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
Citations
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Journal ArticleDOI
Business cycle fluctuations and learning-by-doing externalities in a one-sector model
TL;DR: In this paper, a one-sector Ramsey-type growth model with inelastic labor and learning-by-doing externalities based on cumulative gross investment is considered, which is assumed, in accordance with Arrow (1962), to be a better index of experience than the average capital stock.
Journal ArticleDOI
Markup Variation and Endogenous Fluctuations in the Price of Investment Goods
TL;DR: In this paper, a simple structural decomposition of movements in the price of investment goods into exogenous and endogenous sources is presented, where the endogenous uctuations arise in the presence of countercyclical markups which vary dierently across the consumption and investment sectors.
Journal ArticleDOI
Designing monetary and Fiscal policy rules in a New Keynesian model with rule-of-thumb consumers
TL;DR: In this paper, the determinacy properties of monetary and fiscal policy rules in a small-scale New Keynesian model were studied, and the mix of fiscal and monetary policies that guarantees equilibrium determinacy is sensitive to the exact values of the parameters of the model.
Journal ArticleDOI
Forecasting the South African economy: a hybrid‐DSGE approach
TL;DR: In this paper, the authors developed an estimable hybrid model that combines the micro-founded DSGE model with the flexibility of the atheoretical VAR model, based on a recursive estimation using the Kalman filter algorithm.
Book ChapterDOI
Pension Policies and Lifetime Uncertainty in an Applied General Equilibrium Model
TL;DR: In this article, the authors used an overlapping generations model of a small open economy to explore the efficiency effects and intergenerational redistribution effects of several policy options aimed at reducing the burden of pay-as-you-go (PAYG) contributions on labor income.
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.
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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.
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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.