The workweek of capital and its cyclical implications

Finn E. Kydland · Edward C. Prescott

145 citations0/0 files storedJournal of Monetary Economics

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

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.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 145 citations exist upstream.

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

Cited by

1988Straight time and overtime in equilibrium 2001Computation of Equilibria in Heterogeneous‐Agent Models 1998The mix and scale of factors with irreversibility and fixed costs of investment 2017Capital utilization, market power, and the pricing of investment shocks 2012Business cycle accounting East and West: Asian finance and the investment wedge 1994Do real business cycle models really exhibit business cycle behavior?

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.