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A Panel Data Analysis of the Brain Gain

  • Michel, BEINE
  • Cecily, DEFOORT

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics)

  • Frédéric, DOCQUIER

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics)

This paper casts the Belgian Great Depression of the 1930s within a dynamic stochastic general equilibrium (DSGE) framework. Results show that a total factor productivity shock within a standard real business cycle model is unsatisfactory. Introducing war expectations in the baseline model produces little improvement. Given the evidence on sticky wages put forward by historians, it shows that a simple DGSE model with sticky wages à la Taylor improves on the result.

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Paper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Discussion Papers (ECON - Département des Sciences Economiques) with number 2007024.

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Length: 36
Date of creation: 01 Aug 2007
Handle: RePEc:ctl:louvec:2007024
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