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Gold rush fever in business cycles

  • Paul Beaudry
  • Fabrice Collard

    ()

    (GREMAQ CNRS Universite de Toulouse)

This paper presents a model of macroeconomic fluctuations driven by agents competing to secure shares in new markets. The resulting fluctuation resemble a gold rush in the sence that they increase economic activity but may be of limited social gain. We use different techniques to evaluate the potential importance of this type of phenomena in business cycle fluctuations

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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 8.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:8
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Fax: 1-314-444-8731
Web page: http://www.EconomicDynamics.org/society.htm
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  23. Lawrence J. Christiano & Martin Eichenbaum & Robert Vigfusson, 2003. "What happens after a technology shock?," International Finance Discussion Papers 768, Board of Governors of the Federal Reserve System (U.S.).
  24. Jordi Galí & Pau Rabanal, 2004. "Technology Shocks and Aggregate Fluctuations; How Well Does the RBC Model Fit Postwar U.S. Data?," IMF Working Papers 04/234, International Monetary Fund.
  25. Spence, Michael, 1976. "Product Differentiation and Welfare," American Economic Review, American Economic Association, vol. 66(2), pages 407-14, May.
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  27. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March.
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  29. Cochrane, John H, 1994. "Permanent and Transitory Components of GNP and Stock Prices," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 241-65, February.
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