Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/318158 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
BCAM Working Paper No. 1905
Verlag: 
Birkbeck, University of London, Birkbeck Centre for Applied Macroeconomics (BCAM), London
Zusammenfassung: 
We develop a quantitative business cycle model with search complementarities in the inter-firm matching process that entails a multiplicity of equilibria. An active static equilibrium with strong joint venture formation, large output, and low unemployment can coexist with a passive static equilibrium with low joint venture formation, low output, and high unemployment. Changes in fundamentals move the system between the two static equilibria,generating large and persistent business cycle fluctuations. The volatility of shocks is important for the selection and duration of each static equilibrium. Sufficiently adverse shocks in periods of low macroeconomic volatility trigger severe and protracted downturns. The magnitude of government intervention is critical to foster economic recovery in the passive static equilibrium, while it plays a limited role in the active static equilibrium.
Schlagwörter: 
Aggregate fluctuations
strategic complementarities
macroeconomic volatility
government spending
JEL: 
C63
C68
E32
E37
E44
G12
URL der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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