Hercowitz, Zvi (contributor) - 2002 - [Elektronische Ressource]
Business Cycles I,” Journal of Monetary Economics, 21, pp. 195-232.
[6] Tauchen, G., 1986, “Finite State Markov …)) has undesirable implications in
the present context of business cycles with partial participation in the capital
market …-participants do not change labor
hours over the business cycle.
Hansen’s utility function u(c,n)=lnc−γn, γ > 0, has the same …