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A Note On Endogenous Propagation In One-Sector Business Cycle Models With Dynamic Complementarities

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  • Hung, Mao-Wei
  • Wu, Shue-Jen

Abstract

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.

Suggested Citation

  • Hung, Mao-Wei & Wu, Shue-Jen, 2012. "A Note On Endogenous Propagation In One-Sector Business Cycle Models With Dynamic Complementarities," Macroeconomic Dynamics, Cambridge University Press, vol. 16(5), pages 791-801, November.
    • Handle: RePEc:cup:macdyn:v:16:y:2012:i:05:p:791-801_00
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    Cited by:

    1. Chase Coleman & Kerk L. Phillips, 2014. "Business Cycle Persistence in a Model with Schumpeterian Growth and Uncorrelated Shocks," BYU Macroeconomics and Computational Laboratory Working Paper Series 2014-01, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory.

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