CYCLICAL FACTOR UTILIZATION

• 成果类型: Article
• 署名作者: BILS, M; CHO, JO
• 署名单位: National Bureau of Economic Research; Queens University - Canada
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)90005-1
• 发表日期: 1994
• 页码: 319-354
• 关键词: BUSINESS FLUCTUATIONS; FACTOR UTILIZATION

摘要

We introduce procyclical labor and capital utilization, as well as costs of rapidly increasing employment, into a business-cycle model. Plausible variations in factor utilization enable us to explain observed variability of real GNP with considerably smaller economy-wide disturbances. The costs of adjustment create very interesting and realistic lead and lag relationships: employment does not peak until a full quarter after output; workweeks, effort, capital utilization, and productivity all sharply lead the business cycle.