Non Stationary Shocks, Crises and Policy

Meenagh, David ORCID: https://orcid.org/0000-0002-9930-7947 and Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X 2012. Non Stationary Shocks, Crises and Policy. Rivista Italiana degli Economisti 17 (2) , pp. 191-224. 10.1427/37494

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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 policy lessons.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Advanced Research Computing @ Cardiff (ARCCA) Business (Including Economics)
Subjects:	H Social Sciences > HC Economic History and Conditions
Uncontrolled Keywords:	Non-stationarity, Productivity, Real Business Cycle, Bootstrap, Indirect Inference, Banking Crisis, Banking Regulation
Publisher:	Il Mulino
ISSN:	1593-8662
Last Modified:	11 Dec 2022 08:43
URI:	https://orca.cardiff.ac.uk/id/eprint/49265

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