English, Article, Journal or magazine article edition: Home Production and the Persistence of Business Cycles Roberto Perli

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Bookmark: http://trove.nla.gov.au/version/69399
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Home Production and the Persistence of Business Cycles
Author
  • Roberto Perli
Physical Description
  • preprint
Notes
  • This paper presents a business cycle model with a propagation mechanism capable of generating persistence of output growth comparable to that observed in the U.S. data. The key is that in this model consumption and labor move together not only at the impact of a shock, but also for a few periods after that; this can happen if there are sufficient increasing returns to make the equilibrium indeterminate. The exact degree of increasing returns is estimated so that the distance between the spectra of the model and U.S. output growth is minimized.
  • RePEc:wop:pennhp:_043
Language
  • English
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