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CYCLICAL FACTOR UTILIZATION
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DOI：10.1016/0304-3932(94)90005-1.png)
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Abstract
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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.
Keywords:
BUSINESS FLUCTUATIONS
FACTOR UTILIZATION
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