Fickle consumers, durable goods, and business cycles
成果类型：
Article
署名作者：
Weder, M
署名单位：
Humboldt University of Berlin
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1998.2413
发表日期：
1998
页码：
37-57
关键词：
摘要：
This paper develops a three sector dynamic general equilibrium model with the specific aim of evaluating the role of consumer durables in the generation and propagation of business cycles. The model displays indeterminacy at commonly considered realistic parameter restrictions and basically constant returns to scale. If calibrated at modest increasing returns to scale, the sunspots driven model version produces a close match to moments of aggregate U.S. data. (C) 1998 Academic Press.