Journal ArticleDOI
Production, growth and business cycles: I. The basic neoclassical model
Reads0
Chats0
TLDR
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
More filters
Journal ArticleDOI
Multiple interior steady states in the Ramsey model with elastic labor supply
TL;DR: In this article, the authors show that multiple interior steady states are possible in the Ramsey model with elastic labor supply, and that for any discount factor and production function, there is a utility function such that a continuum of interior stable states exist.
Journal ArticleDOI
Learning and the size of the government spending multiplier
TL;DR: In this paper, the authors examined the effect of a government spending shock in a small-scale new Keynesian DSGE model with learning crowds in private consumption and associated with a positive comovement between real wages and hours worked.
Dissertation
Macroeconomic policies and business cycles in nigeria: 1970-2004
TL;DR: In this article, the authors examined macroeconomic policy and business cycles in Nigeria over the period 1970 to 2004 and found that business cycle fluctuations exist in Nigeria and the observed stylized facts are comparable to those recorded elsewhere.
Journal ArticleDOI
Public investment, private investment, and inflation
TL;DR: In this article, the authors investigate the short and long-run effects of cutting investment in social infrastructure in a simple perfect foresight model and show that, even though the equilibrium capital stock falls, private investment increases in the short run provided the intertemporal elasticity of substitution is not extremely large.
Journal ArticleDOI
Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel
TL;DR: This paper presented a simple model of a two-country, two-traded-good, complete-financial-markets world in which country-specific productivity shocks generate business cycles that are highly correlated internationally.
References
More filters
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.