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Article dans une revue Journal of Monetary Economics Année : 2006

Free entry and business cycles under the influence of animal spirits

Résumé

We provide a business cycle model in which endogenous markup fluctuations are the main driving force. These fluctuations occur due to some form of 'animal spirits', impelling firms in their entry-exit decisions within each sector. By contrast to existing models of the business cycle emphasizing the role of animal spirits, we do not rely on the sink property of the equilibrium to generate indeterminacy. Hence, while our model does pretty well in accounting for the main features of US business cycles, it avoids several criticisms addressed to these former models, concerning either their dependence upon strongly increasing returns and too high markups, or their implication of countercyclical movements of consumption.
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Dates et versions

halshs-00789030, version 1 (15-02-2013)

Licence

Paternité - CC BY 4.0

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Rodolphe dos Santos Ferreira, Frédéric Dufourt. Free entry and business cycles under the influence of animal spirits. Journal of Monetary Economics, 2006, 53 (2), pp.311-328. ⟨10.1016/j.jmoneco.2004.12.003⟩. ⟨halshs-00789030⟩
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