The workweek of capital and its cyclical implications

Finn E. Kydland · Edward C. Prescott

145 citations0/0 files storedJournal of Monetary Economics

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Economic Growth and Productivity Monetary Policy and Economic Impact Economic theories and models

Abstract

The neoclassical growth model studied in the Kydland and Prescott ‘Time to Build’ paper is modified to permit the capital utilization rate to vary. The effect of this modification is to increase the amplitude of the aggregate fluctuations predicted by theory as the equilibrium response to technological shocks. If, following Solow, the changes in output not accounted for by changes in the labor and tangible capital inputs are interpreted as being the technology shocks, the statistical properties of the fluctuations in the postwar United States economy are close in magnitude and nature to those predicted by theory.

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References

1957Technical Change and the Aggregate Production Function 1982Time to Build and Aggregate Fluctuations 1982Trends and random walks in macroeconmic time series 1988Trends and random walks in macroeconomic time series 1986Theory ahead of business-cycle measurement 2008Applied General-Equilibrium Models of Taxation and International Trade: An Introduction and Survey 1969Modern Economic Growth 1975The Allocation of Time and Goods over the Life Cycle

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