Journal ArticleDOI
Production, growth and business cycles: I. The basic neoclassical model
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In this paper, the authors present the neoclassical model of capital accumulation augmented by choice of labor supply as the basic framework of modern real business cycle analysis and explore the implications of the basic model for perfect foresight capital accumulation and for economic fluctuations initiated by impulses to technology.About:
This article is published in Journal of Monetary Economics.The article was published on 1988-03-01. It has received 1945 citations till now. The article focuses on the topics: Capital accumulation & Real business-cycle theory.read more
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Journal ArticleDOI
Consumption heterogeneity, employment dynamics and macroeconomic co-movement
Stefano Eusepi,Bruce Preston +1 more
TL;DR: This paper showed that a neoclassical model consistent with observed heterogeneity in labor supply and consumption across employed and non-employed can generate co-movement in response non-TFP shocks.
Book ChapterDOI
Analyzing fiscal policies in a heterogeneous-agent overlapping-generations economy
Shinichi Nishiyama,Kent Smetters +1 more
TL;DR: In this article, the authors construct and solve a overlapping generations (OLG) model with idiosyncratic shocks, which allows for analyzing the inter- and intra-generational welfare and macroeconomic impact of policy changes.
Posted Content
North-South financial integration and business cycles
TL;DR: In this article, the authors examine the business cycle implications of increased North-South trade in financial assets and compare the model's predictions under two asset market assumptions: a restricted setting in which asset trade is limited to a non-contingent one-period bond market; and a highly integrated setting where agents have access to a complete contingent-claims market.
Journal ArticleDOI
A tale of two volatilities: Sectoral uncertainty, growth, and asset prices
TL;DR: In this paper, a quantitative two-sector DSGE model that features monopolistic power for firms and sticky prices, as well as early resolution of uncertainty, can explain the differential impact of sectoral volatilities on real and financial variables.
References
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Journal ArticleDOI
Co-integration and Error Correction: Representation, Estimation and Testing
TL;DR: The relationship between co-integration and error correction models, first suggested in Granger (1981), is here extended and used to develop estimation procedures, tests, and empirical examples.
Journal ArticleDOI
Distribution of the Estimators for Autoregressive Time Series with a Unit Root
David A. Dickey,Wayne A. Fuller +1 more
TL;DR: In this article, the limit distributions of the estimator of p and of the regression t test are derived under the assumption that p = ± 1, where p is a fixed constant and t is a sequence of independent normal random variables.
Journal ArticleDOI
A Contribution to the Theory of Economic Growth
TL;DR: In this paper, a model of long run growth is proposed and examples of possible growth patterns are given. But the model does not consider the long run of the economy and does not take into account the characteristics of interest and wage rates.
Journal ArticleDOI
Increasing Returns and Long-Run Growth
TL;DR: In this paper, the authors present a fully specified model of long-run growth in which knowledge is assumed to be an input in production that has increasing marginal productivity, which is essentially a competitive equilibrium model with endogenous technological change.
Journal ArticleDOI
On the mechanics of economic development
TL;DR: In this article, the authors consider the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development, and compare three models and compared to evidence.