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Bortoli, Pierguido (2016) The real effects of uncertainty shocks on economic activity: theary and empirical evidence. [Magistrali biennali]

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Abstract

How does uncertainty affect the real economy? Is there a comovement among output, consumption, investment and worked hours after an uncertainty shock? To answer these questions, I examine the theoretical predictions of two widely used general equilibrium models, i.e. the Neo-Classical Business Cycle Model and the New-Keynesian DGSE Model, and provide empirical tests of whether they replicate the business cycle comovements observed in the data. The VAR-based analysis shows that an uncertainty shock triggers a negative response in real activity and prices, consistent with the claim that uncertainty shocks act as negative aggregate demand shocks. These findings lend support to the predictions put forth by the New-Keynesian theoretical framework.

Tipologia del documento:Magistrali biennali
Settori scientifico-disciplinari del MIUR:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Codice ID:51535
Relatore:Caggiano, Giovanni
Data della tesi:2016
Biblioteca:Polo di Scienze Sociali > Biblioteca del Dipartimento di Scienze Economiche"Marco Fanno"
Tipo di fruizione per il documento:on-line per i full-text
Tesi sperimentale (Si) o compilativa (No)?:

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