Endogenous business cycles and the dynamics of output, hours, and consumption

• 成果类型: Article
• 署名作者: Schmitt-Grohé, S
• 署名单位: Rutgers University System; Rutgers University New Brunswick; Center for Economic & Policy Research (CEPR)
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.90.5.1136
• 发表日期: 2000
• 页码: 1136-1159
• 关键词: aggregate demand; animal spirits; returns; GROWTH; LABOR; indeterminacy; fluctuations; models; scale; time

摘要

This paper studies the business-cycle fluctuations predicted by a two-sector endogenous-business-cycle model with sector-specific external increasing returns to scale. It focuses on aspects of actual fluctuations that have been identified both as defining features of business cycles and as ones standard real-business-cycle models cannot explain. For empirically realistic calibrations of the degree of returns to scale, the results suggest that endogenous fluctuations do not provide the dynamic element that is missing in existing real-business-cycle models.