Showing 11,551 - 11,560 of 11,782
This paper presents and estimates a variant of Hansen and Sargent's (1988) real business cycle model with straight time and overtime. The model presented has only one latent variable, the state of technology, yet it does a better job propagating and magnifying shocks than the labor hoarding...
Persistent link: https://www.econbiz.de/10005724350
Persistent link: https://www.econbiz.de/10005724351
Revision of Working Paper 91-19
Persistent link: https://www.econbiz.de/10005724359
My empirical analysis a reveals a strong link between the terms of trade of industrial and developing countries. I show that the terms of trade developing countries are essentially the relative prices of commodity exports and manufactured imports. Similarly, I find that terms of trade...
Persistent link: https://www.econbiz.de/10005724360
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This paper proposes a new explanation for the apparent slow growth in employment during the past two recoveries. The authors' explanation emphasizes dynamics within growing organizations and the intertemporal substitution of organizational restructuring. A key implication of the analysis is that...
Persistent link: https://www.econbiz.de/10005724875
Postwar U.S. data show that consumption growth "Granger-causes" output and investment growth, which is puzzling if technology is the driving force of the business cycle. The author asks whether general equilibrium models with information frictions and non-technology shocks can rationalize the...
Persistent link: https://www.econbiz.de/10005724899
Persistent link: https://www.econbiz.de/10005725943
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Our perspective on the U.S. economy's recent performance has been challenged recently by changes in the methodology used to adjust the National Income and Product Accounts for inflation. Michael R. Pakko surveys the changes embodied in the revised data, examining the question of whether or not...
Persistent link: https://www.econbiz.de/10005726042