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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Replicating Ricardian Equivalence Tests with Simulated Series
TL;DR: In this article, the authors show that the estimates of the effects of taxation on consumption are not robust and that standard tests may have weaknesses which can lead to conflicting results, whether Ricardian equivalence holds or not.
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Dynamic Scoring: Alternative Financing Schemes
TL;DR: This paper explored the consequences of bond-financed tax reductions that bring forth a range of possible offsetting policies, including future government consumption, capital tax rates, or labor tax rates.
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Growth, exports and cointegration: An empirical investigation
TL;DR: In this article, Johansens multivariate Ko-integration analyzes auf vierteljAhrliche Daten fur das BIP, den Konsum, die Investitionen, and the Exporte of sechs LAndern angewandt.
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Technology Shocks: Novel Implications for International Business Cycles
TL;DR: In this article, the authors incorporate Hicks-neutral and investment-specific technology shocks into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply.
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Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle
TL;DR: The authors revisited a property embedded in most dynamic macroeconomic models: the stationarity of hours worked, and argued that there are many reasons why hours could be nonstationary in those models, while preserving the property of balanced growth.
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.
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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.
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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.