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Deflationary Recessions in a General Equilibrium Framework

In: The Complex Networks of Economic Interactions

Author

Listed:
  • Luca Colombo

    (Università Cattolica)

  • Gerd Weinrich

    (Università Cattolica)

Abstract

Summary This paper investigates the role of fiscal and monetary shocks in the occurrence of deflationary recessions. Our model is based on a temporary equilibrium approach with stochastic rationing, where inventory dynamics is explicitly taken into account, amplifying spillover effects between markets. This setting allows us to study the driving forces behind disequilibrium phenomena, and to investigate the efficacy of alternative policies in overcoming them. In particular, we provide for an application of our approach to the study of the Japanese deflationary recession.

Suggested Citation

  • Luca Colombo & Gerd Weinrich, 2006. "Deflationary Recessions in a General Equilibrium Framework," Lecture Notes in Economics and Mathematical Systems, in: Akira Namatame & Taisei Kaizouji & Yuuji Aruka (ed.), The Complex Networks of Economic Interactions, pages 125-138, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-28727-8_8
    DOI: 10.1007/3-540-28727-2_8
    as

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