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| Author: | Pelloni, A. |
| Title: | Nominal shocks, endogenous growth and the business cycle |
| Journal: | Economic Journal
1997 : MAR, VOL. 107:441, p. 467-474 |
| Index terms: | BUSINESS CYCLES GROWTH COMPETITION PAY |
| Language: | eng |
| Abstract: | This article presents a simple model of wage setting and imperfect competition that takes into account knowledge and human capital accumulation. It is shown that, given increasing returns to reproducible factors, transitory disturbances to output that originate on the demand side of the economy produce permanent upward shifts in the aggregate production function, which implies that the presence of stochastic trend in the process for income may not be informative per se about the forces driving the cycle. |
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