THE ROLE OF ENERGY IN REAL BUSINESS-CYCLE MODELS
成果类型：
Article
署名作者：
KIM, IM; LOUNGANI, P
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Chicago
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90011-P
发表日期：
1992
页码：
173-189
关键词：
摘要：
This paper modifies Hansen's (1985) analysis of a real business cycle model with indivisible labor by explicitly including energy as a productive input and modelling the relative price of energy as an exogenous random process. One goal is to determine the extent to which the introduction of energy price shocks reduces the reliance of the real business cycle model on unobserved technology shocks. The other goal, following Christiano and Eichenbaum (1991), is to compare the correlation between real wages and hours predicted by the energy-inclusive model to that predicted by Hansen's model.
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