BUSINESS CYCLES WITH CYCLICAL RETURNS TO SCALE

IF 1.5 3区 经济学 Q2 ECONOMICS International Economic Review Pub Date : 2023-07-04 DOI:10.1111/iere.12656
Jay Hyun, Ryan Kim, Byoungchan Lee
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Abstract

We study business cycles with cyclical returns to scale. Contrary to tightly parameterized conventional production functions, we empirically identify strong input complementarity that leads to procyclical returns to scale. We, therefore, propose a flexible translog production function that allows complementarity-induced procyclical returns to scale. We integrate this function into a standard medium-scale dynamic stochastic general equilibrium model. Our estimated model with input complementarity (i) features procyclical returns to scale and acyclical price markups, (ii) better matches the cyclicality of factor shares, and (iii) significantly decreases the contribution of markup shocks to output fluctuations relative to those of the standard model.

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具有规模回报周期性的商业周期
我们研究了具有周期性规模回报的商业周期。与参数严密的传统生产函数相反,我们通过实证研究发现,强投入互补性会导致顺周期的规模回报。因此,我们提出了一种灵活的转化生产函数,允许互补性引起的顺周期规模回报。我们将这一函数整合到一个标准的中等规模动态随机一般均衡模型中。我们估算的具有投入互补性的模型(i) 具有顺周期的规模回报和非周期性的加价特征,(ii) 更好地匹配了要素份额的周期性,(iii) 与标准模型相比,显著降低了加价冲击对产出波动的贡献。
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来源期刊
CiteScore
2.60
自引率
0.00%
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期刊介绍: The International Economic Review was established in 1960 to provide a forum for modern quantitative economics. From its inception, the journal has tried to stimulate economic research around the world by publishing cutting edge papers in many areas of economics, including econometrics, economic theory, macro, and applied economics.
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ISSUE INFORMATION - JIP CAPITAL AND WAGES NONSTANDARD CHOICE IN MATCHING MARKETS SELF‐EMPLOYMENT AND LABOR MARKET RISKS INVENTORIES, INPUT COSTS, AND PRODUCTIVITY GAINS FROM TRADE LIBERALIZATIONS
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