2020
DOI: 10.2139/ssrn.3538999
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Synchronization of Endogenous Business Cycles

Abstract: Comovement of economic activity across sectors and countries is a defining feature of business cycles. However, standard models that attribute comovement to propagation of exogenous shocks struggle to generate a level of comovement that is as high as in the data. In this paper, we consider models that produce business cycles endogenously, through some form of non-linear dynamics-limit cycles or chaos. These models generate stronger comovement, because they combine shock propagation with synchronization of endo… Show more

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Cited by 3 publications
(1 citation statement)
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References 90 publications
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“…This indicates yet another scenario to explain the "small shock, large business cycle" puzzle [3]: either because of the proximity of an unstable point, as in section III D, or because of the existence of self-sustained oscillations/chaos, as reported here and in many previous work in which a dynamical systems approach to economics was advocated, see e.g. [10,16,17,47,48] and also [13,21,26,49] in the context of ABMs.…”
Section: Oscillatory Patternssupporting
confidence: 67%
“…This indicates yet another scenario to explain the "small shock, large business cycle" puzzle [3]: either because of the proximity of an unstable point, as in section III D, or because of the existence of self-sustained oscillations/chaos, as reported here and in many previous work in which a dynamical systems approach to economics was advocated, see e.g. [10,16,17,47,48] and also [13,21,26,49] in the context of ABMs.…”
Section: Oscillatory Patternssupporting
confidence: 67%