Asymmetries in Business Cycles

Esta disertación busca estudiar los mecanismos de transmisión que vinculan el comportamiento de agentes y firmas con las asimetrías presentes en los ciclos económicos. Para lograr esto, se construyeron tres modelos DSGE. El en primer capítulo, el supuesto de función cuadrática simétrica de ajuste de...

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Fecha de publicación:: 2014

Institución:: Universidad del Rosario

Repositorio:: Repositorio EdocUR - U. Rosario

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dc.title.spa.fl_str_mv	Asymmetries in Business Cycles
title	Asymmetries in Business Cycles
spellingShingle	Asymmetries in Business Cycles Ciclos Económicos Asimetrías Teoría de Prospectos Aversión a la Pérdida Costo de Ajuste del Capital Función de Transición Suave Precios y Salarios Rígidos Curva de Phillips Asimétrica Producción Business Cycles Asymmetries Prospects Theory Loss Aversion Cost of Capital Adjustment Smooth Transition Function Sticky Prices and Wages Asymmetric Phillips Curve Economía Ciclos económicos Desarrollo económico Teoría económica
title_short	Asymmetries in Business Cycles
title_full	Asymmetries in Business Cycles
title_fullStr	Asymmetries in Business Cycles
title_full_unstemmed	Asymmetries in Business Cycles
title_sort	Asymmetries in Business Cycles
dc.contributor.advisor.none.fl_str_mv	Jaramillo Mejía, Fernando
dc.subject.spa.fl_str_mv	Ciclos Económicos Asimetrías Teoría de Prospectos Aversión a la Pérdida Costo de Ajuste del Capital Función de Transición Suave Precios y Salarios Rígidos Curva de Phillips Asimétrica
topic	Ciclos Económicos Asimetrías Teoría de Prospectos Aversión a la Pérdida Costo de Ajuste del Capital Función de Transición Suave Precios y Salarios Rígidos Curva de Phillips Asimétrica Producción Business Cycles Asymmetries Prospects Theory Loss Aversion Cost of Capital Adjustment Smooth Transition Function Sticky Prices and Wages Asymmetric Phillips Curve Economía Ciclos económicos Desarrollo económico Teoría económica
dc.subject.ddc.none.fl_str_mv	Producción
dc.subject.keyword.eng.fl_str_mv	Business Cycles Asymmetries Prospects Theory Loss Aversion Cost of Capital Adjustment Smooth Transition Function Sticky Prices and Wages Asymmetric Phillips Curve
dc.subject.lemb.spa.fl_str_mv	Economía Ciclos económicos Desarrollo económico Teoría económica
description	Esta disertación busca estudiar los mecanismos de transmisión que vinculan el comportamiento de agentes y firmas con las asimetrías presentes en los ciclos económicos. Para lograr esto, se construyeron tres modelos DSGE. El en primer capítulo, el supuesto de función cuadrática simétrica de ajuste de la inversión fue removido, y el modelo canónico RBC fue reformulado suponiendo que des-invertir es más costoso que invertir una unidad de capital físico. En el segundo capítulo, la contribución más importante de esta disertación es presentada: la construcción de una función de utilidad general que anida aversión a la pérdida, aversión al riesgo y formación de hábitos, por medio de una función de transición suave. La razón para hacerlo así es el hecho de que los individuos son aversos a la pérdidad en recesiones, y son aversos al riesgo en auges. En el tercer capítulo, las asimetrías en los ciclos económicos son analizadas junto con ajuste asimétrico en precios y salarios en un contexto neokeynesiano, con el fin de encontrar una explicación teórica de la bien documentada asimetría presente en la Curva de Phillips.
publishDate	2014
dc.date.accessioned.none.fl_str_mv	2014-09-23T12:56:22Z
dc.date.available.none.fl_str_mv	2014-09-23T12:56:22Z
dc.date.created.none.fl_str_mv	2014-08-28
dc.date.issued.none.fl_str_mv	2014
dc.type.eng.fl_str_mv	doctoralThesis
dc.type.coar.fl_str_mv	http://purl.org/coar/resource_type/c_db06
dc.type.spa.spa.fl_str_mv	Tesis de doctorado
dc.identifier.doi.none.fl_str_mv	https://doi.org/10.48713/10336_8912
dc.identifier.uri.none.fl_str_mv	http://repository.urosario.edu.co/handle/10336/8912
url	https://doi.org/10.48713/10336_8912 http://repository.urosario.edu.co/handle/10336/8912
dc.language.iso.none.fl_str_mv	spa
language	spa
dc.rights.coar.fl_str_mv	http://purl.org/coar/access_right/c_abf2
dc.rights.acceso.spa.fl_str_mv	Abierto (Texto completo)
dc.rights.cc.spa.fl_str_mv	Atribución-NoComercial-SinDerivadas 2.5 Colombia Atribución-NoComercial-SinDerivadas 2.5 Colombia
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rights_invalid_str_mv	Abierto (Texto completo) Atribución-NoComercial-SinDerivadas 2.5 Colombia http://creativecommons.org/licenses/by-nc-nd/2.5/co/ http://purl.org/coar/access_right/c_abf2
dc.format.mimetype.none.fl_str_mv	application/pdf
dc.publisher.spa.fl_str_mv	Universidad del Rosario
dc.publisher.department.spa.fl_str_mv	Facultad de Economía
dc.publisher.program.spa.fl_str_mv	Doctorado en Economía
institution	Universidad del Rosario
dc.source.bibliographicCitation.none.fl_str_mv	Belaire-Franch and Contreras (2003). “An assessment of international business cycle asymmetries using Clements and Krolzig's Parametric approach”. Studies in nonlinear dynamics and econometrics. Volume 6, issue 4. Bullard, James and Singh,Aarti (2009). Learning and the Great Moderation. Federal Reserve Bank of St. Louis and University of Sydney respectively Clements, Michael and Krolzig, Hans-Martin (2003) Business Cycle Asymmetries: Characterisation and Testing based on Markov-Switching Autoregressions, Journal of business and economic statistics, American Statistical Association, vol. 21(1), pp. 196-211, January Davig, Troy and Leeper, Eric M. (2005). Fluctuating macro policies and the fiscal theory. NBER WP, 11212. Eo, Yunjong (2009).Bayesian Analysis of DSGE Models with Regime Switching. Department of Economics Washington University in St. Louis, Job Market Paper. This Draft: February 11, 2009. Gefang and Strachan (2010). Nonlinear impacts of international business cycles on the U.K.-A bayesian smooth transition VAR approach. Studies in nonlinear dynamics and econometrics. Volume 14, issue 1. Karagedikli, Özer; Matheson, Troy; Smith, Christie and Vahey, Shaun P. (2007). RBCs and DSGEs: The Computational Approach to Business Cycle Theory and Evidence. Reserve bank of Newzeland. Knüppel, Malte (2014). Can Capacity Constraints Explain Asymmetries of the Business Cycle? Macroeconomic Dynamics, 18, pp.65-92. Li, Shunyun May and Dressler, Scott (2011). Business cycle asymmetry via occacionally binding international borrowing constraints. Journal of Macroeconomics, No. 33. pp.33-41. Neftci (1984): “are economic time series asymmetric over the business cycle?” in the journal of political economia, vol 92, No.2, apr.1984. Pytlarczyk, Ernest (2005). An Estimated DSGE Model for the German Economy within the Euro Area. Sichel, D. (1993). Business cycle asymmetry. Economic Inquiry, 31:224-236. Tristani, Oreste and Amisano, Gianni (2010). Anonlinear DSGE modelof the term structure with regime shifts. 2010 meeting papers 234, Society for Econmic Dynamics. Valderrama, Diego (2002). Nonlinearities in international business cycles. Working paper -2002-23. Federal Reserve Bank of San Fransisco. Valderrama, Diego (2007). Statistical nonlinearities in the business cycle: a challenge for the canonical RBC model. Journal of Economic dynamics and control (2007). 31, pp. 2957-2983. Abel, Andrew B; and Eberly, Janice C. (1994). A unified model of investment under uncertainty. The American Economic Review. Vol. 84, No. 5, December. Oo. 1369-1384. Stéphane Adjemian, Houtan Bastani, Michel Juillard, Ferhat Mihoubi, George Perendia, Marco Ratto and Sébastien Villemot (2011), “Dynare: Reference Manual, Version 4,” Dynare Working Papers, 1, CEPREMAP Amisano, Gianni and Tristani, Oreste (2008). A DSGE model of the term structure with regime shifts. An, Sungbae and Schorfheide,Frank (2007). BAYESIAN ANALYSIS OF DSGE MODELS. Econometric Reviews, 26 (2-4): Pp. 113-172, Bachman, Ruediger, Caballero, Ricardo J. and Engle, Eduardo M.R.A. (2006a). Lumpy investment in dynamic general equilibrium. Cowles foundation discussion paper No.1566. June 2006. Bachman, Ruediger, Caballero, Ricardo J. and Engle, Eduardo M.R.A. (200ba). Aggregate implications of lumpy investment: new evidence and a DSGE model. NBER working paper 12336, june 2006. Barseghyan, Levon, Molinari, Francesca, O'Donoghue, Ted and Teitelbaum, Joshua (2010). The nature of risk preferences: evidence from insurance choices. July 21 2010. Caballero, Ricardo J. and Engel, Eduardo (1991). Dynamic (S,s) economies. Econometrica, vol59, No.6, november. Pp. 1659-1686. Caballero, Ricardo J. and Engel, Eduardo (1994). Explaining investment dynamics in U.S, manufacturin: a generalized (S.s) approach. NBER Working Paper 4887 Caballero, Ricardo J. , Engel, Eduardo and Haltiwanger, John C. (1995). Plant-level adjustment and aggregate investment dynamics. Brookings papers on economic activity, vol. 1995, No. 2. Pp 1-54. Cooper, Russell W. and Haltiwanger, John C. (2000). On the nature of capital adjustment costs. NBER Working Paper 7925. Doms, Mark and Dunne, Timothy (1998). Capital adjustment patterns in manufacturing plants. Review of economic dynamics 1, pp.409-429. Hamermesh, D.S., Pfann, G.A. (1996). Turnover and the dynamics of labor demand. Economica 63, 359-368. Jaramillo, F., Shciantarelli, F., Sembenelli, A. (1993). Are adjustment costs for labor asymmetric? An econometric test on panel data for Italy. Review of economics and statistics 75, 640-648. Jordà, Òscar (2005). Estimation and inference of impulse responses by local projections. The american economic review, Vol.95, No. 1, pp.161-183. Khan, Aubhik and Thomas, Julia K. (2003). Nonconvex factor adjustments in equilibrium business cycle models: do nonlinearities matter? Journal of Monetary Economics 50, pp 331-360. Khan, Aubhik and Thomas, Julia K. (2004). Idionsyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics. Federal Reserve Bank of Minneapolis, Research Department Staff Report 352. King, Robert G., Ploseer, Charles I., and Rebelo, Sergio T. (1988). Production, Growth and business cycles. I the Basic Neoclassical Model. Journal of Monetary Economics, 21, pp. 195-232, North-Holland. Koop, Gary; Pesaran, M. Hasem; and Potter, Simon M. (1996). Impulse response analysis in nonlinear multivariate models. Journal of Econometrics, 74, pp. 119-147. Maliar, Lilia and Serguei (2003.) Parameterized Expectations Algorithm and the Moving Bounds. Journal of Busuness and Economic Statistics. Juanuary, Vol. 21, No. 1. Marcet, A. and Marshall, D. A. (1994). solving nonlinear rational expectations models by parameterized expectations: convergence and stationary solutions. Economics Working paper 76. Marcet, A. and Lorenzoni, G. (2001). Parameterized Expectations Approach; some practical issues. Chapter book in: Computational methods for the study of dynamic economies. Edited by Ramon Marimon and Adrew Scott. Oxford University Press. Miao, Jianjun and Wang, pengfei (2009). Does lumpy investment matter for business cycles? Working paper. Obstfeld, Maurice and Kenneth, Rogoff (1996). Foundations of International Macroeconomics. The MIT Press. Pfann, G.A., Palam, F.C., (1993). Asymmetric adjustment costs in nonlinear labour demand models for the Netherlands and U.K. manufacturing sectors. Review of Economic Studies 60, 297-312. Palm, Franz C. and Pfann, Gerard A. (1997). Sources of asymmetry in production factor dynamics. Journal of Econometrics, 82, pp.361-392 Thomas, Julia K. (2002). Is lumpy investment relevant for the business cycle? Federal Reserve Bank of Minneapolis, Research Department Staff Report 302. March 2002. Veracierto, Marcelo L. (2002). Plant-level irreversible investment and equilibrium business cycles. The American Economic Review. Vol 92,No 1. Andries, Marianne (2011). Consupmtion-based asset pricing with loss aversion. Chicago booth school of business, PhD student. Booij, A. S., G. van de Kuilen. 2006. A parameter-free analysis of the utility of money for the general population under prospect theory. Working paper, University of Amsterdam, Amsterdam, The Netherlands. Bowman, David, Minehart, Deborah and Rabin, Matthew (1999). Loss aversion in a consumption-savings model. Journal of economic behavior and organization. Vol. 38, pp.155-178. Carrol, Christopher D. and Weil, David N. (2000). Saving and Growth with Habit Formation. American Economic Review. Gaffeo, Edoardo, Pretella, Ivan, Pjajfar, Damjan and Santoro, Emiliano (2010). Loss-aversion and the transmission of monetary policy. Flavin, Marjorie (1991). The Joint Consumption/Asset Demand Decision: A Case Study in Robust Estimation. National Bureau of Economic Research (Cambridge, MA), Working Paper No. 3802, August. Foellmi, Reto, Rosenblatt-Wisch. Rina and Schenk-Hoppé, Klauss Reiner (2010). Consumption paths under prospects utility in an optimal growth model. Discussion papers, august 2010. Grinblatt, M., and M. Keloharju. “What Makes Investors Trade?” Journal of Finance, 56 (2001), 589-616. Han, Bing and Hsu; Jason (2004). Prospect theory and its applications in finance. Recovered from file:///C:/Users/138560/Downloads/00b7d532f328fbb5ae000000.pdf Heath, C., Huddart, S., Lang, M., 1999. Psychological factors and stock option exercise. Quarterly Journal of Economics 114, 601–627. Benartzi, S., Thaler, R.H., 1995. Myopic loss aversion and the equity premium puzzle. Quarterly Journal of Economics 110, 73–92. Kahneman, Daniel and Tversky, Amos (1979). Prospect theory: an analysis of decision under risk. Econometrica, vol. 47, No. 2, mar.1979, pp. 263-292. Kavkler, Alenka; Mikek, Peter; Böhm, Bernhard and Borsic, Darja (undated document). Nonlinear econometríc models: the smooth transition regression approach. King, Robert G., Ploseer, Charles I., and Rebelo, Sergio T. (1988). Production, Growth and business cycles. I the Basic Neoclassical Model. Journal of Monetary Economics, 21, pp. 195-232, North-Holland. King, Robert, Plosser, Charles and Rebelo, Sergio (2001). Production, growth and business cycles: technical appendix, june 6. Köbberling, Veronika and Wakker, Peter P. (2005). An index of loss aversion. Journal of economic theory, 122. pp. 119-131. Koszegi, Botond and Rabin, Matthew (2006). A model of reference-dependent preferences. The quarterly journal of economics. Vol. CXXI November 2006 Issue 4. pp. 1133-1165. Mehra, Rajnish and Prescott, Edward C. (1985). “The equity premium”: A puzzle. Journal of Monetary Economics, XV. pp145-162. Odean, T. (1998): “Are Investors Reluctant to Realize Their Losses?,” Mimeo, UC Davis. Rosenblatt-Wisch. Rina (2005). Optimal capital accumulation in a stochastic growth model under loss aversion. Working paper 222, National centre of competence in research, financial valuation and risk management. September. Rosenblatt-Wisch. Rina (2008). Loss aversion in aggregate macroeconomic time series. European economic review, 52, pp. 1140-1159. Shea, J., 1995a. Union contracts and the life-cycle/permanent-income hypothesis. American Economic Review 85, 186-200. Shapira, Z., and I. Venezia. “Patterns of Behavior of Professionally Managed and Independent Investors.” Journal of Banking and Finance, 25 (2001), 1573-1587. Tversky, Amos and Kahneman, Daniel (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of risk and uncertainty, 5:279-323. Zeldes, S.P. (1989), Consumption and liquidity constraints: an empirical investigation, Journal of Political Economy 97(2):305-46. Baxter, M. and Farr, Dorsey D. (2005). Variable capital utilization and international business cycles. Journal of International Economics, 65. pp. 335-347. Christiano, Lawrence J., Eichenbaum, Martin and Evans, Charles L. (2005). Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy. vol. 113, no. 1. Eliasson, Ann-Charlotte (1999). Is the short-run Phillips curve nonlinear? Empirical evidence for Australia, Sweden and the United states. Stockholm School of Economics, Department of Economics Statistics. Flaschel, Peter; Gong, Gang; Semmler,Willi (2003). Nonlinear Phillips Curve and Monetary Policy in a Keynesian Macroeconometric Model. Center for empirical macroeconomics, Working paper #18. Goffinet, Pierre; Ryoishi, Hayashi and Sisi, Yuan (2003). A Dynare simulation of a dynamic general equilibrium model of the euro area. Mimeo, 20 June. Gómez, Javier and Julio, Juan Manuel (2000). An estimation of the nonlinear Phillips curve in Colombia. Borradores de Economía 160, january. Banco de la República de Colombia. Huh, Hyeon-seung (2009). Nonlinear Phillips curve, NAIRU and monetary policy rules. Yonsei University, Department of Economics. Recovered from: http://www.apeaweb.org/confer/hito05/papers/huh.pdf López, Enrique and Misas, Martha (1999). Un examen empírico de la curva de Phillips en Colombia. Borradores de Economía “117, Banco de la República, Colombia. Pyyhtiä, Ilmo (1999). The Nonlinearity of the Phillips Curve and European Monetary Policy. BANK OF FINLAND DISCUSSION PAPERS 17/1999. Smets, Frank and Wouters, Raf (2003). An estimated dynamic stochastic general equilibrium model of the euro area. Journal of the European Economic association. September, 1(5):1123--1175.
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spelling	Jaramillo Mejía, Fernando79389071600Gómez Muñoz, Wilman ArturoDoctor en Economía7f89cf31-535a-4e1b-908b-23899d3208f1-12014-09-23T12:56:22Z2014-09-23T12:56:22Z2014-08-282014Esta disertación busca estudiar los mecanismos de transmisión que vinculan el comportamiento de agentes y firmas con las asimetrías presentes en los ciclos económicos. Para lograr esto, se construyeron tres modelos DSGE. El en primer capítulo, el supuesto de función cuadrática simétrica de ajuste de la inversión fue removido, y el modelo canónico RBC fue reformulado suponiendo que des-invertir es más costoso que invertir una unidad de capital físico. En el segundo capítulo, la contribución más importante de esta disertación es presentada: la construcción de una función de utilidad general que anida aversión a la pérdida, aversión al riesgo y formación de hábitos, por medio de una función de transición suave. La razón para hacerlo así es el hecho de que los individuos son aversos a la pérdidad en recesiones, y son aversos al riesgo en auges. En el tercer capítulo, las asimetrías en los ciclos económicos son analizadas junto con ajuste asimétrico en precios y salarios en un contexto neokeynesiano, con el fin de encontrar una explicación teórica de la bien documentada asimetría presente en la Curva de Phillips.This dissertation intends to study the transmission mechanisms that link the behavior of agents and firms with asymmetries present in business cycles. In order to achieve this goal, three DSGE models were built. In the first chapter, the assumption of a quadratic-symmetric cost adjustment of investment has been removed, and the canonical RBC model was reformulated supposing that dis-investing is costlier than investing one unit of physical capital. In the second chapter, the most important contribution of this dissertation is presented: the construction of a general utility function which nests loss aversion, risk aversion and habits formation by means of a smooth transition function. The reason for doing so is the fact that individuals are loss-averse in recessions and they are risk-averse in booms. In the third chapter, asymmetries in real business cycles are analyzed along with asymmetric adjustment of prices and wages in a Neo-Keynesian framework pursuing a theoretical explanation for the well-documented asymmetries found in the Phillips Curve.Colcienciasapplication/pdfhttps://doi.org/10.48713/10336_8912 http://repository.urosario.edu.co/handle/10336/8912spaUniversidad del RosarioFacultad de EconomíaDoctorado en EconomíaAbierto (Texto completo)Atribución-NoComercial-SinDerivadas 2.5 ColombiaAtribución-NoComercial-SinDerivadas 2.5 ColombiaEL AUTOR, manifiesta que la obra objeto de la presente autorización es original y la realizó sin violar o usurpar derechos de autor de terceros, por lo tanto la obra es de exclusiva autoría y tiene la titularidad sobre la misma. PARGRAFO: En caso de presentarse cualquier reclamación o acción por parte de un tercero en cuanto a los derechos de autor sobre la obra en cuestión, EL AUTOR, asumirá toda la responsabilidad, y saldrá en defensa de los derechos aquí autorizados; para todos los efectos la universidad actúa como un tercero de buena fe. EL AUTOR, autoriza a LA UNIVERSIDAD DEL ROSARIO, para que en los términos establecidos en la Ley 23 de 1982, Ley 44 de 1993, Decisión andina 351 de 1993, Decreto 460 de 1995 y demás normas generales sobre la materia, utilice y use la obra objeto de la presente autorización. -------------------------------------- POLITICA DE TRATAMIENTO DE DATOS PERSONALES. Declaro que autorizo previa y de forma informada el tratamiento de mis datos personales por parte de LA UNIVERSIDAD DEL ROSARIO para fines académicos y en aplicación de convenios con terceros o servicios conexos con actividades propias de la academia, con estricto cumplimiento de los principios de ley. Para el correcto ejercicio de mi derecho de habeas data cuento con la cuenta de correo habeasdata@urosario.edu.co, donde previa identificación podré solicitar la consulta, corrección y supresión de mis datos.http://creativecommons.org/licenses/by-nc-nd/2.5/co/http://purl.org/coar/access_right/c_abf2Belaire-Franch and Contreras (2003). “An assessment of international business cycle asymmetries using Clements and Krolzig's Parametric approach”. Studies in nonlinear dynamics and econometrics. Volume 6, issue 4.Bullard, James and Singh,Aarti (2009). Learning and the Great Moderation. Federal Reserve Bank of St. Louis and University of Sydney respectivelyClements, Michael and Krolzig, Hans-Martin (2003) Business Cycle Asymmetries: Characterisation and Testing based on Markov-Switching Autoregressions, Journal of business and economic statistics, American Statistical Association, vol. 21(1), pp. 196-211, JanuaryDavig, Troy and Leeper, Eric M. (2005). Fluctuating macro policies and the fiscal theory. NBER WP, 11212.Eo, Yunjong (2009).Bayesian Analysis of DSGE Models with Regime Switching. Department of Economics Washington University in St. Louis, Job Market Paper. This Draft: February 11, 2009.Gefang and Strachan (2010). Nonlinear impacts of international business cycles on the U.K.-A bayesian smooth transition VAR approach. Studies in nonlinear dynamics and econometrics. Volume 14, issue 1.Karagedikli, Özer; Matheson, Troy; Smith, Christie and Vahey, Shaun P. (2007). RBCs and DSGEs: The Computational Approach to Business Cycle Theory and Evidence. Reserve bank of Newzeland.Knüppel, Malte (2014). Can Capacity Constraints Explain Asymmetries of the Business Cycle? Macroeconomic Dynamics, 18, pp.65-92.Li, Shunyun May and Dressler, Scott (2011). Business cycle asymmetry via occacionally binding international borrowing constraints. Journal of Macroeconomics, No. 33. pp.33-41.Neftci (1984): “are economic time series asymmetric over the business cycle?” in the journal of political economia, vol 92, No.2, apr.1984.Pytlarczyk, Ernest (2005). An Estimated DSGE Model for the German Economy within the Euro Area.Sichel, D. (1993). Business cycle asymmetry. Economic Inquiry, 31:224-236.Tristani, Oreste and Amisano, Gianni (2010). Anonlinear DSGE modelof the term structure with regime shifts. 2010 meeting papers 234, Society for Econmic Dynamics.Valderrama, Diego (2002). Nonlinearities in international business cycles. Working paper -2002-23. Federal Reserve Bank of San Fransisco.Valderrama, Diego (2007). Statistical nonlinearities in the business cycle: a challenge for the canonical RBC model. Journal of Economic dynamics and control (2007). 31, pp. 2957-2983.Abel, Andrew B; and Eberly, Janice C. (1994). A unified model of investment under uncertainty. The American Economic Review. Vol. 84, No. 5, December. Oo. 1369-1384.Stéphane Adjemian, Houtan Bastani, Michel Juillard, Ferhat Mihoubi, George Perendia, Marco Ratto and Sébastien Villemot (2011), “Dynare: Reference Manual, Version 4,” Dynare Working Papers, 1, CEPREMAPAmisano, Gianni and Tristani, Oreste (2008). A DSGE model of the term structure with regime shifts.An, Sungbae and Schorfheide,Frank (2007). BAYESIAN ANALYSIS OF DSGE MODELS. Econometric Reviews, 26 (2-4): Pp. 113-172,Bachman, Ruediger, Caballero, Ricardo J. and Engle, Eduardo M.R.A. (2006a). Lumpy investment in dynamic general equilibrium. Cowles foundation discussion paper No.1566. June 2006.Bachman, Ruediger, Caballero, Ricardo J. and Engle, Eduardo M.R.A. (200ba). Aggregate implications of lumpy investment: new evidence and a DSGE model. NBER working paper 12336, june 2006.Barseghyan, Levon, Molinari, Francesca, O'Donoghue, Ted and Teitelbaum, Joshua (2010). The nature of risk preferences: evidence from insurance choices. July 21 2010.Caballero, Ricardo J. and Engel, Eduardo (1991). Dynamic (S,s) economies. Econometrica, vol59, No.6, november. Pp. 1659-1686.Caballero, Ricardo J. and Engel, Eduardo (1994). Explaining investment dynamics in U.S, manufacturin: a generalized (S.s) approach. NBER Working Paper 4887Caballero, Ricardo J. , Engel, Eduardo and Haltiwanger, John C. (1995). Plant-level adjustment and aggregate investment dynamics. Brookings papers on economic activity, vol. 1995, No. 2. Pp 1-54.Cooper, Russell W. and Haltiwanger, John C. (2000). On the nature of capital adjustment costs. NBER Working Paper 7925.Doms, Mark and Dunne, Timothy (1998). Capital adjustment patterns in manufacturing plants. Review of economic dynamics 1, pp.409-429.Hamermesh, D.S., Pfann, G.A. (1996). Turnover and the dynamics of labor demand. Economica 63, 359-368.Jaramillo, F., Shciantarelli, F., Sembenelli, A. (1993). Are adjustment costs for labor asymmetric? An econometric test on panel data for Italy. 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Asymmetries in Business Cycles

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