A Three-Good Overlapping-Generations General Equilibrium Efficient Business Cycle Model
This paper presents an overlapping-generations general equilibrium model of efficient business cycles. It considers three types of goods in an economy: primary goods, intermediate goods and final goods. It shows that complete division of labour with business cycles and unemployment can be the Pareto optimal regime. It also sheds light on the transmission of business cycles between sectors and across economies.
Volume (Year): 01 (2006)
Issue (Month): 02 ()
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