Intermediate inputs and sectoral comovement in the business cycle

Journal of Monetary Economics

Volumn 40, Issue 3, 1997, Pages 573-595

  Hornstein, Andreas ^a,b   Praschnik, Jack ^c  

^a FEDERAL RESERVE BANK OF RICHMOND   (United States)

^b UNIVERSITY OF WESTERN ONTARIO   (Canada)

^c Citibank   (United States)

Author keywords

Comovement; Multi sector growth model; Real business cycles

Indexed keywords

EID: 0031521568     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-3932(97)00056-1     Document Type: Article

References (35)

1. Baxter, M., 1995. International trade and business cycles. NBER working paper.
2. Benhabib, J., Rogerson, R., Wright, R., 1991. Homework in macroeconomics: Household production and aggregate fluctuations. Journal of Political Economy 99, 1166-1187.
3. Berndt, E.R., Wood, D. 1975. Technology. prices, and the derived demand for energy. Review of Economics and Statistics 57, 259-268.
4. Burns, A.F., Mitchell, W.C., 1947. Measuring Business Cycles. NBER, New York.
5. Cooley, T.F., Prescott, E.C., 1995. Economic growth and business cycles. In: Cooley, T.F. (Ed.), Frontiers of Business Cycle Research, Princeton University Press, Princeton, pp. 1-38.
6. Cooper, R., Haltiwanger, J., 1990. Inventories and the propagation of sectoral shocks. American Economic Review 80, 170-190.
7. Cooper, R., Haltiwanger, J., 1992. Macroeconomic implications of production bunching: Factor demand linkages. Journal of Monetary Economics 30, 107-128.
8. Costello, D., Praschnik, J., 1993. Intermediate goods and the transmission of business cycles. Mimeo, University of Western Ontario.
9. Dupor, B., 1996. Aggregation and irrelevance in multi-sector models. Mimeo, University of Chicago.
10. Eichenbaum, M., Hansen, L.P., 1990. Estimating models with intertemporal substitution using aggregate time series data. Journal of Business and Economic Statistics 8, 53-69.
11. Feldstein, M., Dicks-Mireaux, L., Poterba, J., 1983. The effective tax rate and the pretax rate of return. Journal of Public Economics 21, 129-158.
12. Fisher, J.D.M., 1997. Relative prices, complementarities and comovement among components of aggregate expenditures. Journal of Monetary Economics 39, 449-474.
13. Gordon, R., 1990. The Measurement of Durable Goods Prices. University of Chicago Press, Chicago.
14. Greenwood, J., Hercowitz, Z., 1991. The allocation of capital and time over the business cycle. Journal of Political Economy 99, 1188-1214.
15. Greenwood, J., Hercowitz, Z., Krusell, P., 1997. Long-run implications of investment-specific technological change. American Economic Review 87, 342-362.
16. Hamilton, J.D., 1994. Time Series Analysis. Princeton University Press, Princeton.
17. Hansen, G.D., 1985. Indivisible labor and the business cycle. Journal of Monetary Economics 16, 309-327.
18. Hansen, G.D., Prescott, E.C., 1995. Recursive methods for computing equilibria of business cycle models. In: Cooley, T.F. (Ed.), Frontiers of Business Cycle Research, Princeton University Press, Princeton, pp. 39-64.
19. Hodrick, R.J., Prescott. E.C., 1981. Post-war US business cycles: An empirical investigation. Mimeo, Department of Economics, Northwestern University.
20. Hornstein, A., 1996. Productivity changes and sectoral activity. Mimeo, University of Western Ontario.
21. Hornstein, A.. Praschnik, J., 1994. The real business cycle: intermediate inputs and sectoral comovement. Institute of Empirical Macroeconomics, Federal Reserve Bank of Minneapolis.
22. Huffman, G.W., Wynne, M.A., 1995. The role of intratemporal adjustment costs in a multi-sector economy. Mimeo, Federal Reserve Bank of Dallas.
23. Hulten, C.R., 1978. Growth accounting with intermediate inputs. Review of Economic Studies 45, 511-518.
24. Jorgenson, D.W., Gollop, F.M., Fraumeni, B.M., 1987. Productivity and U.S. Economic Growth. Harvard University Press, Cambridge.
25. de Leeuw, F., Mohr, M., Parker, R., 1991. Gross product by industry, 1977-88: a progress report on improving the estimates. Survey of Current Business 71, 23-37.
26. Long, J.B., Plosser, C.I., 1983. Real business cycles. Journal of Political Economy 91, 39-69.
27. Lucas, R.E., 1977. Understanding business cycles In: Brunner, K., Meltzer. A.H. (Eds.), Stabilization of the domestic and international economy. Carnegie-Rochester Conference Series on Public Policy, vol. 5, North-Holland, Amsterdam, pp. 7-29.
28. Lucas, R.E., 1990. Supply side economics: an analytical review. Oxford Economic Papers N.S. 42, 239-316.
29. McGrattan, E.R., 1994. The macroeconomic effects of distortionary taxation. Journal of Monetary Economics 33, 573-601.
30. Mitchell, W.C., 1913. Business Cycles. University of California Press, Berkeley.
31. Murphy, K.M., Shleifer, A., Vishny, R.W., 1989. Building blocks of market clearing business cycle models. In: Blanchard, O.J., Fischer, S. (Eds.), NBER Macroeconomics Annual 1989. MIT Press, Cambridge, pp. 247-86.
32. Rebelo, S.T., 1987. Tractable heterogeneity and near steady-state dynamics. Mimeo, Northwestern University.
33. Rotemberg, J.J., Woodford, M., 1996. Imperfect competition and the effects of energy price increases on economic activity. Journal of Money, Credit and Banking 28, 549-577.
34. Sato, K., 1976. The meaning and measurement of the real value added index. The Review of Economics and Statistics 58, 434-442.
35. Stokey, N.L., Lucas, R.E., Prescott, E.C., 1989. Recursive Methods in Economic Dynamics. Harvard University Press, Cambridge.