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An Incomplete Markets Model of Business Cycles

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Author Info

  • Durlauf, S.N.

Abstract

This paper explores the effects of incomplete markets and positive spillovers on aggregate and industry output behavior. We consider an economy composed of a fixed set of infinitely-lived industries. When industries coordinate production decisions they jointly improve their productivity. Markets are missing, however, in the sense that industries cannot automatically form the most productive coalitions due to the presence of communication frictions.

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Bibliographic Info

Paper provided by Wisconsin Madison - Social Systems in its series Working papers with number 9615.

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Length: pages
Date of creation: 1996
Date of revision:
Handle: RePEc:att:wimass:9615

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Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.

Related research

Keywords: BUSINESS CYCLES; EXTERNALITIES; INDUSTRY; ENTERPRISES; PRODUCTIVITY;

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