English, Article, Journal or magazine article edition: Building Blocks of Market Clearing Business Cycle Models Kevin M. Murphy; Andrei Shleifer; Robert W. Vishny

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Bookmark: http://trove.nla.gov.au/version/140151
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Building Blocks of Market Clearing Business Cycle Models
Author
  • Kevin M. Murphy
  • Andrei Shleifer
  • Robert W. Vishny
Physical Description
  • preprint
Notes
  • We compare "real business cycle" and increasing returns models of economic fluctuations. In these models, business cycles are driven by productivity changes resulting either from technology shocks or from crucial building blocks that give both types of models hope of fitting the data. These building blocks include durability of goods, specialized labor, imperfect credit and elastic labor supply. We also present new evidence on comovernent of both outputs sand labor inputs across sectors and on the increasing returns model is easier to reconcile with the data than the real business cycle model.
  • RePEc:nbr:nberwo:3004
Language
  • English
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