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Economic Freedom and The Business Cycle: The Egyptian Experience

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Author Info
Ossama Mikhail

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Abstract

Most studies that emphasize and encourage the shift towards a less regulated and financially open system rest on the premise of a prosperous growth prospect. Accordingly, interests have focused on growth models as a framework to understand and to analyze the effects of economic freedom. In this paper, we investigate the short-run characteristics of economic freedom. Using a stochastic general equilibrium framework, we argue that economic reforms tend to ease periods of recessions, increase welfare, and alleviate the burden of unemployment. Calibrated to the Egyptian economy, we simulate our model and investigate the [robust] relationship between economic reforms and the business cycle.

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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 0402002.

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Length: 37 pages
Date of creation: 02 Feb 2004
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Handle: RePEc:wpa:wuwpma:0402002

Note: Type of Document - pdf; prepared on Win98; pages: 37; figures: 8
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Web page: http://129.3.20.41

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Related research
Keywords: Economic Freedom; Washington Consensus; Business Cycle; Egypt.;

Other versions of this item:

Find related papers by JEL classification:
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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