Macroeconomic Volatility in General Equilibrium

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GTAP Resource #1166
"Macroeconomic Volatility in General Equilibrium" by McKibbin, Warwick and Peter J. Wilcoxen Abstract In this paper we explore the concept of excess volatility in general equilibrium. We show there is a fundamental tension between household efforts to smooth consumption and attempts by firms to smooth investment in the presence of convex adjustment costs in capital formation.

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Category:	GTAP Application
Status:	Published
By/In:	Asia Pacific School of Economics and Management Working Paper
Date:	1998
Version:	2nd revision
Created:	Bacou, M. (1/18/2003)
Updated:	Bacou, M. (1/18/2003)
Visits:	2,108

- Calibration and parameter estimation

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