The real business cycle: intermediate inputs and sectoral comovement

We describe the postwar U.S. business cycle for the durable and nondurable goods producing sector. The business cycle is characterized by positive comovement of output, employment, and investment across the two sectors. We develop a two sector growth model to explain the observed pattern of comovements, and suggest that intermediate inputs produced by the nondurable goods sector for the durable goods sector play a crucial role.

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Year of publication:	1994
Authors:	Hornstein, Andreas ; Praschnik, Jack
Institutions:	Federal Reserve Bank of Minneapolis
Subject:	Business cycles

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Extent:	application/pdf
Series:	Discussion Paper / Institute for Empirical Macroeconomics.
Type of publication:	Book / Working Paper
Notes:	Number 89
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005498993