Showing 1 - 10 of 110
This paper reconsiders the welfare costs of inflation and the welfare gains from financial intermediation in a heterogeneous-agent economy where money is held as a store of value (as in Bewley, 1980). Because of heterogeneous liquidity demand, transitory lump-sum money injections can have...
Persistent link: https://www.econbiz.de/10012718024
This paper studies conditions under which demand-side shocks can generate realistic business cycles in RBC models. Although highly persistent demand shocks are necessary for generating procyclical investment, variable capacity utilization and habit formation can reduce the required degree of...
Persistent link: https://www.econbiz.de/10012727192
Labor productivity comoves strongly with output, leads output and employment, and is only weakly correlated with employment. Procyclical productivity is observed in virtually all countries and industries, and it is observed even in periods of fluctuations due to pure demand shocks, such as...
Persistent link: https://www.econbiz.de/10008536514
Persistent link: https://www.econbiz.de/10009249886
This article describes the structure and construction of the Intellectual Property Network of the Chinese Academy of Sciences (IPNCAS). The objective of IPNCAS is to promote the transfer of IP, to integrate IP resources effectively, to standardize management of IP, and to improve the provision...
Persistent link: https://www.econbiz.de/10008872391
Labor productivity comoves strongly with output, leads output and employment, and is only weakly correlated with employment. Procyclical productivity is observed in virtually all countries and industries, and it is observed even in periods of fluctuations due to pure demand shocks, such as...
Persistent link: https://www.econbiz.de/10010640250
We develop a business cycle model in which consumption goods, physical capital and human capital are produced in separate sectors.
Persistent link: https://www.econbiz.de/10005755359
Persistent link: https://www.econbiz.de/10007897051
This paper offers a plausible explanation for the close link between oil prices and aggregate macroeconomic performance in the 1970s. Although this link has been well documented in the empirical literature, standard economic models are not able to replicate this link when actual oil prices are...
Persistent link: https://www.econbiz.de/10005530203
Labor productivity comoves strongly with output, leads output and employment, and is only weakly correlated with employment. Procyclical productivity is observed in virtually all countries and industries, and it is observed even in periods of fluctuations due to pure demand shocks, such as...
Persistent link: https://www.econbiz.de/10005459101