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| Author: | Danthine, J-P. Donaldson, J. B. Johnsen, T. |
| Title: | Productivity growth, consumer confidence and the business cycle |
| Journal: | European Economic Review
1998 : JUN, VOL. 42:6, p. 1113-1140 |
| Index terms: | BUSINESS CYCLES LABOUR PRODUCTIVITY CONSUMPTION |
| Language: | eng |
| Abstract: | The objective of the paper is to provide, in the context of a dynamic general equilibrium model, an answer to the following questions: 1. To what extent does an economy subject to regular variations in labour productivity growth (here: lpg) differ from one where the lpg is constant ? 2. What is the impact on major macro indicators of a one-time change in the lpg ? 3. What are the business cycle implications of autonomous changes in the lpg expectations ? 4. What is the potential of such expectation changes for explaining the volatility of consumption to output ratio ? 5. Can autonomous changes in growth expectations help understand recent business cycle episodes ? |
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