By Pierre-Yves Hénin (auth.), Prof. Pierre-Yves Henin (eds.)
Models derived from the genuine enterprise Cycle point of view have lately taken an important position in company cycle study. The papers during this current quantity convey 3 contributions to this study programme: A severe assessment of the canonical RBC versions, new components of empirical relevance, in line with comparative calibration and checking out, and new necessities, on the frontier of industrial cycle examine, dealing with non walrasian positive aspects, contracts and nominal rigidities, unemployment and growth.
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Extra resources for Advances in Business Cycle Research: With Application to the French and US Economies
However, the household may decide to invest a part of this output increase, and then to consume more in the future. Such a behavior 36 J. O. Hairault relies on the agent's desire to smooth its consumption. The technological shock induces then two opposite effects on the intertemporal tradeoff: a wealth effect that reduces worked hours and investment and an intertemporal substitution effect that induces an opposite behavior. Moreover, the agent increases its labor supply as the result of a tradeoff between current consumption and current leisure.
Current Real Business Cycle Theory and Aggregate Market Fluctuations. Working paper 2700, NBER, 1988. P. DANTHINE AND J. DONALDSON. Methodological and Empirical Issues in Real Business Cycle Theory. Cahiers de Recherche Economique 9102, Universite de Lausanne, 1991. J. DUNLOP. The Movements of Real and Money Wages Rates. Economic Journal, 48:413-434, September 1938. x. O. HAIRAULT, F. LAN GOT AND F. PORTIER. Ecriture et resolution du modele canonique des cycles riels. 30, MAD, Universite de Paris I, 1991.
TARSHIS. Changes in Real and Money Wages. Economic Journal, 49:150-154, March 1939. productivity and labor productivity leads employment fluctuations. Moreover, these models rely on an exogenous Solow residual which is necessary to reproduce economic fluctuations. In order to match cyclical labor market features of French and US economies, we consider a model with indivisible labor, labor hoarding and adjustment costs. The model also explains how the naive Solow residual is affected by government spending shocks.