The Great Depression in Belgium from a Neoclassical Perspective
Luca Pensieroso
Review of Economic Dynamics, 2011, vol. 14, issue 2, 389-402
Abstract:
This article casts the Belgian Great Depression of the 1930s within a dynamic stochastic general equilibrium (DSGE) framework. The results show that a DSGE model with total factor productivity and monetary shocks, coupled with sticky nominal wages a la Taylor is able to account reasonably well for most of the data on the Depression, but it overestimates real wages. (Copyright: Elsevier)
Keywords: Great Depression; Belgium; Sticky wages; Dynamic stochastic general equilibrium (search for similar items in EconPapers)
JEL-codes: E13 N14 (search for similar items in EconPapers)
Date: 2011
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http://dx.doi.org/10.1016/j.red.2010.10.004
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DOI: 10.1016/j.red.2010.10.004
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