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Autor:innen: 
Erscheinungsjahr: 
2020
Quellenangabe: 
[ISSN:] 0972-6861 [Issue:] 4 (forthcoming) [Publisher:] IUP Publications [Place:] Hyderabad, Telangana, India [Year:] 2020 [Pages:] 47-59
Verlag: 
IUP Publications, Hyderabad, Telangana, India
Zusammenfassung: 
We augment an otherwise standard business cycle model with a richer government sector, and add a modified 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. This specification is then calibrated to Bulgarian data after the introduction of the currency board (1999-2018), 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.
Schlagwörter: 
business cycles
modified cash-in-advance (CIA) constraint
Bulgaria
JEL: 
E32
URL der Erstveröffentlichung: 
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)
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