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Persistence of Business Cycles in Multisector RBC Models

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  • Benhabib, Jess
  • Perli, Roberto
  • Sakellaris, Plutarchos

Abstract

In this paper we explore whether the changing composition of output in response to technology shocks can play a significant role in the propagation of shocks over time. For this purpose we study two multisector RBC models, with two and a three sectors. We find that, whereas the two sectors model requires a high intertemporal elasticity of substitution fo consumption to match the dynamic properties of the US data, the three sector model has a strong propagation mechanism under conventional parameterizations, as long as the factor intensities in the three sectors are different enough.

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File URL: http://econ.as.nyu.edu/docs/IO/9382/RR97-19.PDF
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Bibliographic Info

Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 97-19.

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Length: 25 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:cvs:starer:97-19

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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
Phone: (212) 998-8936
Fax: (212) 995-3932
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Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Related research

Keywords: MACROECONOMICS ; BUSINESS CYCLES ; ECONOMIC GROWTH;

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Cited by:
  1. Ilaski Barañano & M. Paz Moral, 2013. "Consumption–Leisure Trade-Offs And Persistency In Business Cycles," Bulletin of Economic Research, Wiley Blackwell, vol. 65(3), pages 280-298, 07.
  2. Mathä, Thomas Y. & Pierrard, Olivier, 2011. "Search in the product market and the real business cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 35(8), pages 1172-1191, August.
  3. Nishimura, Kazuo & Venditti, Alain, 2004. "Indeterminacy And The Role Of Factor Substitutability," Macroeconomic Dynamics, Cambridge University Press, vol. 8(04), pages 436-465, September.
  4. Veroude, Alexandra, 2012. "The Role of Mining in an Australian Business Cycle Model," 2012 Conference (56th), February 7-10, 2012, Freemantle, Australia 124473, Australian Agricultural and Resource Economics Society.
  5. Caterina Mendicino, 2006. "Credit Market and Macroeconomic Volatility," 2006 Meeting Papers 317, Society for Economic Dynamics.

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