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Dudek Maciej K. (Szkoła Główna Handlowa w Warszawie)
Stochastic demands, fixed costs and time-varying Solow residual
Prace i Materiały Instytutu Rozwoju Gospodarczego / Szkoła Główna Handlowa, 2015, nr 96, s. 95-125, rys., bibliogr 39 poz.
Tytuł własny numeru
Analyzing and forecasting economic fluctuations
Słowa kluczowe
Cykl koniunkturalny, Koszty stałe, Badania empiryczne, Makroekonomia
Business cycles, Fixed costs, Empirical researches, Macroeconomics
In a general equilibrium model that contains the standard RBC model as a special case we provide a novel and yet very intuitive interpretation of the Solow residual. We argue in a simple framework with a micro-level uncertainty and fixed costs that movements in the measured value of the Solow residual can reflect endogenous evolution in the stock of knowledge on the status of individual market demands. We establish that transitory shocks can have persistent effects as they exacerbate informational imperfections. In addition, the Solow residual is shown to fluctuate even though the technological frontier is time invariant and factors are fully employed. Finally, we argue that movements in the measured value of the TFP can be caused by monetary disturbances.(original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
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