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
Productivity shocks and real business cycles
TL;DR: This paper showed that measured Solow-Prescott residuals do not behave as an exogenous impulse and that a substantial component of the variance of these impulses (between one quarter and one half) is attributable to variations in aggregate demand.
Journal ArticleDOI
Real exchange rate persistence and monetary policy rules
TL;DR: In this article, the effects of alternative monetary rules on real exchange rate persistence were analyzed using a two-country stochastic dynamic general equilibrium with nominal price stickiness and local currency pricing.
Posted Content
Sectoral vs. Aggregate Shocks in the Business Cycle
Posted Content
The International Ramifications of Tax Reforms: Supply-Side Economics in a Global Economy
TL;DR: In this paper, tax reforms in a dynamic model of a global economy calibrated to current U.S. and European tax policies are studied and the results show that the welfare gains of eliminating or increasing U. S. income taxes are enlarged by up to 34 percent at the expense of European losses caused by transitional declines in consumption and leisure and a permanent capital outflow.
Journal ArticleDOI
Do Sunk Costs of Exporting Matter for Net Export Dynamics
George Alessandria,Horag Choi +1 more
TL;DR: In this article, the authors derive the discrete entry and exit decisions yielding exporter dynamics in an open economy business cycle model, and show that export decisions have negligible aggregate effects in a general equilibrium environment.
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.