search query: @indexterm BUSINESS CYCLES / total: 529
reference: 214 / 529
| Author: | Weder, M. |
| Title: | Fickle consumers, durable goods, and business cycles |
| Journal: | Journal of Economic Theory
1998 : JUL, VOL. 81:1, p. 37-57 |
| Index terms: | BUSINESS CYCLES CONSUMER DURABLES CONSUMERS MODELS |
| Language: | eng |
| Abstract: | The paper develops a three sector dynamic general equilibrium model with the specific aim of evaluating the role of consumer durables in the propagation and generation of business cycles. The model displays indeterminacy at commonly considered realistic parameter restrictions and basically constant returns to scale. If calibrated at modest increasing returns to scale, the sunspots driven model version produces a close match to moments of aggregate U.S. data. |
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