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Wednesday, August 12, 2020 | History

2 edition of Lower bounds on externalities in sunspot models found in the catalog.

Lower bounds on externalities in sunspot models

Thomas Hintermaier

Lower bounds on externalities in sunspot models

by Thomas Hintermaier

  • 46 Want to read
  • 14 Currently reading

Published by European University Institute in San Domenico .
Written in English

    Subjects:
  • Econometric models.,
  • Production (Economic theory),
  • Elasticity (Economics),
  • Externalities (Economics)

  • Edition Notes

    Includes bibliographical references.

    StatementThomas Hintermaier.
    SeriesEUI working paper -- 2001/4.
    ContributionsEuropean University Institute. Dept. of Economics.
    The Physical Object
    Pagination35 p. ;
    Number of Pages35
    ID Numbers
    Open LibraryOL19630187M

    Variational bounds provide tractable and state-of-the-art ob-jectives for training deep generative models (Kingma and Welling, ; Rezende et al., ). Typically taking the form of a lower bound on the intractable model evidence, they provide surrogate targets that are more amenable to optimization. In general, this optimization requires. labor externalities (still compatible with a negative slope of the aggregate labor demand function) and thus a lower elasticity of intertemporal substi-tution in consumption. This paper is organized as follows: The next section sets up the basic model. In section 3 we prove the existence of a normalized steady state. Sec-.

    Lower Bounds. T. Roughgarden, Barriers to Near-Optimal Equilibria, FOCS ' FOCS talk (Lecture notes) POA Bounds for Specific Games (other than Routing and Auctions) J. Marden and T. Roughgarden, Generalized Efficiency Bounds in Distributed Resource Allocation, CDC '10/IEEE TAC ' Keywords: Indeterminacy, sunspots, two-sector model, sector-speci c externalities, real business cycles Journal of Economic Literature Classi cation Numbers: C62, E32, O This paper previously circulated under the title \Indeterminacy and sunspot uctuations in two-sector RBC models: theory and calibration".Cited by:

    Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models.   2. Recent empirical estimates of equilibrium climate sensitivity (ECS), when run through assessment models like those used by the US Environmental Protection Agency (EPA), suggest a considerably lower social cost of CO 2 emissions than earlier estimates, such as the UK government’s Stern Review. 3.


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Lower bounds on externalities in sunspot models by Thomas Hintermaier Download PDF EPUB FB2

"Sunspot Fluctuations in Two-Sector Models with Variable Income Effects," Post-Print hal, HAL. Frédéric Dufourt & Kazuo Nishimura & Carine Nourry & Alain Venditti, "Sunspot Fluctuations in Two-Sector Models with Variable Income Effects," AMSE Working PapersAix-Marseille School of Economics, France, revised Dec Get this from a library.

Lower bounds on externalities in sunspot models. [Thomas Hintermaier; European University Institute. Department of Economics.]. Download PDF: Sorry, we are unable to provide the full text but you may find it at the following location(s): (external link); http Author: Lower bounds on externalities in sunspot models book HINTERMAIER.

Lower Bounds on Externalities in Sunspot Models. By Thomas HINTERMAIER Download PDF ( KB)Author: Thomas HINTERMAIER. Download PDF: Sorry, we are unable to provide the full text but you may find it at the following location(s): (external link)Author: Thomas HINTERMAIER.

Abstract. We analyze a version of the Benhabib and Farmer () two-sector model with sector-specific externalities in which we consider a class of utility functions inspired from the one considered in Jaimovich and Rebelo () which is flexible enough to encompass varying degrees of incomewe show that local indeterminacy and sunspot fluctuations occur in 2-sector models Cited by: 1.

"Lower Bounds on Externalities in Sunspot Models," Economics Working Papers ECO/04, European University Institute.

Grandmont, Jean-Michel, " Nonlinear difference equations, bifurcations and chaos: An introduction," Research in Economics, Elsevier, vol. 62(3), pagesby: 1. Downloadable. We analyze a version of the Benhabib and Farmer [3] two-sector model with sector-specific externalities in which we consider a class of utility functions inspired from the one considered in Jaimovich and Rebelo [14] which is flexible enough to encompass varying degrees of income effect.

First, we show that local indeterminacy and sunspot fluctuations occur in 2-sector models Cited by: 1. More precisely, we investigate the extent to which standard one-sector sunspot models with positive externalities and variable capacity utilization can account for “boom-bust cycles” characterized by procyclical covariations of most macroeconomic variables and a hump-shaped output response when the model is submitted to a pure sunspot : Frédéric Dufourt, Alain Venditti, Alain Venditti, Rémi Vivès.

A lower bound on required returns to scale I follow the example of Bennett and Farmer [4], introducing a returns to scale parameter, m >1, through the equations α = a m, β = b m, used in the impossibility theorem stated below and proven in the by: In this paper we consider a Ramsey one-sector model with non-separable homothetic preferences, endogenous labour and productive external effects arising from average capital and labour.

We show that indeterminacy cannot arise when there are only capital externalities but that it does when there are only labour external effects. The model has three steady states and a sunspot equilibrium that uctuates between the high and low steady states. Steady states are payo ranked: low values give lower pro ts than higher values.

We investigate whether subjects can learn a sunspot equilibrium. We ob-serve coordination on the extrinsic announcements in our experimental economies. Indeterminacy with small externalities: substitution are large enough (the lower bounds for these elasticities tending to infinity as the labor externalities go to zero).

Considering extremely low existence of sunspot fluctuations requires the same kind of restrictions. How-ever, there is a trade-off between the value of the share Cited by: It is well known that if there are mild sector-specific externalities, then the steady state of the standard two-sector real business cycle model can Cited by: Several works have shown that indeterminacy usually requires a lower bound on externalities, at least in models where externalities constitute the main market distortion.

See for instance the survey of Benhabib and Farmer (). In our paper, we also obtain this standard by: We examine the stability under learning (E-stability) of sunspot equilibria in non-convex real business cycle models.

The production technology is Cobb–Douglas with externalities. The model has three steady states and a sunspot equilibrium that fluctuates between the high and low steady states. therefore be associated with large multipliers at the zero lower bound.

Instability of sunspot equilibria in real business cycle models under infinite horizon learning Article in Macroeconomic Dynamics 22(8) August. The bounds in Theorem 3 also suggest that the rate of decrease is more substantial when the degree of complementarity is small.

As illustrated in Fig. 1, when the degree of complementarity increases from 0 to 1, the relative profit in the decentralized chain decreases from 75% to % of the optimal profit; when the complementarity effect increases to 2, the decentralized setting Cited by: 8.

Indeterminacy and Sunspot Fluctuations in Two-Sector RBC models: Theory and Calibration (empirically plausible) lower bound.

This conclusion is drastically di erent from what is known from the previous We consider a standard in nite-horizon two-sector real business-cycle model with productive externalities. ProductionCited by: 1. Jacques H.

Drèze (born ) is a Belgian economist noted for his contributions to economic theory, econometrics, and economic policy as well as for his leadership in the economics èze was the first President of the European Economic Association in and was the President of the Econometric Society in Jacques Drèze is also the father of five mater: Université de Liège.

When externalities are small, the first incentive is more important than the second. Thus, the cartel chooses a bid-rotation scheme such that all participating bidders are pooled to bid exactly R, but sales occur with the highest probability; that is, [R] is the lower bound on the set of feasible [1].For real-world applications, where the algorithm's precondition that every congested arc may have a toll is impractical, this paper enhances the model to include link-specific upper and lower.