| Issue |
SHS Web Conf.
Volume 163, 2023
2023 8th International Conference on Social Sciences and Economic Development (ICSSED 2023)
|
|
|---|---|---|
| Article Number | 02030 | |
| Number of page(s) | 7 | |
| Section | Marketing and Organizational Behavior Management | |
| DOI | https://doi.org/10.1051/shsconf/202316302030 | |
| Published online | 28 April 2023 | |
Production Structure and Multiple Equilibria - A DSGE Perspective
1 Xi’an University of Science and Technology, School of Management, 12000 Qinhan Road, China
2 Xi’an University of Science and Technology, School of Management, 12000 Qinhan Road, China
* Corresponding author: 1873571533@qq.com
This paper integrates the Austrian school’s production structure theory and financial market theory, considers the impact of heterogeneity of firms’ production cycles on economic fluctuations, constructs a DSGE model that incorporates production structure, and uses the model to analyse the existence of multiple equilibria and endogenous financial economic cycles. Compared with previous DSGE models, this paper highlights the asymmetry of firms’ responses due to the existence of different production cycles and considers emotional shocks as the main source of economic volatility, as Keynes’ “animal spirits” suggest.
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0 (https://creativecommons.org/licenses/by/4.0/).
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