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| Author: | Presley, J. Sessions, J. |
| Title: | Real business cycles: sectoral versus aggregate shocks and the elasticity of demand for income in terms of work effort |
| Journal: | Review of Political Economy
1997 : OCT, VOL. 9:4, p. 479-484 |
| Index terms: | POLITICAL ECONOMY BUSINESS CYCLES INCOMES |
| Language: | eng |
| Abstract: | Real business cycle theory asserts that technological shocks are a major root cause of cyclical fluctuation, but has yet to explain how a sector specific technological change impacts upon other sectors of the economy to produce aggregate fluctuations in output. This paper suggests that an appropriate analytical framework with which to address the issue may be derived from the long forgotten concept of the elasticity of demand for income in terms of work effort. The authors' contention is that the concept could be usefully employed to explain the macroeconomic repercussions of sectoral changes. |
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