Endogenous Business Cycles With Frictional Labour Markets  

Oleh:

Hashimzade, Nigar ; Ortigueira, Salvador

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 115 no. 502 (Mar. 2005), page C161-C175.
Topik: business cycle; business cycle; frictional; labour markets
Fulltext: C161.pdf (104.13KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.17 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We present a neoclassical model of capital accumulation with frictional labour markets. Under standard parameter values the equilibrium of the model is indeterminate and consequently displays expectations - driven business cycles - so - called endogenous business cycles. We study the properties of such cycles, and find that the model predicts the high autocorrelation in output growth and the hump - shaped impulse response of output found in US data - important features that existing endogenous real business cycle models fail to explain. The indeterminacy of the equilibrium stems from job search externalities and does not rely on increasing returns to scale as in most models.

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