MONOPOLISTIC COMPETITION, INCREASING RETURNS TO SCALE, AND THE IMPORTANCE OF PRODUCTIVITY SHOCKS

• 成果类型: Article
• 署名作者: HORNSTEIN, A
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(93)90050-P
• 发表日期: 1993
• 页码: 299-316
• 关键词: real business cycles; PRODUCTIVITY MEASUREMENT; monopolistic competition

摘要

The neoclassical growth model is extended to incorporate monopolistic competition and increasing returns to scale. Implications for the measurement of productivity change through the Solow residual are studied. It is found that for this extension productivity fluctuations continue to account for a substantial fraction of output volatility. The model cannot account for volatility of employment.