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Demand, Supply, and Animal Spirits

Author

Listed:
  • Lopez, H
  • Ubide, A-J

Abstract

One of the main topics of macroeconomics analysis is to assess the causes and transmission of business cycles. In order to address this issue, macroeconomists have analysed the response of output to different types of shocks. However, since a shock is by definition an unobserved variable, there is no consensus in the literature about how to properly identify a shock. In this paper we present a framework for identification of shocks that builds on the statistical definition of a shock and imposes as little a priori restrictions as possible on the structure of the system.

Suggested Citation

  • Lopez, H & Ubide, A-J, 1996. "Demand, Supply, and Animal Spirits," Economics Working Papers eco96/32, European University Institute.
  • Handle: RePEc:eui:euiwps:eco96/32
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    More about this item

    Keywords

    ECONOMETRICS ; BUSINESS CYCLES ; MACROECONOMICS;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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