How Quantitatively Important are the Shocks to the Time Endowment for Business Cycle Fluctuations? Lessons Learnt From Bulgaria (1999-2018)

Vasilev, Aleksandar Zdravkov (2021) How Quantitatively Important are the Shocks to the Time Endowment for Business Cycle Fluctuations? Lessons Learnt From Bulgaria (1999-2018). Notas Económicas, 52 . pp. 99-112. ISSN 0872-4733

Full content URL: https://doi.org/10.14195/2183-203X_52_4

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How Quantitatively Important are the Shocks to the Time Endowment for Business Cycle Fluctuations? Lessons Learnt From Bulgaria (1999-2018)
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Abstract

Shocks to time endowment are introduced into a real-business-cycle setup augmented with
a detailed government sector. The model is calibrated to Bulgarian data for the period following
the introduction of the currency board arrangement (1999-2018). The quantitative
importance of the presence of shocks to total time available to households is investigated
for the magnitude of cyclical fluctuations in Bulgaria. Although hours worked became
more volatile, and wages a bit smoother, the quantitative effect of such a shock is found to
be small, and thus not very important for the propagation of business cycle fluctuations.

Keywords:Business cycles, time endowment shocks, Bulgaria
Subjects:L Social studies > L130 Macroeconomics
Divisions:Lincoln International Business School
ID Code:46879
Deposited On:12 Oct 2021 10:34

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