Indeterminacy and Increasing Returns
Jess Benhabib,Roger E. A. Farmer +1 more
TLDR
In this article, the authors investigate properties of the one-sector growth model with increasing returns under two organizational structures capable of reconciling the existence of aggregate increasing returns with competitive behavior by firms.About:
This article is published in Journal of Economic Theory.The article was published on 1994-06-01 and is currently open access. It has received 835 citations till now. The article focuses on the topics: Endogenous growth theory & Returns to scale.read more
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Testing for Indeterminacy: An Application to U.S. Monetary Policy: Reply
TL;DR: In this article, the authors considered a prototypical New Keynesian model, in which the equilibrium is undetermined if monetary policy is "passive" and extended the likelihood-based estimation of dynamic equilibrium models to allow for indeterminacies and sunspot fluctuations.
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Efficient Use of Information and Social Value of Information
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On the Cyclicality of Research and Development
TL;DR: The authors argue that one reason for procyclical R&d is a dynamic externality inherent in R&D that makes entrepreneurs shortsighted and concentrate their innovation in booms, even when it is optimal to concentrate it in recessions.
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The Econometrics of DSGE Models
TL;DR: This paper reviews the literature on the formulation and estimation of dynamic stochastic general equilibrium (DSGE) models with a special emphasis on Bayesian methods, and briefly introduces some of the techniques required to compute and estimate these models.
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Production function regressions, returns to scale, and externalities
TL;DR: A number of recent papers have used simple linear regressions in an attempt to identify market structure, the extent of returns to scale, and possible external effects in U.S. manufacturing.