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The firm and the plant in general equilibrium theory Author info | Abstract | Publisher info | Download info | Related research | Statistics Andreas Hornstein
Edward C. Prescott
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The general equilibrium formulations are developed for two important economic environments. The first environment is the Lucas managerial span-of-control theory of the firm. It is shown that, in the spirit of McKenzie, the aggregate production set can be characterized by a convex cone. The second environment permits both the number of hours plants are operated and the number of workers operating them to be varied. For empirically reasonable elasticities of substitution, equilibrium is characterized by employment-consumption lotteries.
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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number
126.
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Date of creation: 1989Date of revision:
Publication status: Published in General Equilibrium, Growth and Trade (Vol. 2, 1993, pp. 393-410)Handle: RePEc:fip:fedmsr:126Contact details of provider: Postal: 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291 Phone: (612) 204-5000 Web page: http://minneapolisfed.org/ More information through EDIRC
Order Information: Email: Web: http://www.minneapolisfed.org/pubs/
For technical questions regarding this item, or to correct its listing, contact: (Diane Rosenberger).
Keywords: Business enterprises Labor productivity Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Mas-Colell, Andreu, 1975.
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Hansen, Gary D., 1985.
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Prescott, Edward C & Townsend, Robert M, 1984.
"General Competitive Analysis in an Economy with Private Information ,"
International Economic Review ,
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McKenzie, Lionel W, 1981.
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Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Stephen L Parente & Edward C Prescott, 2004.
"A Unified Theory of the Evolution of International Income Levels ,"
Levine's Bibliography
122247000000000300, UCLA Department of Economics.
[Downloadable!]
Other versions:
Stephen L. Parente & Edward C. Prescott, 2004.
"A unified theory of the evolution of international income levels ,"
Staff Report
333, Federal Reserve Bank of Minneapolis.
[Downloadable!] Parente, Stephen L. & Prescott, Edward C., 2005.
"A Unified Theory of the Evolution of International Income Levels ,"
Handbook of Economic Growth ,
in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 21, pages 1371-1416
Elsevier.
[Downloadable!] (restricted) Terry J. Fitzgerald, 1998.
"Reducing working hours: a general equilibrium analysis ,"
Working Paper
9801, Federal Reserve Bank of Cleveland.
[Downloadable!]
Terry J. Fitzgerald, 1996.
"Work schedules, wages, and employment in a general equilibrium model with team production ,"
Working Paper
9613, Federal Reserve Bank of Cleveland.
[Downloadable!]
Other versions: Edward S. Prescott & Robert M. Townsend, 2000.
"Firms as clubs in Walrasian markets with private information ,"
Working Paper
00-08, Federal Reserve Bank of Richmond.
[Downloadable!]
Other versions: Finn E. Kydland, 1993.
"Business cycles and aggregate labor-market fluctuations ,"
Working Paper
9312, Federal Reserve Bank of Cleveland.
[Downloadable!]
Ayse Imrohoroglu & Edward C. Prescott, 1991.
"Evaluating the welfare effects of alternative monetary arrangements ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Sum, pages 3-10.
[Downloadable!]
Ayse Imrohoroglu & Edward C. Prescott, 1991.
"Seigniorage as a tax: a quantitative evaluation ,"
Staff Report
132, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Other versions:
Imrohoroglu, A. & Prescott, E.C., 1991.
"Seigniorage As a Tax : A Quantitative Evaluation ,"
Papers
91-3, Southern California - School of Business Administration.
Ayse Imrohoroglu & Edward Prescott, 1991.
"Seigniorage as a tax: a quantitative evaluation ,"
Proceedings ,
Federal Reserve Bank of Cleveland, pages 462-482.
Imrohoruglu, Ayse & Prescott, Edward C, 1991.
"Seigniorage as a Tax: A Quantitative Evaluation ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 23(3), pages 462-75, August.
[Downloadable!] (restricted) V.V. Chari & Patrick J. Kehoe & Ellen McGrattan, 2004.
"Business Cycle Accounting ,"
NBER Working Papers
10351, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
V. V. Chari & Patrick Kehoe & Ellen McGrattan, 2004.
"Business Cycle Accounting ,"
Levine's Bibliography
122247000000000560, UCLA Department of Economics.
[Downloadable!] V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2006.
"Business cycle accounting ,"
Staff Report
328, Federal Reserve Bank of Minneapolis.
[Downloadable!] V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2002.
"Business cycle accounting ,"
Working Papers
625, Federal Reserve Bank of Minneapolis.
V V Chari & Patrick J Kehoe & Ellen R. McGrattan, 2003.
"Business Cycle Accounting ,"
Levine's Bibliography
506439000000000421, UCLA Department of Economics.
[Downloadable!] V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2007.
"Business Cycle Accounting ,"
Econometrica ,
Econometric Society, vol. 75(3), pages 781-836, 05.
[Downloadable!] (restricted) V. V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995.
"Inside Money, Outside Money and Short Term Interest Rates ,"
NBER Working Papers
5269, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
V.V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995.
"Inside money, outside money and short term interest rates ,"
Working Paper Series, Macroeconomic Issues
95-13, Federal Reserve Bank of Chicago.
V. V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1994.
"Inside money, outside money and short-term interest rates ,"
Proceedings ,
Federal Reserve Bank of Cleveland, pages 1354-1401.
Chari, V V & Christiano, Lawrence J & Eichenbaum, Martin, 1995.
"Inside Money, Outside Money, and Short-Term Interest Rates ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 27(4), pages 1354-86, November.
[Downloadable!] (restricted) Marcelo Bianconi, 2004.
"Heterogeneity, Adverse Selection and Valuation with Endogenous Labor Supply ,"
Discussion Papers Series, Department of Economics, Tufts University
0412, Department of Economics, Tufts University.
[Downloadable!]
Edward C. Prescott, 2002.
"Richard T. Ely Lecture: Prosperity and Depression ,"
American Economic Review ,
American Economic Association, vol. 92(2), pages 1-15, May.
[Downloadable!] (restricted)
Antonio García Sánchez & María del Mar Vázquez Méndez, 2005.
"The timing of work in a general equilibrium model with shiftwork ,"
Investigaciones Economicas ,
Fundación SEPI, vol. 29(1), pages 149-179, January.
[Downloadable!]
Stephen L. Parente & Edward C. Prescott, 1991.
"Technology adoption and growth ,"
Staff Report
136, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Other versions: Victoria Osuna Padilla & José-Víctor Ríos-Rull, 2002.
"Implementing the 35 Hour Workweek by Means of Overtime Taxation ,"
Economic Working Papers at Centro de Estudios Andaluces
E2002/04, Centro de Estudios Andaluces.
[Downloadable!]
Other versions: Jean-François Fagnart & Omar Licandro & Franck Portier, 1999.
"Firm Heterogeneity, Capacity Utilization and the Business Cycle ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 2(2), pages 433-455, April.
[Downloadable!] (restricted)
Gary D. Hansen & Edward C. Prescott, 2005.
"Capacity constraints, asymmetries, and the business cycle ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 8(4), pages 850-865, October.
[Downloadable!] (restricted)
Alexander Ueberfeldt, 2006.
"Working Time over the 20th Century ,"
Working Papers
06-18, Bank of Canada.
[Downloadable!]
Edward C. Prescott & Richard Rogerson & Johanna Wallenius, 2007.
"Lifetime aggregate labor supply with endogenous workweek length ,"
Staff Report
400, Federal Reserve Bank of Minneapolis.
[Downloadable!]
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