standard business cycle model with cash and credit goods a la Lucas and Stokey (1983, 1987), plus a modified cash-in-advance (CIA) considerations. In particular, the cash-in-advance constraint is extended to include private investment and government purchases. This specification is then calibrated to Bulgaria over the 1999-2020 period. The presence of cash and credit goods give a role to money in accentuating economic fluctuations. In particular, the two types of goods and the modified CIA constraint produce a more sophisticated propagation mechanism, with novel trade-offs faced by the household. The model generates too volatile consumption, and counter-cyclical investment, which are at serious odds with data. Overall, the model with cash and credit goods, and physical capital accumulation, does not provide a good framework to study business cycle fluctuations in Bulgaria.
- Sprache
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Englisch
- Erschienen in
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Journal: Econometrics. Ekonometria: Advances in Applied Data Analysis ; ISSN: 2449-9994 ; Volume: 26 ; Year: 2022 ; Issue: 1 (forthcoming) ; Pages: 1-13 ; Warsaw: Sciendo
- Klassifikation
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Wirtschaft
Business Fluctuations; Cycles
- Thema
-
business cycles
cash and credit goods
modified cash-in-advance (CIA) constraint
Bulgaria
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Vasilev, Aleksandar
- Ereignis
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Veröffentlichung
- (wer)
-
Sciendo
ZBW – Leibniz Information Centre for Economics
- (wo)
-
Warsaw
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Vasilev, Aleksandar
- Sciendo
- ZBW – Leibniz Information Centre for Economics
Entstanden
- 2022
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