Can shocks to the discount factor explain business cycle fluctuations in Bulgaria (1999–2018)?
A stochastic discount factor is introduced into a real-business-cycle setup with a government sector. The model is calibrated to Bulgarian data for the period 1999–2018, which is after the introduction of the currency board arrangement. The quantitative importance of shocks to the discount factor is...
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| Format: | Article |
| Language: | English |
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AIMS Press
2020-10-01
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| Series: | National Accounting Review |
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| Online Access: | https://www.aimspress.com/article/10.3934/NAR.2020016/fulltext.html |