A business cycle model with variable capacity utilization and demand disturbances

European Economic Review

Volumn 49, Issue 5, 2005, Pages 1331-1360

  Nakajima, Tomoyuki ^a,b  

^a BROWN UNIVERSITY   (United States)

^b KYOTO UNIVERSITY   (Japan)

Author keywords

Aggregation; Business cycles; Capacity utilization; Preference shocks

Indexed keywords

AGGREGATION; BUSINESS CYCLE; GENERAL EQUILIBRIUM ANALYSIS; MODELING; THEORETICAL STUDY;

EID: 13444249778     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.euroecorev.2003.12.002     Document Type: Article

References (31)

1. Aiyagari S.R. Uninsured idiosyncratic risk and aggregate saving Quarterly Journal of Economics 109 1994 659-684
2. Aizcorbe, A.M., 1994. Plant shutdowns, compositional effects, and procyclical labor productivity: The stylized facts for auto assembly plants. FEDS Working Paper No. 94-13.
3. Basu S. Fernald J.G. Are apparent productive spillovers a figment of specification error? Journal of Monetary Economics 36 1995 165-188
4. Baxter, M., King, R.G., 1991. Productive externalities and business cycles. Discussion Paper 53, Federal Reserve Bank of Minneapolis.
5. Benhabib J. Farmer R. Indeterminacy and increasing returns Journal of Economic Theory 63 1994 19-41
6. Bils M. Cho J. Cyclical factor utilization Journal of Monetary Economics 33 1994 319-354
7. Bresnahan T.F. Ramey V.A. Output fluctuations at the plant level Quarterly Journal of Economics 109 1994 593-624
8. Burnside C. Eichenbaum M. Factor hoarding and the propagation of business cycle shocks American Economic Review 86 1996 1154-1174
9. Burnside C. Eichenbaum M. Rebelo S. Capital utilization and returns to scale Rotemberg J.J. Bernake B.S. NBER Macroeconomics Annual 1995a 1995 MIT Press Cambridge, MA
10. Burnside, C., Eichenbaum, M., Rebelo, S., 1995b. Sectoral Solow residuals. Unpublished manuscript, Northwestern University.
11. Cooley T.F. Prescott E.C. Economic growth and business cycles Cooley T.F. Frontiers of Business Cycle Research 1995 Princeton University Press Princeton, NJ
12. Cooley T.F. Hansen G.D. Prescott E.C. Equilibrium business cycles with idle resources and variable capacity utilization Economic Theory 6 1995 35-49
13. Duffie D. Dynamic Asset Pricing Theory 2001 Princeton University Press Princeton, NJ
14. Galí, J., Gertler, M., López-Salido, J.D., 2002. Markups, gaps, and the welfare costs of business fluctuations. Unpublished manuscript.
15. Greenwood J. Hercowitz Z. Huffiman G.W. Investment, capacity utilization, and the real business cycle American Economic Review 78 1988 402-417
16. Hall R.E. Macroeconomic fluctuations and the allocation of time Journal of Labor Economics 15 1997 223-250
17. Hansen G.D. Indivisible labor and the business cycle Journal of Monetary Economics 16 1985 309-327
18. Holland A. Scott A. The determinants of UK business cycles Economic Journal 108 1998 1067-1092
19. Hornstein A. Monopolistic competition, increasing returns to scale, and the importance of productivity shocks Journal of Monetary Economics 31 1993 299-316
20. Imbs J.M. Technology, growth, and the business cycle Journal of Monetary Economics 44 1999 65-80
21. Ireland, P.N., 2000. Money's role in the monetary business cycle. Unpublished manuscript, Boston College.
22. Kennand J. An econometric analysis of fluctuations in aggregate labor supply and demand Econometrica 56 1988 317-334
23. King R.G. Plosser C.I. Rebelo S.T. Production, growth and business cycles: I. The basic neoclassical model Journal of Monetary Economics 21 1988 195-232
24. Krebs, T., 2002. Growth and welfare effects of business cycles in economies with idiosyncratic human capital risk. Unpublished manuscript, Brown University.
25. Krusell P. Smith A.Jr. Income and wealth heterogeneity in the macroeconomy Journal of Political Economy 106 1998 867-896
26. Parkin M. A method for determining whether parameters in aggregate models are structural Carnegie-Rochester Conference Series on Public Policy 29 1988 215-252
27. Prescott E.C. Theory ahead of business cycle measurement Federal Reserve Bank of Minneapolis Quarterly Review 10 1986 9-22
28. Rotemberg J.J. Woodford M. Dynamic equilibrium models with imperfectly competitive product markets Cooley T.F. Frontiers of Business Cycle Research 1995 Princeton University Press Princeton, NJ
29. Rotemberg J.J. Woodford M. An optimization-based econometric framework for the evaluation of monetary policy NBER Macroeconomics Annual 12 1997 297-346
30. Scheinkman J.A. Weiss L. Borrowing constraints and aggregate economic activity Econometrica 54 1986 23-45
31. Shapiro M.D. Macroeconomic implications of variation in the workweek of capital Brookings Papers on Economic Activity 2 1996 79-133