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Medientyp:
E-Artikel
Titel:
An RBC model with non-Ricardian households: lessons for Bulgaria (1999–2018)
Beteiligte:
Vasilev, Aleksandar
Erschienen:
Emerald, 2021
Erschienen in:Journal of Economics and Development
Sprache:
Englisch
DOI:
10.1108/jed-06-2020-0077
ISSN:
1859-0020;
2632-5330
Entstehung:
Anmerkungen:
Beschreibung:
<jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>The authors introduce non-Ricardian (“hand-to-mouth”) myopic agents into an otherwise standard real-business-cycle (RBC) setup augmented with a detailed government sector. The authors investigate the quantitative importance of the presence of nonoptimizing households for cyclical fluctuations in Bulgaria.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>The authors calibrate the RBC model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2018).</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>The authors 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.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>This is a novel finding in the macroeconomic studies on Bulgaria using modern quantitative methods.</jats:p></jats:sec>