A continuous time cyclical growth model for the Federal Republic of Germany: Construction, estimation and analysis
This paper seeks to unify and extend a number of recent directions in macro-economic research. Firstly, there has been a tendency to introduce new factors and to unify their treatment. Thus imported raw materials together with floating exchange rates are now an established part of the literature. This has naturally led to the introduction of real wage rigidity as an essential element in the study of transmission of impulses between countries. Yet the unified treatment of such factors in a macro-econometric model is rare, the empirical work being mainly of the Single equation on reduced form variety. The empirical work on real wages and employment is a good example (see Sachs, 1983, for a review). In addition most macro-econometric modeis are Keynesian in construction, the supply side being relatively poorly developed.
|Date of creation:||1984|
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- Michael J. Stutzer, 1980. "Chaotic dynamics and bifurcation in a macro model," Staff Report 55, Federal Reserve Bank of Minneapolis.
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- Stutzer, Michael J., 1980. "Chaotic dynamics and bifurcation in a macro model," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 353-376, May.
- Jeffrey Sachs & Charles Wyplosz, 1984. "Real Exchange Rate Effects of Fiscal Policy," NBER Working Papers 1255, National Bureau of Economic Research, Inc.
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