Recursive Factor of Production Interrelations and Endogenous Cycling  

Oleh:

Kollintzas, Tryphon ; Cassing, Shirley

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 32 no. 2 (1991), page 417-440.
Topik: production; recursive factor; production; interrelations; endogenous cycling

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

A multivariate linear rational expectations equilibrium version of the Lucas - Prescott investment model is developed to study the behavior of factors of productions with recursive interrelations. The connection between these interrelations and endogenous cycling is established in a testable way. Maximum likelihood estimates, using annual postwar aggregate U. S. manufacturing data, provide strong evidence of capital - labor interrelations that induce a labor - overshooting type of endogenous cycling. This raises questions for the methodology of current real business cycle models which rule out the possibility of such interrelations.

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