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Home Production and the Persistence of Business Cycles

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Author Info
Roberto Perli () (University of Pennsylvania, Dept. of Economic, 3718 Locust Walk Philadelphia, PA 19104)

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Abstract

This paper presents a business cycle model with a propagation mechanism capable of generating persistence of output growth comparable to that observed in the U.S. data. The key is that in this model consumption and labor move together not only at the impact of a shock, but also for a few periods after that; this can happen if there are sufficient increasing returns to make the equilibrium indeterminate. The exact degree of increasing returns is estimated so that the distance between the spectra of the model and U.S. output growth is minimized.

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File URL: http://www.ssc.upenn.edu:80/~perlir/persi.pdf
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Publisher Info
Paper provided by University of Pennsylvania in its series Home Pages with number _043.

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Date of creation: 14 Dec 1995
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Handle: RePEc:wop:pennhp:_043

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  1. Benhabib, Jess & Perli, Roberto & Sakellaris, Plutarchos, 1997. "Persistence of Business Cycles in Multisector RBC Models," Working Papers 97-19, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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This page was last updated on 2009-12-2.

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