EQUILIBRIUM BUSINESS CYCLES WITH IDLE RESOURCES AND VARIABLE CAPACITY UTILIZATION
EQUILIBRIUM BUSINESS CYCLES WITH IDLE RESOURCES AND VARIABLE CAPACITY UTILIZATION
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DOI：
10.1007/bf01213940
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发表时间：
1995-06-01
期刊：
影响因子：
1.3
通讯作者：
PRESCOTT, EC
中科院分区：
文献类型：
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作者：
COOLEY, TF;HANSEN, GD;PRESCOTT, EC
研究了一个真实的商业周期经济，其中每个周期都有一些资本闲置，闲置资本的比例随着技术冲击的变化而变化。 以往的均衡经济周期模型都具有将资本的全部冲击用于生产的特点。 我们的目标是确定是否纳入闲置资源，经常观察到的实际经济，显着影响模型的周期性，从而改变我们的看法的重要性，技术冲击的总波动。 在我们的分析中，我们没有假设一个总的生产函数，而是将生产模型化为发生在个体工厂的生产，这些工厂受到特殊的技术冲击。 在每个阶段，工厂经理必须选择是让工厂运转还是让工厂保持闲置。 我们发现这个模型的周期性特征与标准的真实的商业周期经济的周期性特征惊人地相似。 一个区别是模型显示因子份额的变化，而标准模型则没有。
A real business cycle economy is studied in which some capital is idle each period and the fraction of capital left idle varies in response to technology shocks. Previous equilibrium business cycle models have the characteristic that the entire shock of capital is used for production in each period. Our objective is to determine whether incorporating idle resources, something regularly observed in actual economies, significantly affects the cyclical properties of the model and hence changes our views about the importance of technology shocks for aggregate fluctuations. In our analysis we do not assume an aggregate production function, but instead model production as taking place at individual plants that are subject to idiosyncratic technology shocks. Each period the plant manager must choose whether to operate the plant or to let the plant remain idel. We find that the cyclical properties of this model are surprisingly similar to those of a standard real business cycle economy. One difference is that the model displays variation in factor shares while the standard models does not.