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Flexible prices and the business cycle
Business cycles models with flexible prices face two major empirical challenges. One regards observed output dynamics: the positive, short run, autocorrelation in GNP growth, and the hump-shaped, trend-reverting output response to transitory shocks (Cogley and Nason 1995). The other regards the alleged persistent decline in employment following a positive technology shock (Gali 1999). No determinate model with flexible prices has so far been able to address all of the Cogley Nason-Gali challenges. We show that the standard RBC model can do so if it contains a signal extraction problem involving permanent and temporary supply shocks. .Printed journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JMCB4401 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : The Ohio State University |
|---|---|
| Edisi | - |
| Subjek | Economic models Employment Business cycles Output Price elasticity studies |
| ISBN/ISSN | 222879 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |