Faculté des hautes études commerciales

Three essays on short-term macroeconomics: business fluctuations, large devaluations and inflation dynamics

Bruchez, Pierre-Alain ; Bacchetta, Philippe (Dir.)

Thèse de doctorat : Université de Lausanne, 2007.

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    At least since the Great Depression, explaining why there are business fluctuations has been one of the biggest challenges that the science of economics has had to face. The hope is that if we could better understand recessions, then we could also be more successful in overcoming them. This dissertation consists of three papers that are part of the general endeavor of economists to understand these fluctuations. The first paper discusses, for a particular model, whether a result related to fluctuations would still hold if time were modeled as continuous rather than discrete. The two other papers focus on price stickiness. The second paper discusses why, after a large devaluation, prices of non-tradables may change by only a small amount in comparison to the magnitude of the devaluation. The third paper examines price adjustment in a model in which information is imperfect and it is costly to change prices.