Economics at your fingertips  

Non Stationary Shocks, Crises and Policy

David Meenagh and A. Patrick Minford

Rivista italiana degli economisti, 2012, issue 2, 191-224

Abstract: A Real Business Cycle model of the UK is developed to account for the behaviour of UK non-stationary macro data. The model, when tested by the method of indirect inference, can explain the behaviour of main variables (GDP, real exchange rate, real interest rate). We use it to explain how "crisis" and "euphoria" are endemic in capitalist behaviour due to Non-stationarity; and we draw some policylessons.

Keywords: Non-stationarity; Productivity; Real Business Cycle; Bootstrap; Indirect Inference; Banking Crisis; Banking Regulation (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (application/pdf) (text/html)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

Rivista italiana degli economisti is currently edited by Giuliano Conti

More articles in Rivista italiana degli economisti from Società editrice il Mulino
Bibliographic data for series maintained by ().

Page updated 2021-01-21
Handle: RePEc:mul:jqat1f:doi:10.1427/37494:y:2012:i:2:p:191-224