Capital-embodied technological change is incorporated into a real business cycle (RBC) model, and some macroeconomic implications associated with errors in measurement are identified. In the model, measuremente errors arise in part because quality change is difficult to observe, and in part because of unexpected obsolescence due to changes in ten=chnology. The artificial economy outlined in this paper performs well, in terms of its ability to explain stylized facts of business cycles, as identified by the statistician. In particular, the model predicts a negative correlation between hours worked and the average priduct of labor.
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Paper provided by Department of Economics, Simon Fraser University in its series Discussion Papers with number
dp98-11.
Length: 33 pages Date of creation: 1998 Date of revision: Handle: RePEc:sfu:sfudps:dp98-11
Contact details of provider: Postal: Department of Economics, Simon Fraser University, 8888 University Drive, Burnaby, BC, V5A 1S6, Canada Phone: (778)782-3508 Fax: (778)782-5944 Web page: http://www.econ.sfu.ca/ More information through EDIRC