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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19713| Title: | Can capacity constraints explain asymmetries |
| Keywords: | E32 ddc:330 Capacity utilization capacity constraints asymmetry RBC model Real Business Cycle Wirtschaftspotenzial Bottleneck Theorie USA |
| Issue Date: | 16-Oct-2013 |
| Description: | In this paper, we investigate the ability of a modified RBC model to reproduce asymmetries observed for macroeconomic variables over the business cycle. In order to replicate the empirical skewness of major U.S. macroeconomic variables, we introduce a capacity constraint into an otherwise prototypical RBC model. This constraint emerges due to the assumption of kinked marginal costs of utilization, where the kink is located at a utilization rate of 100 percent. We find that a model with a suitably calibrated cost function reproduces the empirical coefficients of skewness remarkably well. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19713 |
| Other Identifiers: | http://hdl.handle.net/10419/19713 ppn:558636241 RePEc:zbw:bubdp1:7036 |
| Appears in Collections: | EconStor |
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