English, Article, Journal or magazine article edition: Indeterminacy, Home Production, and the Business Cycle: a Calibrated Analysis Roberto Perli

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Indeterminacy, Home Production, and the Business Cycle: a Calibrated Analysis
Author
  • Roberto Perli
Physical Description
  • preprint
Notes
  • RePEc:wop:pennhp:_042
  • In this paper I present a business cycle model with one market sector that produces a standard good, and another that produces a non--market, or home, good. The model shows that business cycles can be driven only by self fulfilling expectations, although other shocks (e.g. to technology) may play a significant role as well. With respect to other models of this kind (e.g. Farmer and Guo [1994]) the model does not require an unconventional upward sloping aggregate labor demand. The presence of either productive externalities or market power is of course crucial, but their magnitude is sensibly smaller than in comparable models. The time series that are generated have properties that are comparable to the real U.S. postwar series.
  • RePEc:wop:pennca:97-4
Language
  • English
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