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Por favor, use este identificador para citar o enlazar este ítem: http://hdl.handle.net/10495/6714
Título : Business cycle asymmentries: An investment cost approach
Autor : Gómez Muñoz, Wilman Arturo
Palabras clave : Ciclos económicos
Modelos de simulación
Fecha de publicación : 2014
Editorial : Universidad del Rosario
Citación : Gómez Muñoz, W. A. (2014). Business cycle asymmentries: An investment cost approach. Documentos de Trabajo, (153), 1-37.
Abstract : In this paper, investment cost asymmetry is introduced in order to test wheter this kind of asymmetry can account for asymmetries in business cycles. By using a smooth transition function, asymmetric investment cost is modeled and introduced in a canonical RBC model. Simulations of the model with Perturbations Method (PM) are very close to simulations through Parameterized Expectations Algorithm (PEA), which allows the use of the former for the sake of time reduction and computational costs. Both symmetric and asymmetric models were simulated and compared. Deterministic and stochastic impulse-response excersices revealed that it is possible to adequately reproduce asymmetric business cycles by modeling asymmetric investment costs. Simulations also showed that higher order moments are insu_cient to detect asymmetries. Instead, methods such as Generalized Impulse Response Analysis (GIRA) and Nonlinear Econometrics prove to be more e_cient diagnostic tools.
URI : http://hdl.handle.net/10495/6714
Aparece en las colecciones: Ciencias Sociales y Humanidades

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