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Procyclical Productivity : Increasing Returns or Cyclical Utilization?

Basu, Susanto - 2021

and capital are important for explaining procyclical productivity. Here I present two simple and direct tests of these …

Persistent link: https://www.econbiz.de/10013249227

Endogenous product scope : market interlacing and aggregate business cycle dynamics

Pavlov, Oscar; Weder, Mark - 2021

Persistent link: https://www.econbiz.de/10013253988

Business cycles with cyclical returns to scale

Hyun, Jay; Kim, Ryan; Lee, Byoungchan - 2022

We study business cycles with cyclical returns to scale. Contrary to tightly parameterized production functions (Cobb-Douglas and Constant Elasticity of Substitution), we empirically identify strong input complementarity that leads to procyclical returns to scale. We therefore propose a flexible...

Persistent link: https://www.econbiz.de/10013260122

Cyclical Productivity with Unobserved Input Variation

Basu, Susanto; Kimball, Miles S. - 2021

In this paper, we derive and estimate relationships governing variable utilization of capital and labor for a firm solving a dynamic cost-minimization problem. Our method allows for (i) imperfect competition, (ii) increasing returns to scale, (iii) unobserved changes in utilization, (iv)...

Persistent link: https://www.econbiz.de/10013244741

Are Cyclical Fluctuations in Productivity Due More to Supply Shocks or Demand Shocks?

Shapiro, Matthew D. - 1987

Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in … productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output … to explain the procyclicality of productivity. If observed productivity shocks are true productivity shocks, a function …

Persistent link: https://www.econbiz.de/10012476922

News and Business Cycles in Open Economies

Jaimovich, Nir - 2007

Aggregate and sectoral comovement are central features of business cycle data. Therefore, the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most existing models fail. In this paper we propose a unified model that generates both aggregate...

Persistent link: https://www.econbiz.de/10012465205