Weder, Mark; Sirbu, Anca; Guo, Jang Ting - Verein für Socialpolitik - VfS - 2014
We show that an otherwise standard one-sector real business cycle model with variable capital utilization and mild increasing returns-to-scale is able to generate qualitatively as well as quantitatively realistic aggregate fluctuations driven by news shocks to two formulations of future...