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Autor:innen: 
Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] Journal of Mathematical Economics and Finance [ISSN:] 2458-0813 [Volume:] IX [Issue:] 2(17) [Article No.:] 2 [Publisher:] ASERS Publishing [Place:] Craiova [Year:] 2023 [Pages:] 23-37
Verlag: 
ASERS Publishing, Craiova
Zusammenfassung: 
We introduce energy as a productive input into a real-business-cycle model with government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). We investigate the quantitative importance of the presence of energy, and the potential relevance of energy price shocks as driving forces behind the observed business cycle fluctuations in Bulgaria. In particular, a positive shock to energy prices in the model works like a negative technological shock. Allowing for the presence of energy as a factor of production does not substantially improves the model performance against data, and is thus an unlikely driver of business cycle fluctuations in Bulgaria.
Schlagwörter: 
Business fluctuations
energy use
JEL: 
E32
DOI der veröffentlichten Version: 
Dokumentart: 
Article
Dokumentversion: 
Manuscript Version (Preprint)
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