Pintus, Patrick A. (contributor); Wen, Yi (contributor) - 2008
may argue that periods of persistent consumption growth can foster investment booms
and output expansion, which in turn … output may be several times
larger than the initial one-percent TFP increase. Therefore, the impulse response function of …
output is hump-shaped. In contrast, absent CUWJ, the extra income is consumed rather than
saved, which leads to a monotonic …