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
Macroeconomic effects of shocks to public employment
TL;DR: In this article, the short run relation between public and private employment is discussed and empirically evidence is presented suggesting that in aggregate US time series, increases in government employment appear to generate temporarily positive responses of private employment and real output.
Journal ArticleDOI
A business cycle model with variable capacity utilization and demand disturbances
TL;DR: This article developed a dynamic general-equilibrium model with preference shocks, estimated using Hall's (J. Labour Economics 15 (1997) 223) residual, that replicates U.S. business cycles well, at least compared to the real business cycle models.
Journal ArticleDOI
The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation
TL;DR: In this paper, the authors explore a simple explanation: this recession has been more persistent than others because it was perceived as an extremely unlikely event before 2007, which led all agents to re-assess macro risk, in particular, the probability of tail events.
Journal ArticleDOI
US trade balance dynamics: the role of fiscal policy and productivity shocks and of financial market linkages
TL;DR: In this paper, the authors examined whether domestic and foreign productivity and fiscal policy changes can account for the wide swings in US net exports during the period 1975-1991 using a two-country Real Business Cycle model.
Journal ArticleDOI
Optimal population size and endogenous growth.
Theodore Palivos,Chong K. Yip +1 more
TL;DR: It is shown that, under conditions that ensure an optimum, the Benthamite criterion leads to smaller population and higher output growth rates than the Millian.
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.