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摘要
En 中文
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.
Keyword:
BUSINESS FLUCTUATIONS
FACTOR UTILIZATION
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4.1
论文数:
3.2K
被引数:
1.1W
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