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Business Cycle and Financial Instability

Student: Isakov Kanat

Supervisor: Oleg A. Zamulin

Faculty: Faculty of Economic Sciences

Educational Programme: Economics: Research Programme (Master)

Final Grade: 8

Year of Graduation: 2017

We consider neoclassical growth model. The main uncertainty is exogenous productivity, which consists of a stochastic trend and transitive shocks. As a result of the fact that agents are not able to distinguish shocks, they evaluate the permanent component based on past realizatios. In the basic literature of neoclassical growth models, the source of business cycles is productivity. We show that in cases of imperfect information, agents are able to make expectation-errors , which is an additional driver of business cycles.

Full text (added May 15, 2017)

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