A NOTE ON ENDOGENOUS PROPAGATION IN ONE-SECTOR BUSINESS CYCLE MODELS WITH DYNAMIC COMPLEMENTARITIES

被引：1
|
作者：
Hung, Mao-Wei [1 ]
Wu, Shue-Jen [2 ]
机构：
[1] Natl Taiwan Univ, Taipei, Taiwan
[2] Natl Chi Nan Univ, Puli, Taiwan
来源：
MACROECONOMIC DYNAMICS | 2012年 / 16卷 / 05期
关键词：
Business Cycle; Endogenous Propagation; Dynamic Complementarities; Hump-Shaped Impulse-Response Function; HABIT-PERSISTENCE; OUTPUT; CONSUMPTION; RETURNS; GROWTH;
D O I：
10.1017/S1365100510000854
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
When the production function includes dynamic complementarities and a Cobb-Douglas form, dynamic complementarities are an endogenous propagation mechanism of shocks. The proposed model explains several stylized facts of aggregate variables of interest, including (i) hump-shaped impulse response functions, (ii) positively autocorrelated growth rates of aggregate variables, and (iii) correlation coefficients of forecastable movements in aggregate variables.
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页码：791 / 801
页数：11
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