Pintus, Patrick A. (contributor); Wen, Yi (contributor) - 2008
(consumption and investment), resulting in a collapse of the "bubble" followed by a recession.
In the downturn phase, the sluggish …; (3)
7As pointed out in Iacoviello (2005), introducing land in the utility function generates a demand for assets.
8Labor … is �xed in the basic model. Elastic labor will be introduced into the model in section 3.
7
where A is TFP, L denotes …